The reality of the foreclosure tsunami is slowly hitting home even with lenders and sellers. The constant pounding of the media is doing its thing. Eroding confidence in home prices is the first step to letting the market drop to where buyers might be willing to step up to the plate (if they can still get a loan…)
In the meantime, banks and lenders continue to take properties back at trustee sale auctions in huge numbers. What does that tell you about effective “foreclosure solutions"?
Answer: They’re “few and far between". A trustee sale is the “preferred solution" for the vast majority of foreclosure homes.
Of course, this has a lot to do with perceived “equity". When the market was hot, few properties ran the full course of foreclosure all the way to the trustee sale, and the few that did were bought by investors. Hardly any went back to the lender.
That’s different now. And because of internal reasons, lenders are rarely willing to take enough of a discount PRIOR to the trustee sale to make ait worthwhile for an investor. Remember: A short sale is a “solution" to a foreclosure that avoids a trustee sale and a foreclosure on the borrower’s credit record. That means successful short sales don’t show up in the trustee sale statistics (even though the lender might take a steep loss…).
That leads to two questions:
What difference does it make for the bank and home owner?
How do you pick the right property to buy “pre-foreclosure"?
Regarding the banks: I don’t think there is a “reasonable" explanation on the part of the bank. Asset managers have to realize that they will get fired for not moving properties, and not for not getting enough for them.
Regarding the home owner: The main difference is the foreclosure on credit records. I think that with so many foreclosures going through, and so many credit files getting tainted, the lending industry will change its perception of foreclosure in future lending criteria. If everyone with a foreclosure on their record would be banned from the housing market for seven years that might make the entire situation even worse.
Picking the right property to attempt a purchase in pre-foreclosure or a short sale can be tricky. The investor has to take into account the real equity, market tendency, and the amount of time it will take to negotiate and close a sale.
If the home owner is in control (i.e. no short sale needed), the deal is usually much easier to complete. The good things about short sales: It’s super-easy to get the home owner on board with this solution, and, yes, lenders will give you large discounts off the amount owed.
For more up-to-date information on foreclosures, please visit my blog site at http://GotForeclosure.com/blog
Reality Check The Teenagers
I'm gonna take a wild stab and assume these are supposed to be some type of business opportunity-seeking MLM leads, right? (These are some of the most common out there.)
You probably paid several dollars per lead. Some of you may have even opted for the more expensive 'opt-in' or even the super-expensive 'double opt-in, phone verified' opportunity-seeking MLM leads, with extra whip cream, sprinkles and a cherry on top.
You started dialing with anticipation and excitement...knowing you were only a mere phone number away from sponsoring that next serious business builder who was going to take you to new heights in the Network Marketing arena.
And, so, you dialed... and you dialed... and you dialed...
After about 50 or so people hanging up on you, telling you they weren't interested, or asking how you got their number and to stop calling and take them off your list, you decided, "Wow, these leads stink! I gotta find some better leads."
I get emails all the time from people asking where to find good MLM leads.
I'm going to reveal the biggest and best-kept secret on all leads. Are you ready?
ALL leads stink!
In other words, there is no "magic" MLM lead that you are going to call up and have people suddenly dying to jump into your MLM business, I don't care what the person who sold you the leads told you. (They're on commission.) Honestly, some of these people who sell leads are trying to give you the impression that these leads are just waiting by the phone in anticipation for your call.
Sorry to disappoint you, folks... they're not.
And the cold reality is, if there actually were MLM leads like this... you'd NEVER see them. People like myself and other MLM industry leaders would buy every last one of them in a split second! You can count on that!
So, then, why buy MLM leads at all if they all stink? MLM leads are the life blood of your MLM business, and, without them, your MLM business will be nowhere. What's important is knowing the source of the MLM lead before even picking up the phone will make all the difference in the world whether you close that prospect or not.
Let me explain... First of all, "opportunity seeker" leads are a sham, in my humble opinion. Too often, these types of MLM leads are generated because someone clicked on a banner ad that said, "Win a free iPod or Dell computer" - or "Click the monkey, then just fill out this form." (We've all seen these crazy ads.) And, then they're on your list. Sure, this person may be looking for an "opportunity," but for WHAT is my question. Not exactly my idea of a "serious MLM business builder."
CONSIDER: If I bumped into Bill Gates (the wealthiest Billionaire alive) and told him I could show him how to double his money, he'd give me 30 seconds of his time.
Also, if Bill Gates would be interested in making more money, surely wouldn't everyone else on the planet be interested in making more money, too? Of course. You are, and so am I, and so is your best friend. So, to find people who are looking for an opportunity to make more money...look no further than your White Pages and start dialing.
Now, is this a smart idea? No. Why? Because we have all been pounded with "money-making" schemes all our lives and we're sick of them. That, aside from risking dialing numbers on the Do Not Call list. For 100 reasons, do not start dialing through your White Pages...please!
You have to know "what did these people do to get on this list?" Also, knowing "how long ago" they did it helps, too. Many lists have been circulating around for years. Again, this can often be a good thing, depending on what you're marketing.
"So, Mike, if 'opportunity-seeking' MLM leads are no good, where do I find good prospects for my MLM business?"
That's an excellent question... I'm glad you asked!
The trick is to approach people with your business from the standpoint of the value and benefit of what the business has to offer. Then, find lead lists of people who have expressed interest in a similar area.
For example, let's say your MLM company sells nutritional products. This is health & wellness. So, you might get a list of people who are interested in becoming more healthy, such as buying a list of gym memberships or people who bought exercise equipment or maybe people who signed up for Yoga classes, etc.
It doesn't have to be very recent. Someone who got a gym membership 3 years ago and dropped out 2 months later is a GREAT lead. Consider that person's lifestyle: they wanted to get more healthy, but didn't have the TIME to go to the gym. And you know, just like the rest of us, that person has been telling themselves for the past 3 years, "I gotta make time to go back to the gym - I gotta get in shape - I gotta get more healthy."
Do you see where I'm going with this?
Suddenly, out of the blue, YOU call them up and reveal the amazing value and benefits of your nutritional product and say, "Jane, if I could show you how to be more healthy with just an extra 30 seconds a day..."
You will be amazed at the response you'll get. When you do this right, not only will you never hear the words "I'M NOT INTERESTED," but you'll also close a LOT more business.
It's not rocket science... healthy people are always looking for more ways to become more healthy, aren't they? Whereas, unhealthy people aren't looking for ways to become more healthy. So, you have to think, "Which of these two groups is more likely to buy my nutritional product?"
So, go out and find the people who are already looking and give them what they're already looking for and stop trying to convince people who aren't looking. It's too hard.
Of course we're all looking for an opportunity for something better. That's a given! Your job is to figure out if the opportunity is right for them...based on their needs or wants. (And not trying to convince them it's right for them based on YOUR needs.)
So, now, hopefully you can see how knowing the SOURCE of your MLM leads can turn frustrations into easy profits.
Both Thomas Bartke & Mike Lewitz are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Thomas Bartke has sinced written about articles on various topics from Foreclosure Help. . Thomas Bartke's top article generates over 1300 views. to your Favourites.
Mike Lewitz has sinced written about articles on various topics from Foreclosure Help, Multi Level Marketing. Mike Lewitz is a certified International Marketer who teaches marketing to an international organization of over 6000 entrepreneurs in 33 countries who come from all walks of life and market hundreds of different products and services, including people. Mike Lewitz's top article generates over 1300 views. to your Favourites.
Buy Home Without Realtor Even if you are just looking, as opposed to ready to buy, no harm can from at least consulting with a Realtor who services your area