Let’s start with a little 101. The foreclosure timeline officially begins when a lien holder, such as a lender that has recorded a Deed of Trust against a property, files a document known in Colorado as the NED, or Notice of Election and Demand, with the Public Trustee in the county where the property resides. The NED is typically recorded after the borrower has missed one or more scheduled payments, and the lien holder chooses to collect on those debts. Preforeclosures are properties that have a NED filed against them but have not yet gone to auction.
Homeowners need your help
The foreclosure process can be very confusing. Homeowners don’t always understand the next steps they should take to protect their equity in a property. Understandably, many simply check out once the timeline begins.
That’s where you—a broker—can add value. You can educate homeowners on the process, and provide information demonstrating that listing a property with an agent, rather than letting it go to auction, often results in a better outcome for the homeowner. This is especially true in today’s thriving real estate market.
Find unlisted preforeclosures using RENAV
If you want to break into the foreclosure side of the business, a subscription to RENAV is an easy way to find unlisted preforeclosures. It’s timely information that you can use to gain a competitive edge. Search the system by neighborhood, home value, zip code, county and more, and then save your search. Automatic notifications are sent if anything is recorded that matches your criteria.
Increase your knowledge of the foreclosure timeline
Before you tackle the foreclosure industry, it may be wise to bone up on the basics. RENAV offers a series of classes to help agents and investors understand the many nuances of the foreclosure timeline. Agents earn CE credits. See http://renav.com/education for details.
RENAV.COM – Colorado’s Source for Distressed Property Information.
Related Article: Leverage the Foreclosure Industry to Grow Your Business