*REDX maintains the position that all agents should be compliant with state and federal telecom laws. Learn more here. Find more episodes of The REDX Podcast here.

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Jump to topics: Read the topics below and scroll the video to the time listed.

• 01:31 – Who is Nicole Espinosa?
• 04:25 – Why should I get into short sales?
• 08:59 – Where should I go to start learning about short sales?
• 12:14 – How can I position myself as a valuable resource for homeowners?
• 19:07 – Nicole’s Pre-Foreclosure scripts
• 22:43 – Roleplay
• 29:55 – How will the low inventory market impact homes in foreclosure?

Nicole’s Short Sale Dialogue

“Hi, is this [LEAD NAME]?”

“Yes.”

“Hi, I have a quick question… so the house on [ADDRESS], I saw that it’s currently in foreclosure. Did you take care of your situation?”

*Wait for answer.*
“I’m still figuring that out, actually…”

“Oh okay, well tell me what’s going on.”

*Listen*
“May I ask who’s calling?”

“Yeah my name is [YOUR NAME] and I’m calling because I have a client who I just helped though the same situation, and I just wanted to make sure you have everything taken care of because she almost lost her house. A lot of homeowners in your situation aren’t really aware of the options they have, so I’m calling to make sure that have it taken care of.”

“Yeah, I’m still trying to figure out, which is hard with my job changing/divorce/other bills etc.”

“I totally understand. Have you had any conversations with your lender yet?”

“Not really, no.”

“Gotcha, well what the lender can do in this situation is, if you aren’t making enough income and can’t afford to make payments, most lenders offer the option to sell the house even though you can’t afford to keep the house. That’s what we do – we actually help homeowners in your situation – the biggest thing you want to look out for is the foreclosure date. Have you gotten any notices from your bank about being in foreclosure?”

“Yeah, it’s coming up in the next few weeks.”

“Oh wow! So we definitely want to do something soon. I’ve worked with your lender before, so there’s a good chance that we can get it stopped, but we have to be proactive. Right? So right now we have a chance to do something, but if we wait until the last minute, we could lose the house. So is it you and your spouse on the mortgage?”

“Yes.”

“Alright, so lets set up a call with the three of us so that way we can walk through it together, then we can schedule an appointment to meet with you and get the process started.”

“Okay, what does that involve? Getting my house sold? I don’t have an option to keep it?”

“Unfortunately, no. The only other option in this situation is a loan modification where you can apply for assistance to keep the house. But in this situation, you’d have to prove that you make at least three times the amount of your monthly mortgage. So because your hardship is loss of income, you’re not going to qualify for a loan modification. And because you’re so close to the foreclosure date, you only get one shot to try and get the foreclosure stopped. So what I’d like to do is get on a call, get everyone on the same page, let you ask any questions you’d like, then schedule something in person and go over your entire financial situation.”

“Sounds great!”

*Set the appointment*

Reach Nicole

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About REDX

REDX offers real estate professionals a complete all-in-one prospecting platform for generating listing appointments. The platform includes seller leads, a dialer with up to three lines, and a lead management tool for simple follow-up. REDX maintains the position that all agents should be compliant with state and federal telecom laws – learn more here. Call (800) 731-7339 option 1 to learn more about prospecting FSBOs, Expireds, FRBOs, Pre Foreclosures, GeoLeads, and our Power Dialer – or visit www.redx.com