There are lots of reasons that agents should at least be familiar with pre-foreclosure listings – such as this being a great way to add a solid niche prospecting type to your listing portfolio, as well as being prepared to function effectively in down-market as well as up-market conditions.
Did we forget something? Oh, yes – pre-foreclosure listings have highly motivated sellers! This means that they’ll be more receptive to ideas such as price adjustments, and generally more focused on completing the transaction so they can avoid the nightmare of a full foreclosure.
There are several ways to find pre-foreclosure listings, but one quick & easy tool is Zillow. Wait a sec – the uber-expensive, nobody-likes-it Zillow? Yep, that’s right! Even better: this method is completely free!
How Do You Find Pre-Foreclosures On Zillow?
Before You Begin: You do NOT need to have a paid Zillow account however you do need to have a username and passcode for Zillow. You can login on their main site at: http://www.zillow.com.
Step 1: Enter your desired zip code to research what kind of foreclosure and pre- foreclosure movement is happening.
Step 2: You should then see a map on the left side of your screen and home pictures and details on the right.
Step 3: Go to the right of the Zillow logo in the upper left hand corner of that page. Look to the right of the zip code box next to the logo. There is a drop-down box called “Listing Type.” Select what you are looking for.
Here you can find pre-foreclosures as well as new constructions, for sale by owner, and “make me move” prospects. Use the filter to search on the map and use the listings to get property information. Sometimes there will even be the homeowner’s phone number. You can email the owner directly as well. This is a great free resource for you.
Note: When pursuing “make me move” prospects, double check in your MLS that they’re not currently listed. occasionally a seller will be already listed and also enter the own listing into Zillow.