Not all foreclosure data is the same
Portland, OR (PRWEB) October 23, 2007
Advanced Real Estate Concepts, LLC founder and CEO, Oscar Morante, today announced the launch of rapidforeclosuredata.com, a website that provides foreclosure information at first indication of default. This data is provided several months ahead of the vast majority of foreclosure list services. This gives real estate agents and investors a very early start, great time advantages and much reduced competition.
According to Morante, "In real estate nothing increases profits better than getting to a property before others. This is especially true in the foreclosure and short sale business. You want to be the first one in line, the only one, and you want to be there at exactly the right time. We have launched rapidforeclosuredata.com to give smart buyers an inside track."
The current market for short sales is particularly lucrative. At present, thousands of homes that are at risk because of their owners' financial problems - ranging from being over mortgaged, in default, or because they are part of a bankruptcy proceeding.
Rapidforeclosuredata.com provides the customer with several advantages:
- Subscribers are the first receive data on selected properties---at the first indication of default
- They receive information several months ahead of the competition---at 30, 60, 90, and 120 days ahead of foreclosure
- Their marketing costs are lower
- There is minimal competition
- Would-be buyers have a much higher success rate
- Each data set is sold only once---so subscribers are most likely the only one ones to have the data
- Buyers have much more time to close and will as a result close more transactions
"Not all foreclosure data is the same," says Morante. "Someone that is up to this particular moment current but about to miss payments is in pre-default, explains Morante, a nationally-recognized authority on short sales. "Once a person defaults, the banks that financed the property will attempt to collect or have the homeowner reinstate debt payments. At this point, the property owner is in collections and the default is not public record yet. All of this happens pre-public record. This is the best moment to help homeowners because there is plenty of time. That is why Morante decided to provide pre-public record data to real estate agents and investors. Once the collections and reinstatements efforts are exhausted, the creditor will start foreclosing. These days, even at a good price, properties stay on the market a long time. Once a creditor starts foreclosing, even if the foreclosure process may take a few months, for practical purposes there is very little time to avoid foreclosure. That is the one of big disadvantages of working with public record default data.
Although some homeowners do not realize it, it is extremely important for property owners to resolve a default situation quickly. It ruins their credit, and some of them may still owe money to the bank after the foreclosure. The possible solutions are only four: reinstatement, forbearance, sale or short sale. Unfortunately, for the vast majority of homeowners, a short sale is the only real option because they are over mortgaged. If the default situation is not resolved, the property will be sold on the date of the established foreclosure sale.
Rapid Foreclosure Data provides foreclosure information as soon as a property owner officially misses a mortgage payment for the first time. This gives a huge competitive advantage to agents and investors engaged in short sales. In contrast, the vast majority of foreclosure data sources access information from public record. This information is recorded after homeowners are several months in default. By subscribing to Rapid Foreclosure Data buyers will have information on distressed homes at the first indication of default---earlier enough to have a significant advantage over most competitors.
"Public record foreclosure lists are inexpensive," says Morante, "but in the end, the cost of obtaining a client is high because there is a too much competition. This translates into a high cost of opportunity. Pre-public record foreclosure data such as that which Morante provides initially costs more. However, they are much more effective and at the end less expensive. Early contact with clients, plenty of time to take action and less competition results in more consummated transactions. To agents and investors, this means more profit"
About Advanced Real Estate Concepts
Advanced Real Estate Concepts, LLC was founded by Oscar Morante in 2004. The company's mission is to acquire over-mortgaged properties that have gone into pre-foreclosure by getting lenders to discount debt in order to mitigate risk of loss at auction. Oscar has developed proven techniques and strategies for success through short sales investing. While continuing to develop his real estate business, Oscar is sharing his success with others through offering educational seminars. Oscar's Short Sales A-Z seminar was developed based on practical experience and his success in find solutions lenders and sellers alike. His mission is to continue developing his techniques with hands-on experience in the field of pre-foreclosure investing while creating well-organized and fully detailed education products for real estate agents, mortgage brokers, and real estate Investors. For more information, visit our website BestShortSales.com. AREC recently launched rapidforeclosure.com to provide early pre-foreclosure data to buyers interested in dealing with sellers whose properties are headed toward foreclosure.