Learn The Secret To Foreclosures and REO that NO ONE Else Knows

Today, Devaney Carswell and Matthew Klein of Walnut Creek Realty come in to talk about foreclosure auctions.

As a real estate market, foreclosures, more often than not, evolve constantly. And the clincher varies from different states or even towns and cities. Fortunately, Devaney and Matthew have tons of experiences and amazing stories about this topic.

In the interview, they talked about developing a process for choosing a market and researching for the clients. They also share Devaney’s secret to bravery in knocking on doors. HINT: It’s listening to what your gut’s telling you.

Quotes -
“So a property here is not sold or completed until the sale is confirmed. So a judge actually has to confirm the sale even though someone’s bidding there and [they’re] done with the bid, there’s still a lag. There’s still a period of time.”

“The home was paid for and had been in the family for three generations. Over something less than $10,000, we knew you got to step in and help them figure this out.”

“When we saw the market is getting saturated, the strategy has always been to go where your competition is not. So when they started concentrating on one area, we would move to another. There’s opportunity where your competition is not.”

“As we get going, we realized that we got to get better. We have to understand these neighborhoods a little bit better.”

“As they say often, “The riches are in the niches.”

“There’s always something you can learn, right? I might not be able to use it this minute or with this client, but I’m learning something here. And I’m gonna be able to use it at some point.”

“So you’re learning as you’re going. But you’re using a strategic approach.”

“I just really look around and get as much information as I can from whatever source I can get it from.”

“I want to have my client provide more information than their competition. The more information you have, the better.”

“There’s more risk. But where there’s more risk, there is the opportunity for more reward.”

Concepts
When dealing with foreclosures, empathy can help you understand the position of the people you’re transacting with.
Foreclosure’s not the end. There’s still a lag time between bidding and confirming the sale by which the undersigned can still retain his or her ownership, given that they pay the required amount of money.
There are plenty of opportunities where your competition is not or unwilling to go. But you need to learn about these uncharted areas and niches.
Check your competition before deciding whether or not to enter a market.
Take the time to learn about the system in the market or area you choose. This way, you can answer the important questions your buyer might need to know.
Researching is crucial. When you enter a market, your goal should be to provide all the information you can gather to your client.
Be bold enough to point out inconsistencies in the information presented to you. Your client would thank you for it.
Approaching a house and door-knocking in foreclosures is a lot similar to researching for a listing.
In your research, you also have to consider macro data and not just microdata.
Consider that the deals on the market are neighborhood specific when you’re crunching numbers.
Working with clients, you need to have 100% trust in each other.
The foreclosure process is ever-evolving. And so, you should be able to track and learn these changes and adjust as necessary.
If you want to enter into a new field, work under someone who has enough experience.

Time Stamps
0:00 Preview
1:00 Introduction
1:12 Saving a family home from foreclosure
6:00 Foreclosure’s not the final stage
8:34 Market overview for foreclosed properties
11:10 Defining which markets to enter
13:55 Moving out further
15:00 Learning the rules of the area
16:15 Knocking on doors and asking questions
18:23 Providing necessary information to your client
19:20 Inaccurate county records
21:00 Working with the house owners
22:20 How Devaney handles door-knocking
23:40 Did you go bulldog right away?
26:00 Helping clients vs buying the property yourself
27:40 What do the deals look like in the market?
30:20 Market-specific numbers and deals
31:20 From REOs, what led you into foreclosures?
33:00 Representing clients as an agency
34:50 Financing in the client's POV
36:11 Value of the house–Bigger risk, bigger reward
41:20 Are you reestablishing REO relationships now?
43:00 Keeping track of the foreclosure market
44:37 Ohio foreclosure process
46:50 Front-to-end process and the foreclosure route
51:00 What is Freedom for you?
54:00 Top 3 tips for someone who’s looking into REOs
59:15 Vision for the next 12 months

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