I was sitting down for 2 hours with the broker at Keyes (a regional chain here in S. Florida) I will be setting up with here. Awesome guy who knows a ton about the local market. We discussed how they have a law firm that does short sales and charges the lender.

One fact he brought out was that there are many expireds who go off the market and just fight to keep themselves above water and don't relist.... and very very few if any Realtors take a crack at them again at 3-6 months. Most of the Ferry guys hammer it for 1-2 weeks or less and drop off to focus on the fresh ones.

Is anyone here actively working older Expireds that have not relisted? I am going to check the #s with the RedX rep on Monday to find out the total numbers in the extended geographic area.

Erik

Good question!

I don't have numbers to give you, but yes there are folks that will list after taking a break after a few weeks or months. One (Paul) Mike Ferry agent in Nevada goes back one year and has had heaps of success. Don't think this will surprise you many of his listings are exprired short-sales. I too have listed a number of short-sales. Most agents will tell you they know how to work a short sale, sorry, No they do not. Just looking at the MLS remarks will tell you to some degree if they really know what they are doing.

Morris

Good points

The reason I choose this particular broker is that he personally is one of the primaries for Fannie Mae account for his county and he is also the President of his Board of Realtors with alot of good references. The company is well known locally (been around 80 years with like 15 offices locally). He has a crap ton of REO and short listings at the brokerage.

They actually have a "fire and forget" system for short sales. They directly partner with a law firm that does 100% short sales. Their closing percentage on them is like 93%.

The lawyers are paid by the lender on the HUD 1 so it doesnt touch my money... and I can leave it to the professionals. They are doing like 30 short sales this month and almost all of them are in place to close... so they have a really tight system to support their agents.

In fact, I would imagine it would be a HUGE selling point if I can tell sellers that I will not charge them one penny of commission... the lender pays. So it eliminates the two major classic objections... 1. home price (they aren't getting anything anyhow other than peace of mind and the chance to reset) and 2. agent commission.

Doesn't matter when an expired expired - there was a point in time that they wanted to sell and perhaps still do.

The whole commission/expense thing should be explained to the potential seller anyway - at least I certainly do.

So, how much does this law firm get to walk away with at every closing - particularly when a short sale can be done successfully without one? Another round of EVERYBODY dipping their hands into an already troubled situation.

Oh I think that marketing to these past expireds is a great idea. I think that when they expire they are ticked that the house didn't sell and of course, it's all the agent's fault. Had nothing to do with condition or price - something in their ballpark.

But a few months later they are over that and realize they still want to move and are probably more open to what the agent has to say. Probably pretty good prospects I would think.

They charge the lender dude. Its a lawyer fee on the HUD 1.

Why wouldn't you farm it out to professionals who can hammer the banks for a answer all day long rather than sit in the "phone menu of death" as you try in vain to get a inhouse person at the bank to reply to your requests.

That's what I am thinking as well, the sales resistance is most likely ALOT less, and they also most likely had a failed mortgage mod or something else in the meantime to set them up better the second (or third) time around... plus they are getting hammered by payments.

i go after them everyday..much nicer than the guy who expired this morning..

i love the 6 months-1 year expireds..

zero competition on them

[quote=lindenmoe][quote=Erik Webster][quote=Home Seller Guru]Oh I think that marketing to these past expireds is a great idea. I think that when they expire they are ticked that the house didn't sell and of course, it's all the agent's fault. Had nothing to do with condition or price - something in their ballpark.

But a few months later they are over that and realize they still want to move and are probably more open to what the agent has to say. Probably pretty good prospects I would think. [/quote]

That's what I am thinking as well, the sales resistance is most likely ALOT less, and they also most likely had a failed mortgage mod or something else in the meantime to set them up better the second (or third) time around... plus they are getting hammered by payments. [/quote]

i go after them everyday..much nicer than the guy who expired this morning..

i love the 6 months-1 year expireds..

zero competition on them [/quote]

@Linden

What strategy do you use for going after these particular expireds?

I think marketing to expireds is a great idea. I've been looking at some expired mktg programs. Laura Duggan, Hoss Pratt, and Chris Curry. Have any of you tried these programs? Never sure if scam or not and which works best. Any advice?
Also, which is better training for short sale certification, CDPE or Harris Real Estate University?
Thanks for your help!

Sounds like a great strategy to target 6 to 12 month expireds.

Too bad for me that the MLS rules around here prevent us from targeting expired listings.