The answer to the question of “Do they want to buy a foreclosure?” is quite simply “No” people don’t want to buy a foreclosure. They want to save money buying their next home. If that is a foreclosure or just a conventional resale property that allows them the opportunity to save money they are going to focus on the savings not the method of how the property got on to the market.
As an example, I as a real estate agent advertised very heavily. One method was advertising foreclosures and that worked really well for driving more leads to me, per advertisement dollar invested, than advertising a traditional home.
The reality is that the word foreclosure is just plain sexy in the real estate world but if two houses are both on the market and all things are equal the one with the lowest price is going to get the most action. So merely being a foreclosure is not enough to create a sale, but it will create more traffic as the buyers are going to add 1 and 1 and come up with 1.5 all on their own.
This works really well and one of the benefits of advertising foreclosures is not just the increased traffic and calls but the fact that when they do call or send a lead, we know what is important to them. They want to save money and you don’t even have to ask what their priorities are. We know that saving money is either way up there on their scale of what they are most interested in.
This is a huge advantage from the first moment of speaking to them. When we know what someone’s hot button is we can go right at it and save a lot of time asking questions that beat around the bush. By going directly to their hot button they feel that we are somehow Psychic but all we really did was know what we advertised and know what is important to them and speak to that priority from the very beginning.