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What’s the difference between a foreclosure, short sale and REO?

A short sale occurs when the lender agrees to take less than the full loan payoff of an owner’s property. The homeowner is most likely behind on payments and owing more than the home is worth. Keep in mind that the term “short” sale can be misleading. A short sale can take some time to complete, usually due to banks or mortgage lenders long approval process.

Foreclosure is where the bank takes possession of the property because of non-payment for a long period of time or an unapproved short sale.

A REO is a bank-owned property (“real-estate owned”), when homes go into foreclosure they are sold at an auction, if no one purchases it at the auction, they become REO properties. Later they are usually listed by Realtors hired by the bank, often at a reduced sales price (anywhere from 20 to 50% less).

Why Choose Nicole James Real Estate Group?

Nicole James Real Estate Group is a full service Real Estate firm serving Raleigh-Durham, the Triangle, and all surrounding areas of North Carolina. Nicole James Real Estate Group is comprised of high quality associates and consultants that specialize in residential secondary and new construction markets. The firm also has extensive experience in the marketing and selling of Real Estate Owned (REO) properties. Nicole James The team consists of a broker in charge, a listing support agent, a client care manager, a closing coordinator, and a business/marketing consultant.

The BIC has been a consistent top performer with over $40 million in volume and 200 homes sold to date. The BIC has a background in public relations and marketing and is a certified REO representative licensed in North Carolina and Georgia. Professional associations include the National Association of Realtors, North Carolina Association of Realtors, Georgia Association of Realtors, Durham Association of Realtors, Triangle Multiple Listing Service, Georgia Multiple Listing Service, and First Multiple Listing Service of Atlanta.

The listing support agent has over 12 years of real estate experience and holds licenses in North and South Carolina. This agent is widely known in the area as an aggressive sale person in both the resale and new homes market. Professional associations include the National Association of Realtors, North Carolina Association of Realtors, and Triangle Multiple Listing Service.

The client care manager is a licensed North Carolina agent with broad experiences in marketing and social media. The client care manager is responsible for the day-to-day duties of the office and the direct support of clients during the entire real estate process.

The closing coordinator works with the client care manager in client support. The closing coordinator also ensures that all requirements and paperwork are in order to close transactions.

The business and marketing consultant has broad experiences in real estate, utilities, and emerging business and is a MBA from the Fuqua School of Business, Duke University.

Nicole James Real Estate Group is located on the ground floor of the historic Teermark building in downtown Durham, North Carolina. Our office suite is approximately 1,100 square feet with two separate rooms. One room is called the “war room” which is where the staff have their desks and office equipment. The other room is called the “client room” which also doubles as a conference room. The war room has the latest in touch screen all-in-one computers, color printers, phones, and a fax machine. The client room has a 46-inch plasma TV and various audio/video equipment, which is used to provide presentations to clients and during staff meetings. The entire office suite is on a secured wireless network that allows file and printer sharing. The network also has guest access points that provide internet services to clients and agents.

The team at Nicole James Real Estate Group has lived and worked in the area for over 15 years and established relationships and experience of identifying, marketing, and working with investors and clients throughout all phases of a real estate transaction. In addition to the marketing strategy outlined below, Nicole James Real Estate Group has developed a niche with first time homebuyers through their credit counseling services and first time homebuyers’ seminars. Ready and willing first time homebuyers have been identified as great potential buyers for homes at particular price points.

Nicole James Real Estate Group has created a winning marketing strategy for its clients to maximize exposure in order to sell their property as quickly as possible. Our marketing strategy has four key aspects: traditional promotions, internet and social media, networking/caravans, and viral marketing.

http://www.nicolejames.com/MarketingStrategy.pdf

Traditional Promotions

Marketing flyers

Creative and unique flyers are created and widely distributed for each property

Email broadcasts

Information of new listings are sent out through email broadcasts to local realtors

Printed media

Advertisements of the listings are submitted to local printed media

For sale signs

Quality looking ‘for sale’ signs are posted in front of listing

Internet and Social Media

Exposure is key

More than 80% of potential buyers utilize the internet

Market utilizing the latest internet tools

• MLS
• Realtor.com
• Dozens of subsidiary web services
• www.nicolejames.com – feature listings
• www.nicolejamesREO.com – Exclusive REO properties

Facebook and Twitter

Leverage social media presence through facebook and twitter

Networking/Caravans

Open Houses

If necessary open houses are set up and scheduled by the listing support agent

Property Caravans

Coordinated tours for local realtors to preview listings

Viral Marketing

Multimedia videos and slideshows

Youtube videos and slideshows are provided for each listed property