Good Evening,
I obtained a list that has all the pertinent information: Loan Amount, Amt to bring loan current, loan balance address and phone number of the owner. Should I call the owner and begin negotiating with them or send a letter?
I do typical Wholesaling and am new to sub2’s so I don’t know how to go about talking to the seller about doing a sub2. How do you recommend I proceed?
Neither way will produce great results for you on Sub 2 Deals…having done hundreds of them since 1991, I found that one needs to build a relationship/rapport with the seller before you make unreasonable requests such as taking title subject to the loan…I do that by calling an ad first, speaking with the owner, ask the typical questions regarding the property and condition, then schedule a time to inspect/view the property.
When you inspect/view the property, that is the time where you begin to develop a rapport with the seller…other than a quick view to make sure the roof is not falling in, your main reason to inspect the property is to get to know the seller and during that time, if you are confident and humble in what you do, the seller will begin to have confidence in you to solve his problem.
That is when you can make an unreasonable request by asking would you consider…
If the seller is confident in you and has enough motivation, he will accept a form of a contract that would fit a Sub 2 Deal…this is why I only look at empty houses, out of town seller telephone numbers…and any other sign that the house owner is making 2 house payments and has moved to another house…he will be motivated.
Keep your activity high…lots of calls…lots of inspections…lots of ‘would you consider…’ and you will get results.
Hope this helps.
Rob
Rob,
Thank you very much for your insight. I do it with my wholesaling business with vacant houses, code violations and etc. Didn’t know how to go about doing these type of deals. But with what you said, I can see your point and will try that and see what happens.
I did have a seller call me back and told me the situation pertaining to the house and is working to find the Owner’s son (owner is deceased) to get me in touch with him, but your knowledge certainly helped.
Thanks again,
Darryl