Does anyone have experience calling owners in pre-foreclosure??? How should I approach the owner over the phone? Should I just say: Hi my name is Jim and I’m an investor looking to buy your house and not even mention that I know about the pre-foreclosure from public records…I have alot of owners to call just dont know how to approach the conversation…Please help…Thanks
Is anyone out there that can give me some advise please…Thanks
you and every other pre-foreclosure investor will be contacting them so it’s going to be hit or miss. you might try post cards because most of the time, they will not answer the phone. usually other creditors are calling too, besides the mortgage folks so they avoid the phone.
a properly designed post card will make them want to call you over all the others they get.
I have sent out 300 full color postcards to pre-forclosures the last three months… with not return call. IT may by my copy and design… but I don;t think so. I think that PF ignore all communications including direct mail.
I am starting to think that knocking on doors may be the only way to go.
if u market to PF, your design and message has to make them want to call YOU, not the other 100 or so investors (and that is conservative) that are sending post cards.
knocking on doors can be great but it’s a little more risk to defensive homeowners. most are in denile that this is happenning, and some are thinking that a miracle is going to save them instead of you. keep that in mind when u go to knock.
If your in a good area. Door knock
Now if I I do door knock, how do I break the ice on why I am there…Do I just be straight up with the owner and tell them that I see they are having trouble with the bank and wanted to know if I can purchase your home at a fair price…Just want to know how to approach the owner…
I don’t even bother mailing anymore. Tried it for a month just to see. Door knocking is the way to go. Plus you learn so much when dealing with different types of people…ie, how to talk to them, etc.
You’ll have far more deals from door knocking. At least that’s my experience. I’m sure there’s many people who get tons of deals from mailers, but mailers for me wasn’t the answer. I’ll probbly give mailers another shot one of these days just to see.
There is no magic formula or script. Sure you can view scripts out there from books and other investors, but you’ll find that each person you talk with needs a completely different approach then the last person. A script for me is just used as a template to keep certain key points in mind that i’ll need to bring up in the conversation.
I’ll give you a good example. I walked up to a home where a guy was outside with his young kid. I didn’t want to talk about foreclosure in front of his child, but at the same time, here was my chance. So i struck up a conversation with him about the electric toy jeep that his child was playing with (those go-cart toys). Finally, the child sped off into the garage which gave me my chance. It was then i brought up the foreclosure issue and we ended up talking for a while.
Everyone is different…just “feel it out” and go with your gut. Also, have some class…that’s VERY important but at the same time, know your place. It’s a delicate situation and has to be treated as such.
Then theres the people who are just brutal to you. Be brutal back, (don’t take shi1t) but be very tactful with it. For instance. I knocked on this door one morning. The guy opened the door all pissed off in his boxers cause i woke him up. I mean, he was pissed…lol…his first words when he swung open the door was “what the F__K do you want??” No joke, LOL. This guy was 6’5 and i was scared! lol
All i did was say, “All i wanted to do was buy your house man, but you’re obviously upset so forget about it” and i walked off slowly. He slammed the door. Two second later the door opens back up and he comes out and invites me in.
So most importantly, be ready for anything and remember, you’re there to help them. They need you at this point.
CalREI is right NO Magical formula:
BUT: (always a but, right)
I market specifically to pre-foreclosures from the time they are listed with only post cards.
I hear almost daily that they choose my company because the card was straight forward.
The other thing I do that’s notable (says my clients) is I have someone” a live body” answering my phones during standard business hours.
Those that call early in process I help with the basics (Loan Mods, Forbearance etc)
I keep hitting them with only postcards that i print myself on my Magicolor laser.
Those whom caller in towards sale date I have services and a program that applies (stop sale, negotiate short sale /lease back model protected via land trust with several investors in the wings).
Nothing fancy just the facts.
I change stock color each mailing, use only reply address no company name and yes I hand address each one (my wife and secretary).
The message changes as the sale date approaches.
I Avg. 3% up to 7% depending on the month.
I market to multiple areas within a reasonable drive time (I visit each client) after my free initial consult.
;D
There is no magic formula that I know of. Just be yourself & try not to sound like a robot.
I’ve called some people before & told them that their house is scheduled to be sold & that I help people in distressed real estate situations - plain & simple.
Hello,
I am actually in a bind after being swindled by a real estate agent and her broker. I am actually looking to short sale my house (never lived in) to just gert out of the situation. I am in Texas. Were could I go to find investors willing to buy it off me?
I am in Texas also. Thanks.
How were you “swindled”?
Post an ad on your local real estate investment club bulletin board or go to the meetings & pitch it there. I’m sure it’ll generate some interest.
what city are u in in texas?
I guess it was more of taken advantage of then swindled. I bought the house from the real estate agent after being pitched a great money making idea of flipping houses. Come to find out later that the home’s price was inflated which caused problems with trying to flip it. It was a great mistake on my part (especially since I had no idea what I was doing), I’ve learned from it. It is in Cypress, Tx. 20927 Twisted Leaf dr, 77344. It’s on the market.
try the “i Buy Houses” ads in the paper, u’ll get investors but u most likely won’t get retail for it. Cypress is too far from me to help you, otherwise i’d be inclined to try to offer assisitance. good luck though.
Macwhiz, I just sent you a private message. Hope it helps!
Macwhiz,
Have you thought about selling on lease with an option to buy? The property value may go up by then. Of course if you used hard money or high interest loan, this option is out.