I was taught to ask, “Would you take a small down payment and the balance of your equity in installment?” (Ron Legrand’s green course).
No matter how slowly I ask this I always get a “say that again??” LOL
Now let’s say I get past that. I’d then end up saying something along the lines of “OK what we do next is…blah blah…grant the property to me…blah blah.”
What are your magic words? What has worked and what hasn’t, and why?
Usually at that point is when I take out my glock and hold it to their forehead. They usually sign anything I ask them to at that point. :guns
Haha
Actually, I never ask. I just tell them that I will be purchasing their house, taking over their payments and cashing their loan out in a year or two. If they ask what the warranty deed is when we are filling it out I just tell them that it affects the legal transfer of their property.
Go with the gun first though…
HAHAHA
Nice
I like that strategy. One of these days I’ll learn to just say the bare minimum and be done with it. Who knows how many deals I’ve talked my way right out of! LOL
Just remember this and you’ll be fine: “MOTIVATED buyers and sellers don’t ask dumb questions!”
What I do is get all the loan and property information. Then I either ask if they will sell it for the debt balance or what they owe if I think I can get it. Or I ask whether they will be okay with me taking over their payments… “I will make the payments to the mortgage companies or bank etc.” Try to make it as simple as possible. I almost never get a no. But this is on sellers who call on my advertising… unlikely to work well if you call ads. In regards to getting the loan information first… I ask almost EVERYTHING about their mortgages, you are in a much more powerful position because you understand their situation.
If they have alot of equity… just ask if you take over their payments… what is the least you would sell it for. I don’t even bring up the word equity with sellers anymore… alot just don’t really understand the concept, they think in terms of price.
I think the question you were taught to ask from Ron is only on properties that are free and clear. If you know it’s free and clear… just ask if they would be willing to owner finance. Then what kind of payment they would want etc. :beer
It’s definitely easier to get financing information out of people who call you. But I find that they’re no more motivated than when I call on ads.
So I’ve gone another route. I typically just ask if they’re willing to rent the place out with the option to buy it later. If the answer is yes then I ask how much they want for rent and price. I’ll tell them if their answers are too high for me and see if they’re willing to come down. If not I use Ron’s line and ask if there’s any reason for me to call back in a few weeks. It’s amazing how quickly they say that they would be more agreeable if the house doesn’t sell for a couple more weeks.
I don’t bother much with mortgage balances and payments. All I’m interested in is if the seller’s numbers work for me. If they do I’ll make an appointment to sign. If they don’t I do as above and see if they’ll be more flexible down the road. I find that things don’t work out very well if I mention my numbers first. I know what my upper limit is and if their numbers are below that, I’ll go take a look.