How would I approach a homeowner in pre foreclosure? What kind of questions should I ask them? Pls help
Hi Father Time,
I heartily recommend purchasing this specific book on pre-foreclosures. This book not only has some great ideas and strategies, but also give you a hard, honest look at the pre-foreclosure business.
The great thing about this book is that the author also has many sample forms, worksheets, and even sample letters to pre-foreclosure owners that you can download from his website and use.
The book is titled “The Pre-Foreclosure Property Investor’s Kit” by Thomas Lucier. It’s available at all major bookstores and also online. Buy it - you won’t regret it!
I have yet to make my first deal, as I’m just starting out. After reading his book, however, I’m much more confident that I can avoid the pitfalls and mistakes that often prevent first-time real estate investors from succeeding.
Let me know if you like the book - I think you will…
Don’t buy a book on this, just figure and develop your own technique. Think about it this way, you got hurt at work, and now behind on your mortgage payments, how would you want to be approached?
Put yourself in the homeowner’s shoes. What would YOU like to hear? How would YOU like to be treated? Think of how you can help the homeowner with their situation - the rest should fall into place.
Sorry, but I disagree with both of you here…
While I do agree that you should put yourself in the homeowner’s shoes to see their point of view, I wouldn’t just “figure out and develop my own technique” or hope that “the rest should fall into place.” You need to have a planned script and be as prepared as you can be for any question the homeowner might have.
If you are going to start with mailings, then it’s wise to already use an effective letter campaign. Why learn the hard way when you can learn from others who have already been there?
The same thing goes for door-to-door methods. You need to put your own spin on already effective methods of getting in the door or not getting the door slammed in your face. You could rehearse either with a spouse/friend and practice your delivery, prepare for the tough questions (“why should I let you, a total stranger, have access to all my personal information?” or “how do I know that you know what you’re doing?”)
You have to practice, prepare for those tough questions, and then practice some more. You must portray confidence, professionalism, and show that you are knowledgable about REI and then show the homeowner how you can work with them to get a win-win situation.
I’m not a big believer in wasting time and money making mistakes that others have already made. The book I recommended has a great sample letter campaign, although the author is not a big fan of door-to-door. This is where I disagree with him, as I believe that if you do the research and find out what works for others you could use either method, or perhaps a combination of both…