Screening the sellers for SS....

Foreclosures, Short Sales, Tax Foreclosures
1

Hi guys, I’ve been very interesting in becoming a REI these past couple months and have been trying to educate myself as much as possible before jumping in. I’d really like to work some short sales and use wholesaling as an exit strategy.

I have the gist of it down, but there is something I cannot seem to find anywhere, even from the ‘‘gurus’’, and that is how to talk to the homeowners/sellers who are facing foreclosure.

I’ve been looking for maybe a checklist/questionare for screening sellers and maybe a script to follow which has answers to many of the common concerns and questions the sellers may have.

As an example.
Somebody in preforeclosure responds to my marketing and calls my phone.

I’d like to have a nice sheet infront of me asking things such as:

  1. What type of loan do you have?
  2. How much equity?
  3. Has it been listed?
  4. Are you in the process of filing BK
    .
    .
    .
    .

Along with this I’d like to find a script I could follw that lays out the process and supplies answers to common questions.

I know this seems probably seems a bit too needy, but I cannot imagine that somebody out there hasnt written a few scripts/checklists to follow.

Does anybody know of a program for sale that deals specifically with these issues?

Thanks a bunch!

2

I developed a form questionnaire with those questions, hardship and why they are selling…I have them fill that out and fax it to me before I waste my time even seeing the property.

3

You wouldnt mind sharing that would you?

4

I use a software called Realeflow and it has a seller script built into it. Definitely a good idea to get the info before going to the property.

5

I was just at their website and it looks like a great product, but six grand to sign up and monthly memberships fees on top of that is crazy!

6

Hello,

Here is the script I use.

How did you happen to hear about us? Unknown Classified Ad Bandit Sign Billboard Mary Letter Newspaper Display Post Card Professional Letter Property Sign Radio Referral TV Commercial TV Infomercial Vehicle Ad

I buy houses (just like yours) all of the time… and I have found that, if the seller is willing, we can come up with a solution that works best for both of us. Is that okay with you? [They answer, “Yes”] Outstanding.

Sometimes the only way we can buy the houses we look at is to take over the debt and pay you your equity. That means the loan will stay against the house until it is sold, assumed or paid off.

So, if we can pay you your equity, guarantee to make your payments and be responsible for all repairs, you will sell the home to us, right? Yes No

What time of day would be better for me to come out and buy your house?
or ? Teriffic!

Before I come out, there are just a few more questions I need to ask about your house. Is that okay? [They Answer: It is] Outstanding.

Is the home vacant or occupied? Occupant name?

How many bedrooms? …and the number of Bathrooms?

How many Square Feet?

Size of the garage?

How did you happen to own the home?

What kind of repairs does it need?

CarpetPaintRoofCabinetsElectrical
PlumbingPlasterSheet RockCoolerHeater
Air ConditionerWindowLandscapingClean-UpOther:

What do you think the repair cost will be?

How much are you asking for the house?

Is that Fixed-Up or ‘As Is’?

How did you come up with that price?

How soon would you like have your house sold? Days ( Date )

Is there a mortgage on the house? Yes No

What is /are the balance /balances? 1st 2nd 3rd

What is /are the rate /rates? 1st% 2nd% 3rd%

Are you in foreclosure? Yes No Notice of Default or Trustee Sale Trustee Sale Date

Arrearage Amount

I have one last question. When I come out, it is important that all of the decision makers be there, so I can come to an agreement to buy your house… Will all of the decision makers be there for the appointment? (If all of them are not there, don’t go)
Yes No

Well name thank you for calling and giving me the information about your house. At this time I need to look over the information you gave me and do some research on your property. May I call you back in a few minutes to set an appointment? [They answer: Yes] Terrific.

Set A Presentation Appointment ?

Right Now
Not Interested
Call Back Later Remind me on @ Hr. 12 AM 1 AM 2 AM 3 AM 4 AM 5 AM 6 AM 7 AM 8 AM 9 AM 10 AM 11 AM ----- 12 PM 1 PM 2 PM 3 PM 4 PM 5 PM 6 PM 7 PM 8 PM 9 PM 10 PM 11 PM Min. 00 30

I have automated the process.
Comments:

7

Bullshit bullshit bullshit

There is no script. You will never meet any two people who have exactly the same circumstances, or the same needs or expectations.

If you can’t figure out what they need in the first ten minutes of a phone call, you probably need to read more, or try another line of work.

Scripts limit your options, and therefore your opportunities.

If you’re looking for E=mc2 of real estate, it doesn’t exist.

8

JDS…

How many houses have you bought? Just curious… :banghead

9

JDS,

Yes, I am curious how many deals you have done your way.

John $Cash$ Locke

10

Over the last four years, I’ve averaged about 20 a month.

Net profits last year were close to $3M.

But I’ve developed a relationship with a few local banks, they know what I want, I know what they want, it’s pretty easy now.

But it still comes down to convincing most HOs that this is the only way out.

There are seven stages that all HOs go through,

  1. Denial
  2. Denial
  3. Denial
  4. Denial
  5. Denial
  6. Foreclosure
  7. Denial

They all face it their own way, and a script isn’t going to give you a magic pill to force down their throats.

This business is about people not numbers.

11

Just amazing… I cant even imagine how many houses you could buy if you learned a script…

Wait you must have scripts…

I don’t claim to be a mind reader but I bet when you answer the telephone you say “Hello” if so that is a script. When you communicate with your banker who feeds you those deals you have a script, I bet you say “thank you”. Every conversation we have is one we have practiced and modified to serve our need at the time. Maybe the sentences aren’t exactly the same every time however in my business my support staff, especially those that answer my telephone need to follow a script to make certain that all of the questions I believe are import are asked. If nothing else to weed out the unmotivated prospects and to dismiss the fantasy land sellers.

heck I have even trained them on the use of a positive or negative reinforcement words
.

I have need to add that anyone who does over 200 deals a year is okay in my book, my concern is that the new investor better learn to use scripts or they will die before they get started.

12

Beg to differ, hello and thank you are conventions.

Is your fifth question really ‘when can I buy your house?’ before you even know what it’s worth?

There are people I’ve met who would smack me upside the head with a baseball bat if I was so forward.

True we may all work to a plan, but that isn’t a script, and the ends doesn’t justify the means.

And we seem to have run off topic. The inference of the original post appeared to be ‘is there a magic pill’.

The answer is no.

I answered a post a while ago where someone asked how to go about door knocking. I told them stand around eighteen inches from the door, extend your arm around chest height, and rap lightly with your knuckles. After that you’re on your own, you don’t know what species is going to open the door.

Same goes on the phone, except in most cases you have the advantage that they called you, but don’t think there’s any way to turn that into a done deal every time.

How much equity? None of your business.
What repairs? I ain’t no contractor.
How much for the house? What I owe plus 20K, the wife needs new boobs.

Now what?

P.S. Thanks for the compliment.

P.P.S. Those conventions may also be platitudes.

13

:beer