So I was at the breakfast table discussing REI with my uncle. I asked for his feedback on some material and it lead to further discussion of my doorknocking on preforeclosures.
Now let me pause a second here and say that I have went out already, with the “Just Do It” mind set. I’d also like to add, I’m the type of person that likes to know every detail in a particular subject. So it took quite a push for me to go out and attempt this without knowing “everything”. I do agree that to learn you just have to go and do, however I also agree you should have enough knowledge so that you can portray the “professional” which you claim.
Continuing along, I’ve made many posts about how I would go about doing things I claim to these distressed sellers (ie/ getting them a forbearance etc.). Those replies have been informative and also mention…“just let them do the talking and don’t htink so much”. Ok, advice taken…but I’d like to address my scenario with my uncle…
As I was going through my routine (roleplaying) of how I’d like to get my foot in the door and how I could help these homeowners. My uncle asked “Ok, let’s say the homeowner says ‘Ok bail me out’, what do you do now?” and to my surprise I really didn’t have an answer for him which I felt comfortable with. It was along the lines of let me contact my partner and we’ll write up an offer of what we can give you for your home. What this scenario showed me is that, if I was lucky enough to get in the door to have these conversations with the sellers…I feel I would not have convincing (professional) answers to show that I am capable of handling this situation. My uncle added in that I should have a contract already to written up in a situation like this. I understand some (most?) do this but I don’t think I have enough experience to go writting offers at the kitchen table.
Still with me? (sorry for the long post)…Having that said, I’m trying to further prepare myself so that I can avoid an embarrassing situation like this and increase my chances of landing some deals. Should I be researching the leins, doing CMA’s before knocking on the door? Also, how do I handle situations if they want to sell the home and I say yes I can purchase this cash…umm well for how much?
I understand you will never know everything there is to know, but I feel some of these areas are key components and likely questions they will ask in which I don’t have the proper material. I’d like to hear some feedback…this has put me in a pause position (good thing i have a seminar tomorrow to hopefully give me a boost in which I need again).