Finding motivated buyers - Posted by Todd

Posted by Justin-IL on November 10, 2000 at 01:24:54:

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Finding motivated buyers - Posted by Todd

Posted by Todd on November 09, 2000 at 15:03:49:

I spent 2 weeks trying to get an answer on lists of owners with tax leins and absentee owners. I just recieved a call today from Mr. Tax man himself. He stated in Riverside county California, It would cost me over 600 dollars for eack list. I went to the Family Law court last week and they said it is illegal to release lists of people getting divorced. Oh and I almost forgot, the courts no longer release evictions. I wrote this forum to ask for your help. How is it you find motivated sellers? Thank you and good luck.
Todd

Re: Finding motivated buyers - Posted by Jim IL

Posted by Jim IL on November 10, 2000 at 01:06:52:

Todd,
There are a multitude of ways to get ahold of motivated sellers.
But first lets look at what you have already tried to do.
First, the evictions and divorce filings are public record, therefore you can per federal law see the files.
The county may not make a list for you, therefore you need to compile the data yourself.
In my county there is no way to get a list of such things without making it yourself.
Goto the court clerks office and find out how they index the files for evictions and divorces.
The best way I found was to ask the clerk "if I file a divorce/eviction, how is the file number assigned?"
From there I had the info needed to look up the files myself.
Example:
Evictions are filed in order as they are filed, and given a file number designation along with some letters, and the year it was filed.
Like this: 99LMK1234
So, with that info I used the clerks computer to search for files starting with 99LMK and a date range.
After I had that list on the screen I then just filled out a request form to see these files.
I gathered the info I needed from them and made my own list.
I’m sure the same can be done with divorce files as well.
There is a federal law called the “Freedom of information act”, and because of this ALL public records can be viewed by any citizen with a written request, known as a "Freedom of information request."
IF a clerk tells you otherwise, be polite and request to see the law that prohibits you seeing these files.

But, for me the best way to get motivated sellers is to make sure they call you, not the other way around.
You need to make sure the world knows you exist, what you do and how to contact you.
Simple marketing seems to be the most effective for me.
Bandit signs, flyers, business cards, signs on your car etc.
Run an ad in the newspaper “Homes for sale” and “Real Estate wanted” sections that says something simple.
“I Buy Houses, FAst close, any area/price range and condition. xxx-xxx-xxxx”

If you do this and SHOUT to the world that you are here to buy houses, you will get calls.
Just this week alone I met with 5 sellers, and bought two homes.
And I probably talked to 10 sellers on the phone who called me.
I rarely call sellers anymore, unless I am returning a message they left me.
I also rarely answer the phone when they do call.
I have a special phone number that is in all my advertising, and it has a voicemail system attached.
My message is simple: “Thank you for calling, If you are calling because you are thinking of selling your home and would like to know if we will buy it, leave your name, number, a good time to call you back and the property address if you’d like. We WILL return your call within 24 hours.”

And from there I get the sellers name, the address and some time to check out the home a bit before I call.
Getting the address gives me a good idea of what the home will be worth since I know my market quite well.
When I call the seller back, I am in control and armed with some basic info.
I then ask the seller to tell me about the home?
After they do that, I then ask them this; "Why are you selling?"
This is key and opens up dialogue that will help me determine there motivation level.
After that I gather financial info on the home, liens, repairs needed, cash needed if any etc.
Then if the sellers sounds motivated and I know what they NEED, I tell them, “Well Mr. Seller, I have a program that can do what you need. When would be a good time to come out and talk to you and inspect the home to see if it qualifies for our programs?”

This again keeps me in control because now the seller knows that I do not NEED to buy there home, and that they NEED me to buy it.
So far it seems to work for me.
The real key to talking to sellers is to shut up and listen to them.
Ask open ended questions and let the seller tell you what you need to know.

IF you can solve the sellers problems and fulfill there needs while making a profit, then you have a deal.

Forget looking for homes or sellers.
Make them look for you, and allow yourself to be easily found.

After that, the rest should just fall into place.
Because trust me here, when you get a truly motivated seller to call you, they will practically BEG you to buy there house.
And that is when this business is REALLY FUN!

HTH,
Jim IL

Re: Finding motivated buyers - Posted by Rickey-TX

Posted by Rickey-TX on November 10, 2000 at 10:06:55:

Thanks Jim,

You have just reminded me of what I need to do. I already have signs on my Van and is how I got my first deal. I now need to run an ad in the paper to take my business to another level.
BTW, I did have a great time while in the Chicago area last week. I too am sorry we didn’t get a chance to get together, but, maybe next time.

Thanks and good day, Rickey-TX