Posted by Steve-Atl on May 12, 2000 at 07:45:09:
This is why followup is so important. Just let them know you are willing to save their credit from foreclosure and possibly give them some equity. The only catch is they have to act in sufficient time before foreclosure in order for you to stop it.
Preforeclosure - Posted by JCPerry_NH
Posted by JCPerry_NH on May 12, 2000 at 07:35:49:
I am having some trouble with my preforeclosure market. I have been mailing postcards to the folks who are in the process of foreclosure (from the paper).
We have been getting a decent response, but then I tell them " if the prop qualifys, we can make all of your back payments, we will then guarantee your maintenance and future payments. You will move out of the house, we will put some money in it to spruce it up, then sell it. You also may get some money on the back end if the numbers work out. "
The sellers all seem excited, then go to talk with their wife/husband/etc. and then say they are going to hold off, and hope for a miracle. The market here is hot, but still not close in two weeks hot…
Please help.
Jason, NH
Re: Preforeclosure - Posted by T.G.BYRD
Posted by T.G.BYRD on May 13, 2000 at 01:46:12:
I’M new to rei,but one thing I caught in your statement that stuck up a red flag has to do with basic sales techniques. You said that after they talk to their significant other, they back out. You should always try to talk to the decision maker and esp.w/husband & wives,talk to both of them together, treating both of them with equal respect and getting them both involved.
It is almost never that someone will relay your offer with the clarity,enthusiasm and persuasion that you will. Hope this helps.
Re: Preforeclosure - Posted by Jim IL
Posted by Jim IL on May 12, 2000 at 16:12:09:
JCPerry,
The sad reality is that most sellers in pre-foreclosure will do just that, wait for a miracle.
They are not motivated and cannot see the reality and gravity of there situation.
There are some sellers out there in this situation that will respond and get you a deal, because they are motivated.
But, for those who are not, there are a couple of things you can do.
You can wait them out, and let time add to the motivation level. Do followup mailings, and calls to them to see if they have changed there mind yet.
OR
You can accelerate that urgency and motivation by pointing out the facts to them.
Check out Joe Kaiser’s website, “Nothingdown.com” and see his letter about the “Loser of the month” or some such title.
In this, Joe tells his sellers about a deal that went to auction because the seller was waiting for a miracle.
They lose out big time, and did not have to, ahd they called the investor who could solve the problem.
Sometimes this works.
Other times, nothing works.
Just do not waste your time with them.
Make the initial contact, and then if you get no response or a negative one, log there info and followup later.
And in the mean time, go find another seller who is motivated.
HTH,
Jim IL