Knocking On The Doors
Hello,
I want to start knocking on people in preforeclosure doors and I am in need of script.
I would appreciate if somebody can share what approach works the best, especially when I have an accent and English is my second language. Thank you.
TOMAZAS:
Nice to meet you!
Try this:
[Begin Script]
"Good Day Sir/Maam,
I am a RE Investor who sometimes helps Out Homeowners to find SOLUTIONS whenever their Mortgage Companies SAY NO...
And I just stopped y to see if I could be of HELP in ANY WAY...
[PFL Owner Replies]
WHAT CAN YOU DO FOR ME???
[end PFL Owner Reply]
(You say)
"I DON'T KNOW...IT COULD BE TOO LATE ALREADY For ANYTHING TO BE DONE!!!
That is Unless You Authorize Me to Talk wit the LENDER(s) to SEE WHAT OPTIONS ARE LEFT for YOU"
[end Script]
This works because you are NOT THERE asking for the Deed...While allowing for a RAPPORT to be Built with the Owners ...Without OFFENDING them.
Secondly, You Get the AUTHORIZATION (harmless non-commital) Document to speak with their Lender.
This allows you to determine if the lender is willing to grant a repay (Forbearance Agreement or Modification of the Mortgage Loan Terms) ...
Best for when your plan is to take over the existing mortgage loan and Lease Option out to a TB (Tenant-Buyer)
Low cost and effective solution for those homeowners not capable of making the onthly pymts on their mortgage.
Of course their are other solutions but First Tell us what is your REI objective?
Hope this Helps!
Derrick Ali
Dear Derrick,
Thanks for your reply.
The script is excellent. My other question is how to handle the objections such as:
1. We don’t need any help
2. Its already taken care
Tell us what is your REI objective?
I believe that only by helping others and sharing we can achieve the most in our lives. I have knowledge about foreclosure process and I know local investors who do all cash buyouts, lease options, rehabs as well as few people who would agree to pay retail price and keep the properties as rentals, so what I want to do is to find motivated sellers, get the option structure the transaction and assign the option for a small fee leaving seller, investor and myself happy. This is what I want to do to earn few $$$ to survive since I am unemployed now.
Some additional post on this subject can be found at:
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=38797&forum=18
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=18011&forum=18
[addsig]
Tomazas:
The BEST response to those Objections is to say:
Terrific!!! I hope everything continues OK for you!
BTW - You wouldn't object to my following up with you???
JUST TO MAKE SURE That YOUR PLAN Really Has taken care of the Forelcosure Would You?
You see I remember talking with another family recently who told me the same thing--that they had it taken care of and less than 2 weeks later the Sheriff SOld their home...
This was devastating as they thought that they were going to get money from a 401-K, or a Relative, that failed to come through
Or a Mortgage Broker Promised & Promised but didn't deliver
Or
then they PAID an Atty and thought that the Bankruptcy would Protect them???
BUT IT DIDN'T!!!
And When they found out their Monthly Payments would be 125% to 150% MORE than they were NOT PAYING Before...so the Sheriff auctioned Off theif Home a few months later...
So You See Mr./Mrs. Foreclosure Owner... I'd hate for something like this to happen to you and your family!
That is why I Always Find It IMPORTANT TO FOLLOW UP and insure that YOU'LL HAVE AN OPTION for AVOIDING Anything Like THIS...So Would that be ALLRIGHT With YOU?
GREAT!!! I'll just check back with you in another week or so before the auction. But JUST IN CASE Keep My Card/Flyer handy so that you can contact me if you need to OK?
Bye Bye!
End of Objections and only the START of Your Pre-Foreclosure Prospector's Journey!
Happy Investing!
Derrick Ali ;-D
Tomas:
How's your Door Knocking Working Out?
Anyone Bite Yet???
Please update us on Your Success and/or Challenges as well as WHICH SCRIPT you used (if any)...
Happy Investing!
Derrick Ali :-D
I use Ward Hannigan's script but added a few things. I just closed two deals on foreclsoure property by doing hard money loans. Keep trying and you will make it too. Maverickstar
[addsig]
Hi maverickstar.
Would you mind explaining to me what you meant by "closed two deals on foreclsoure property by doing hard money loans"? Are you saying you made hard money loans to defaulting owner with equty purchase agreements on the side or something? I have been thinking about something like that and I thought what you did might be it. Please let me know.
Thanks.
The "Ward Hanigan" script is nice, friendly and short, but exactly how does one stop a foreclosure in 2 hours? :-?
Quote:
On 2004-12-23 03:14, radio52-com wrote:
My friend Ward Hanigan has a nice script:
"Hi Mr. Jones. My name is Tom Smith and I know at this point in time your foreclosure situation is probably already taken care of. I'm an expert in foreclosure and I just wanted to come by, meet you and greet you and let you know that I can stop a foreclosure in 2 hours.
Now that may not be a skill you need right now but please take my card and if in the next week or so the person you worked your deal out with comes back and wants to change the deal, they always say there was a calculation error and it always goes against you, I want you to know that you don't have to take that. That since I can stop a foreclosure in 2 hours that you can call me 24/7 at the number on the card to talk about your options. I can stop a foreclosure in 2 hours."
------------------------------
A short response to the two objections is:
"I'm glad to hear that. I come across a lot of people in your same situation. If you don't mind can you tell me what you did to solve your situation?"
The answer will either be something believable or that they really didn't solve it.
If it's something believable then make sure they get your card and let them know that if the deal they worked out falls apart then they can call you 24/7 to talk about their options.
<font size=-1>[ Edited by radio52-com on Date 12/23/2004 ]</font>
Continued script:
"It will take about 10 minutes to explain it to you, invite me in and I'll go over it with you."
If you let me in the door then you know the real purpose of the statement, "I can stop a foreclosure in 2 hours." The purpose isn't to explain to them how to stop their foreclosure in 2 hours, it's to get in and get on a first name basis, find out their reason for foreclosure, and if appropriate let them know you're a buyer.
Getting inside is 75% of the challenge because you're probably not the only one who has come by trying to get them a loan, list their house, or buy it for $1,000.
If you get to the point where they are willing to sell you their house, after calculating their net equity and laying out the deal, you'll never have to explain to them how to stop a foreclosure in 2 hours.
If you read this far then the same desire to know is what you're looking for at the door of a motivated owner in foreclosure.
The answer is of course, an emergency petition in Chapter 13 Bankruptcy which you only have to do if there is less than 6 business days before the sale.