Pre-Foreclosure Script YOU Should Use!

Comments(5)

• 
  DerrickAli2nd December, 2002

  The SCRIPT goes like this when I call I ask the Owners:
  
  "Are you SELLING Your Home?"
  ...and when the ask me "Why!"
  (and/or after they are through cussing me)
  
  I state:
  
  "Your Lender has publicly posted it for sale and I thought I'd call to see if there was anything I could do...
  
  Tell Me Mr./Mrs. OWNER WHAT WOULD YOU LIKE TO SEE HAPPEN REGARDING the MORTGAGE ISSUE with YOUR BANK?"
  
  Sometimes they ask me "What can YOU DO ME?"
  
  I reply: "I don't know...I am just an Investor but I also deal with Lenders to HELP Owners Like You to HELP YOURSELVES!
  
  And of course I do this for a PROFIT...
  
  "But you've probably Got This Problem with your Lender WORKED OUT Already...Don't You?"
  
  At this point(the DEFINING MOMENT of TRUTH) they either OPEN UP THE FLOOD GATES of WHY their Lender Won't Deal with them ...
  
  or
  
  They probably will ask "How SOON can I meet with you to see if YOU CAN HELP ME(talk to my Lender)?"
  
  Try it using the above when doing what my friend Bill GATTEN calls the 52 Phone Call Exercise.
  
  Develop a list of 52 pre-foreclosures and DO NOT STOP UNTIL YOU'VE COMPLETED YOUR 52 CALLS B4 You set up appointments...
  If you get a BITE tell the Owner:
  
  "I'm sorry I have 40 or so more calls to make in the next hour or two...
  May I call you back at (3 Hours from now) to set up a time to MEET?"
  
  
  It works like MAGIC for Me even here in little ole Jackson!!!
  
  PreForeclosures are for the most-part FICKLE INVESTMENTS moreso than PROFITABLE.
  
  Don't Waste alot of time on non-producing, non-rewarding Blanket Mailings---I discriminate between the mortgageloan amount;
  
  But I indiscrimintly use the H+E+DoubleHockeySticks(LL) out of the PHONE and My Target prospects are $125K and Above homes hhaving Mortgage Loans Balances of atleast $90K or higher.
  
  This keeps ,my mailing list lean.
  
  When incorporating my FAVORTIE TOOL the Equity Holding Trus---I also Maximize my Profit potential from creating:
  
  -$10K Minimum AVG.(from up front Cash) +
  
  -Equity-Splits around $15 to $25K Minimum (Nice AVG. Pay Out in 2 to 3 Years)+
  
  -Monthly positive cashflow created by Transacting an Equity Holding Trust
  
  -Tax Benefits that I can either Keep or Re-SELL to my Resident Beneficiary(tenant-buyer)
  
  ALL OF THIS with NO LANDLORD HEADACHES!
  EQUALS SWWEEEEETTT!!!
  
  Now GET ONLINE and FIND THE INFO YOU NEED FOR YOUR COUNTY!
  
  Much Success,
  
  DERRICK ALI
  ;D
  [addsig]

• 
  JohnMichael2nd December, 2002

  DerrickAli
  
  Great script. I think I will just use this one. Thanks
  
  John Michael

• 
  Nicolas20th January, 2003

  Derrick,
  
  Question. Out of 50 people, how many will ask you to meet with them?
  
  My county posts all the "Election & Demand" properties (1st stage of foreclosure) on a web sight, with links to the assessor’s information for the property, owner's name, loans being foreclosed on, amounts due, exc. I went through that list and found about 50 properties that have a LTV of 75% or less.
  
  I know I just need to make the phone calls and see what bites, so I'm going to do that this week! I WILL I WILL!!!
  
  Anyway, any thoughts you could offer someone who is going to try to put his first Pre-Foreclosure deal together would be appreciated! Thanks.
  
  Nick

• 
  jorge12120th January, 2003

  Derrick:
  
  Here is a question on closing the deal. You've done the preforeclosure research, contacted the owner, and you find out they are good to go. This hypothetical owner has owned the house for 3 years and has minimal equity. With appreciation alone you stand to make a quick 10-15K.
  Assuming you can't do an all cash deal and don't want to put new paper on it, how do you close the deal???
  
  Thanks for your help.

• 
  DerrickAli26th January, 2003

  JORGE:
  
  I simply have the Owner to grant me a 45-60 Day NEO (non-Exclisive Option) on the property!
  
  Place an AD and do some Mktg. to located a Tenant-Buyer who will pay me 10% to 15% down for the opportunity to move in to a Nice home which I will 'Finance'for them inside of a Land Trust!
  
  This removes the need for ME to come out of my pockets to pay up the arrears or any other expenses related to the home!
  
  The R/B (Tenant-Buyer) will maintain the home + the Mortgage PITI and Repairs (if need be)...
  I also plant a small but DEFINITE Positive(+) MONTHLY CASH FLOW for myself to boot with ABSOLUTELY NO LANDLORD HASSLES!
  
  I hope this helps!
  
  [addsig]