Say It Isn't So
What are some of the best thing to say to sellers with a "subject to" deal? I'am finding that sellers are very uncomfortable with signing over their warranty deed and things of that nature in order to finalize the deal. So I'am just trying to learn how and what to say and when to say it.
lornadawn,
It is not what you say, it is how you say it. There are no magic words to convince the seller to keep the loan in there name. It is a combination of things said starting from the original phone call to closing the deal in the sellers house.
It is about establishing credibility, how the seller is assured his loan will be paid, many things that will get you your Subject To deals.
Besides if I told you on this board I would have to kill ya.
Not that simple IMHO lornadawn, that could be explained in any post.
John $Cash$ Locke
lornadawn,
This topic is just something that takes practice and adaptation over time. Like John said, it's not something that can be easily typed up in a few words.
However, if your sellers are still uncomfortable, then you haven't properly addressed their objections and concerns. Sit down, figure out what all the objections might be and develop how you will handle these.
After you've had a number of calls, you will know which are the most common and which ones the analytics want answered as well. I address these up front prior to being asked.
Getting someone to leave their loan in place was difficult for me as well a few years ago. Now, it's cake and much of the ease is based on the phrasing and how you funnel the client into your discussion.
One of the most important pieces is that you come across as confident in your ability to do what you say you're gonna do.
HTH
[addsig]
Try putting yourself in the seller's situation. What would you like to hear you say to aleviate your concerns and aprehensions? Remember, they are usually going to be people in a "life-altering" period and just need some reassurances.
You might also ask them what would make them feel comfortable and be able to offer a couple of options that they will feel comfortable agreeing to (on a short-term basis, if nothing else).
If you follow John's advice, you'll be using a loan servicing company which should aleviate a lot of the apprehension they may be feeling.
That's all I have to say about that.
Ken_GA