What to Say and Not to Say – (When calling owners in default.) By Alexis McGee Foreclosures.com/Lists
Your phone has started to ring.
Now what do you do? Well, to start, say “hi” and be nice! I can’t say enough how important the tone of your voice is. People can really hear if you are talking with a smile or frown.
Next, you’ll need to introduce yourself, and get information on the person who called in. You’ll probably not be able to find your DDI lead quickly (to reference), so get ready to ask questions and take notes.
Let’s start by saying, what NOT to say:
“Oh, you must be calling off my foreclosure postcard.”
“Is there any equity in your home?”
“I found out you were in foreclosure from the public records. What are you going to do about it?”
Now, what you SHOULD say:
“Hi, my name is —-, whom am I speaking with?”
“I help homeowners who need cash quickly, by buying their property in “as is” condition and closing with my own cash as soon as 5 days. Before we go any further, may I ask a few questions regarding your property?”
* Are you the only owner of the property?
* Tell me about your house.
* Has the property been listed for sale with an agent? Has it been in escrow?
* How much do you owe on the property? 1st _____ 2nd ____ Other ____
* Have you received a termite report (or home inspection) on the property?
* How much do you think it would cost to do all the repairs?
* Is keeping a foreclosure off your credit report important to you?
* Besides talking to me, what other options are you pursuing?
* If given the choice, would you borrow more money or sell and cash out (get this over with?)
* When you sell the house, where will you be moving to? How long do you need?
* If someone were to offer you all cash today, what is the least you would take?
* If you can’t get that, then what will you do?
Basically, you get the idea. You cannot script “what to say and how to say it”, but this is a good guideline. In our Mastering Lab, I get on the phone to show you how it’s done, then you get on the phone and practice. It’s a great way to get the “bugs” out of your pitch.
Now, once you’ve gotten through the conversation, and gathered tons of information, you need to close for an appointment, or decide not to pursue this deal. If the deal is too thin, and you don’t want to pursue, refer them to a local realtor. You should have in place a relationship with a few good realtors.
Remember, if you plan on buying, fixing and selling for profit, you will need at a minimum a 30% spread between your buy price and sell price. You should determine this while you are on the phone with the owner. This is one reason why I don’t use realtors or title reps to do my comps for me. I need it instantly and I need to see the comps myself, to determine my plan with each deal.
If you have a computer, you should have already ordered your real estate data service and have your comps at your fingertips. If you use First American Real Estate Solutions, as we do, quickly run “Auto Comps” and see roughly what the property is worth.
If the property has the minimum equity, start selling the benefits of an appointment with you. My line is:
“XX, you are talking to an investor who can solve your foreclosure situation, and get you started on your way to a new future. The benefits of dealing with an investor are: All Cash; No loan contingency; No termite clearance; No repairs needed (as is); Fast escrow (5 days or less); A for sure sale.”
Now, close for the appointment:
“When would be a good time to come out and see the property and meet you; mornings, afternoons, or evenings?” (Set the time, then the day).
Don’t forget the details:
“When I come out I’d like two things: 1) Please make sure all the owners are there. 2) If you have any loan statements or payment books, I’d like to see those as well. Thanks, I look forward to meeting you all. ”
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