What to bring when meeting with homeowner
When going to meet with a homeowner who is interested in your services (they are losing their home), what do you guys bring with you? For example, if I know I will need to do a short sale on the property because of the amount owed, what do I need. I know the obvious thing I need signed is a 'Auth. to Release Information' form to be filled out. I actually want to work out a deal that same day correct? What other forms should I bring with me?
Quote:
On 2003-04-25 15:02, man wrote:
When going to meet with a homeowner who is interested in your services (they are losing their home), what do you guys bring with you? For example, if I know I will need to do a short sale on the property because of the amount owed, what do I need. I know the obvious thing I need signed is a 'Auth. to Release Information' form to be filled out. I actually want to work out a deal that same day correct? What other forms should I bring with me?
DO YOU HAVE A SAMPLE COPY OF THE "AUTHORIZATION TO RELEASE FORM" PLEASE HELP.
I suggest an authorization to Release form and a blank sheet of paper to have the 'owner to write down' EXACTLY what they'd like to see happen regarding their home being sold by the bank???
This is the MAGIC QUESTION---once they've answered it I then ask:
"How do you see me (and our partnering together) could stop the bank???"
This works like a charm...it allows me to present my HLP (homeowner's Loss-Prevention) negotiating services--- in cases where they CAN afford to keep their home but need help with a workout plan.
Or as in MOST CASES---buy me the time I need to locate a Tenant-Buyer for the Home at a PREMIUM re-SALE.
and in some cases I might be able to QUICKLY WHOLESALE the home should the owner ONLY WANTS OUT of the Situation!!! (If there is enuff EQUITY)
I the the last one just Thursday with a 2 Family (2/1) that had a $74K pay off ($95K APV).
The Owner recently lost his job as a auto-body repairman. He was only 2 Mo.s behind and could no longer afford the home (btw his renter was paying $250 UNDER Mkt rent.)
I resold the above property within 3 Hours of signing it on a contract for $99,500 Payments of $1000 per Month (PITI $783 per./mo.) with $4,500 down...
I sold this to a woman who was on my 'prospective buyers' list whom also was actively looking for 2-Unit properties to buy!
NICE since the call came from a classified AD that hadn't run in two weeks!
Anyway just get the:
- ATD signed
and
- What THEY Would Like to See Happen written down
- Define your STRATEGY to PROFIT on the DEAL
Then
Execute it and pretty soon you too will have a Check just like me!
Best of Everything to You!
Derrick Ali [ Edited by DerrickAli on Date 04/26/2003 ]
DerrickAli-
What kind of workout plans do you offer?
I First request a complete forbearance of 100% of the unpaid arrears amount.
Sometimes I get a YES and then turnaround and resell on Contract within a Land Trust Agreement to 'Hold' the owner's mortgage in place.
I NEVER sale-leaseback unless there is plenty of equity spread (I split this 50/50 with the Owner)
Secondly, I request a modification of mortgage extend the terms/years and/or amount of the loan on the property. (very complicated but could be worth the effort you invest in it...
Lastly I arrange a repayment agreement amount in addition to the regular mtg pymt. each month.
The trick is to have a ready source og potential Tenant-buyers lined up to come in with the downpayment (enuff 4 u 2 pay up the missed pymts.) to close the deal and put some Moolah into hip Ntl. Bank!
I Hope This HELPS!
Derrick Ali
(least desirable to foreclosure or a deed in lieu etc.)