Cold Calling Pre-foreclosures
need some feed back from experienced folks... if you make 100 calls, how many deals can you land?
need some feed back from experienced folks... if you make 100 calls, how many deals can you land?
If you phone contact 100 preforeclosures, I will be amazed and your humble servant.
Preforeclosures generally have their phone service interrupted or the calls dropped directly into voice mail/recorder.
Get up a brief phone script. If you do make contact you can be very successful.
Let us know how you do.
Dozu,
I've sampled with pre-foreclosures in the past and am getting back into it.
One week, I called and personally visited about twenty great pre-foreclosure leads. None of the calls were returned (I called and left messages twice for each person) and the six or so people I visited in person were not interested in selling and never called.
I'm now getting back into it and will follow up this post with any results I get over the next couple of weeks.
Cheers,
Chris
I just looked up www.whitepages.com and called a handful tonight, found 4 phone numbers out of 10. 1 was a voice mail, the other 3 don't sound enthusiastic in selling.
Basically I told them I found out they are behind in payments... I am an investor and buying houses in their area if they are considering selling... blah blah..
gonna keep doing this (about 10 calls a day) see how things go.
what is the deal with these people who are facing foreclosure, yet are so emotionally attached to their houses that they won't even consider selling?
I've called a few myself and all they want to do is borrow money, never sell. Just had to get that off my chest.
Will somebody please tell me that I'll catch a fish someday?
Fellow TCI's
I am watching the Notice of Defaults, just got off the phone with my agent at the Recorders office. Usualy at this time of year coming up to Thanksgiving and Christmas the Lenders lay low and do not file or try not to file. It's Holiday time.
This year the rates are climbing today was a monster day. I am now on line running the lists last five days in my areas of interest. 50 recorded today. I know, I know Los Angeles has a bad reputation we buy expensive houses but we do not keep them long. Same with cars.
Tomorrow I will start knocking on doors. My normal suburban close rate is l to 5. But then I am prepared to do any task that is required by the Home Owner. Wash your dishes, take out the dog. I am your man.
I knock, the door opens, there she stands in her PJ's with the dirty bathrobe, her hair is in curlers and the black roots show with the golden ends on top. Total Deseray. Enough to throw you off sex for a year. In my case, the rest of my life.
"Goodmorning young lady,"I say, is your mother home?" A smile breaks over her face, thank god she put her teeth in. "I'm the lady of the house" she tweeters. "Impossible," I retort, "How can a young girl of 17 be the owner of this mansion." "You must have married well." etc. etc.
I inform her that I am here to give her a free counseling session. She is entitled to this because she owns real estate in the great state of California.
Soon I am sitting at her kitchen table having coffee and learning the intimate details of her life that has led her to the present emergency, like she has not made a payment in three months. Her husband has left her for a Shetland Pony and her kids all think she is Santa Claus. On and On.
In any case, I do an appraisal, I tell her what the house is worth, what repairs must be made. The hole in the roof does let the sunshine in but the bats flying around in the kitchen are a bit much.
If it is possible and she wants to save the house, I will arrange a loan, An institutional loan if there have been no self directed homicides in the last two weeks. If her credit is such that she could not gain entrance into the local Mall, I will arrange for a highly controled private party goniff lender to make her the loan which will bring her out of foreclosure and back into the light.
If nothing can be done, I make arrangements to sell the house as her Broker and for her subsequent move to a small tiny apartment located on the edge of no mans land. The kind of a place that you wear a flak jacket to bed. And you walk the dog with an M16 in one hand and a fragment grenade in the other. That is the nature of life as she is lived in the close in fringes of LaLa land.
Yes I am a Real Estate Broker, and I wear the sign proudly disguised as a toll booth operators badge.
But no matter what you do there is a deal. Frankly sometimes I think I could accomplish more for society but I really try.
I am on vacation at the present cause I am building houses out of discarded steel shipping containers. I got the idea from some chinese friends who came to this country in these type of containers. They speak very highly of them.
Now I hope this has been helpfull.
Luciditly, Lucius
that had to be the most entertaining post i've ever read, kudos . To answer the question, I cold call all day every day and it's just like playing the slots in Vegas, you'll eventually hit the jackpot
Lufos your posts are absolutely hilarious. I sometimes check in just to see what you've written. Always has me in stitches. Cheers friend
Lol, I know what you mean!
Keep up the motivation for cold calling and don't get discouraged about people being attached to their homes and being rude to you. After I talk to someone like that, I will send them a letter or postcard outlining the severe consequences that a foreclosure can have on a person's future finacial well-being (stated in a nice way of course) and you would be surprised at the number of call backs you will get. I guess it just takes a while to soak in
I've actually had people on the phone begging me for money just because they know I'm an Investor ~ and again, I simply explain that I can't be santa clause but I can help them stop their foreclosure and start outlining what will happen if they don't take action.
Keep calling and following up and above all don't lose your motivation! Once you get momentum going you'll be surprised
Kristi C
[addsig]
I just started sending a series of letters out to people in foreclosure. I have had several calls responding to the letter, but like other posts they want me to either buy their home at FMV or be a fairy godmother.
How do you get these folks who are living in denial, to realize they aren't going to get FMV out of the house?
They just don't seem to get it and since I'm a newbie I thought someone might have some wisdom here?
Just keep taking the calls and talking. The truly motivated seller will appear.
I agree, if you keep "consistently" <~~~ key word, working at it you will start to notice a nice and successful flow of deals coming through. Always keep your pipeline full !
The less time they have until the house is taken back, the more motivated they become...so be persistent.
Where do you get the lists of pre-foreclosures, or Notices of Defaults?
I have bought quite a few pre-foreclosures (days before TD sale) in SoCal. The first step is to know the state laws that are specific to buying pre-Trust Deed Sale foreclosures in CA.
In LA, Orange and SD there are probably 100 NOD's a day in each. 20% are possible deals, 1-5% possible home runs.
There's a story to every one of them and how they got in their particular situation. A lot of denial, but the key is to meet with the owner, have a talk and be a professional problem solver. You'll increase your chances greatly of being the investor they work with.
A knock on the door is the best phone call you'll ever make. People would rather see a face then hear a voice.
[addsig]
Why bother with the people in denial and just go to the ****Must Reach Freshman Investor status before posting URL's***he Banks are in just as much denial when it comes to short sales ****Must Reach Freshman Investor status before posting URL's*** say wipe out those second notes and teach those banks a lesson in the downfalls of not negotiating.
In nearly every book from Carlton Sheets to Dave Whisnant, they say this is a game of numbers and consistant action. I am finding that to be very true. Your (and my) level of success will be directly related to your level of effort. Some methods (hand-written letters) are not doing as well as advertised, but others (such as door knocking) are doing better. I think most methods will yield results with sufficient effort. So, keep it up!!!