Question: Where do I find the leads? How do I find the leads of people that are in foreclosure?”
Answer: Please read Chapter 3 of this Guide. It has the complete instructions on how to look this up. Since the answer is in depth, I can’t answer it in one paragraph here.
Question: What do you do if they ask you to help them find a rental? Here in New York it’s hard to find a rental for a person who has a low credit score.
Answer: If you’ve got $30,000-$50,000 in cash, you can prepay your rental for an entire year and get a rental that way. It’s not always easy to find a rental but it is possible. Having the cash upfront may make it easier. The rental can be prepaid for 6 months or a year, which is attractive to a landlord.
Question: Do we assume that the seller has not been advised by their lender that they should sell to avoid the foreclosure process?
Answer: I’m sure the banks have told the owner. But, that doesn’t mean the owner will listen. Once people get behind on their mortgage, most of them avoid the bank’s calls. A lot of sellers are not going to sell their house until they’re forced to sell.
Question: Which books are the best ones to use for this type of lead?
Answer: The best books to use are either the business card book or some of the other books. A good example is: How to Sell Your Home for More Money.
Question: What do you do if the house is upside down?”
Answer: I would not market to houses that are upside down. Too much work and I don’t want to go through that stuff anymore. I would focus on the $300,000-$800,000 leads, if they are a short sale.
Question: Do you comp out the leads before you go see them or do any marketing to them?”
Answer: I don’t do a CMA. I just try to get a rough idea of what it’s worth because I don’t want to sell $100,000 houses. But, I don’t spend hours researching every little thing before marketing to them.
Question: Is Door Knocking the best way to follow up?
Answer: No. I would call people on the phone. If you’ve got a really good lead, with good equity and it’s going to go on the courthouse steps in 60 days I would go and knock on their door.
Question: What is the best way to get their phone numbers?
Answer: You can get them from the the RedX, the White Pages, Intellius is another halfway decent way to find the phone numbers. It can be a bit of a challenge on foreclosures, but it’s possible.
Question: Do you have a pre-foreclosure cover letter.
Answer: Yes we do. Here’s the link to it.
Question: Do you have scripts to follow up for these phone calls or door knocks?
Answer: Yes, here’s a script to follow up on your book. Here’s the link to it.
Question: Once you’ve got a house listed, how do you postpone the foreclosure?
Answer: You get a letter of authorization, send them the contract, explain you are supposed to be closing in 60 days and that you need the foreclosure postponed. The bank may request additional documents. Send them what they need and most banks will postpone the auction.
Question: What if I can’t find the foreclosure filings online?
Answer: That will be an unusual occurrence. If it does happen, you can just call the local courthouse and ask for the foreclosure clerk. If there is a clerk, they will give you the information. Most of the time though, they should be accessible online.
Question: What is the best way to find foreclosure leads?
Answer: For pre-foreclosures, I would get them from the RedX or Landvoice. You may also be able to get them from your title company. For foreclosures, the ones preparing to go to auction, you can find those on the county website.
Question: Do you have any advice for door-knocking pre-foreclosures?
Answer: Don’t come off threatening. That’s very important. Also, make sure you are speaking to the owner. Let them know you heard the house is in foreclosure and see if you can help out.
Question: What about the pre-foreclosures on Zillow?
Answer: I honestly don’t prefer to use Zillow. It would be worth a try, but I don’t have any first hand advice on that one.
Question: How do you screen the virtual assistants?
Answer: If they will be calling people, screen them for their phone skills. You can test out their ability for researching leads ahead of time. Give them some instructions and see what they come back with.
Question: If you have a pending foreclosure, do you have to have an offer in order to ask the bank to stop the foreclosure auction or can you just ask because the house is listed?
Answer: Every bank is different, so there is no cut and dry answer. Your chances of getting it postponed with a contract are much higher. If it is listed, I would show the bank the CMA, show that the seller has equity, and still try to get it postponed.
Question: What if someone takes my advice and stops their foreclosure?
Answer: Real estate agents are here to bring value to the marketplace. You may get some referrals out of it. There are plenty of times where we spend months with someone, and get nothing. It balances out in the end. Maybe get a testimonial, or help out friends they have looking to buy or sell.
If you have more questions, you can send an email to Ben or Joe. Send an email to email@example.com or send an email to firstname.lastname@example.org.