What do I say when I talk to a homeowner facing Foreclosure?

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Everyone in this business is confronted with this question. Before I knew what to say, I found myself asking it of others. So what is this magic formula of talking to owners in foreclosure?

Everyone in this business is confronted with this question. Before I knew what to say, I found myself asking it of others. So what is this magic formula of talking to owners in foreclosure?

It can be approached in many different ways. So to keep it simple,Here is an approach that can work wether you are an individual, investor or Realtor.

Here is a sample approach:

(You) Hi my name is (First Name) and I work for (xyz company) mostly doing field reports on people in foreclosure. Now I am not here to bother you or make this any harder, but if you did have a moment to answer a few questions I could show you all the possible options you have.

(Owner) I’m not interested… I have it solved…We are refinancing… I already sent in the payment….whatever their rebuttal may be?

(You) Are you sure, it will only take a few moments. I can come back later or call you to explain your options.

If they say No:

(You) Well that’s wonderful, and I am glad that you (enter homeowner reason here – example: getting refinanced), but for my records, so that I can take you off our mailing and phone list, can you provide me with a little detail on how you completed the transaction. Maybe the mortgage brokers name, or the Bankruptcy Attorney you decided to use.

(Owner) Well we're still in the process of finishing; it will be done by next Friday.

(You) OK, would you mind if I just followed up with you next Friday to make sure? The owner will usually agree to something like this. Unless they are really close to sale or you’re the first one to talk to them, it is going to be hard to get in the door on the first shot. This is a follow up game, so as long as get all your info up front and stay organized, you will be ok.

It's not always going to play out like this, but once you get comfortable things will get easier. You have to learn your groove and keep the conversation controlled. A good way to control a conversation is by constantly asking questions, drill down the details, most of the time they will tell you everything you need to know without even asking. "Always be humble and polite". Some people will be mean, some nice, just try and keep your temper. Think about it, these people have already been through the ringer and the more people that approach them, the quicker they can tell if you know your stuff.

If you don’t know an answer, then say so. Refer it to a higher authority if you feel more comfortable saying it that way.

“Well M(x). Smith, I am actually not sure of the exact procedure when it comes to that but I will ask my boss as soon as I return to the office and call you with the answer. By the way, let me get your phone number now before I forget. “

If they say Yes:

This is when you pull out your little information sheet from whatever book or course you have been reading and collect as much information as you can. Take notes and listen to details, they might tell you about a problem indirectly, maybe one you can solve! Make sure to take control of the conversation, but don’t overpower them either.

If you are a Realtor going for a listing, you might want to try and close the deal right then and there because a lot of people are going to tell them that a Realtor is a rip off. Funny, it seems to be quite the opposite. When people need to sell fast, a good realtor might be able to get them the best deal quickly.

At the end of the discussion they will probably have a lot of questions for you to answer. Just politely tell them that you now have to go and do some of your own research and that you will call them tomorrow. If they really try and get answers, give vague ones. The truth of the matter is that you really don’t know what you can do until you do just that, your research. You might miss a deal or two, but you will be happy when you are reaping the benefits of properly structured deals.

One more thing, do not pretend to be someone you are not such as a representative from the bank or an Inspector of some sort if not licensed. Those techniques might work on some people, but you might get yourself into trouble with others. In the beginning, keep it simple. Don’t talk too much and stay calm. Talking the phone is always easier and less painless, but in my experience it will end up being a face to face confrontation once you track them down.

About the author:

Jeffrey Posner is currently the owner of Sheriff Sales Online LLC http://www.sheriffsalesonline.com and has been in the foreclosure business for over 5 years now. Founded in 2004, Sheriff Sales Online LLC is the only complete end to end foreclosure resource in the state of New Jersey.


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Jeffrey M Posner
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