So what do you do when someone asks you, “Do you want to buy my home?”
Okay students, you’ve been working hard helping lots of homeowners solve their problem – without buying their home. You feel good about that but wonder, “When will my deal come?”
Then it happens. Your phone rings and the person who has been avoiding your calls the last three weeks asks, “So what would it look like if you DID buy my house?”
“ER well, a yeah a, er, a, let me think about that one…” was the way I answered that question the first time! I know. It takes you a little off your feet.
If you are working the foreclosures.com program hard this WILL happen and you must prepare for it in order to give yourself the best shot at a “win-win” situation.
My suggestion to you is when asked a question, don’t answer them. Get yourself into the question mode immediately. (Just like Alexis has told you time and time again.)
After all, in order to find a “win-win” you must realize THIS IS ALL ABOUT THEM AND THEIR NEEDS (not yours). As long as the numbers work for you, you will do this deal. If not, help them solve it with another avenue (like a referral to an agent or lender).
Find out why they have decided to sell now and their entire picture of where they are right now. And then find out where they are going and why. Probe! They need to answer your questions and you need to get the WHOLE picture. Knowledge is power. It really helps to have what they want and need prior to you meeting with them.
Here is what I would say (while taking copious notes):
- “Okay Mr. or Ms. Defaultee, in order to best help us move forward, tell me, what does your ‘fresh start’ look like?”
- “Where are you going if and when the house sells?”
- “Are you staying local? Same job? Moving out of the area?”
- “Could you possibly make it if you didn’t sell the home? Then what would you do?”
- “Tell me, what exactly is ALL you owe against the home? How much would you hope to NET to you?”
- Do not ask “What do you think it is worth?” They will most likely guess too high (especially if they think Zillow is what they can sell their house for).
- “What other selling alternatives are you looking at besides selling to me?” (I want to know what I’m up against.)
- “How much time do you have left before the home is going to sale?”
- “What is MOST IMPORTANT to you in making this fresh start?”
This is a very important question. I’ve gotten deals because of the out-of-the-box solutions I came up with just by assessing their entire situation and finding creative solutions that SOLVED THEIR PERCEIVED MAJOR STICKING POINT. That made working with me their best option, even though I wasn’t the best offer.
EXAMPLES:
- I let one seller remain in the home until their daughter graduated high school five months later (escrowed the rent and a large deposit).
- I had four out-of-area owners of a property with a drug-crazed tenant sell me a home well under market if I’d take it with their tenant headache. (I convinced the tenant that I’m crazier than he, and he moved.)
- I helped an older guy get into a rest home. I personally drove him and his daughter there to meet the staff.
The point is look for the holistic solution! You do this by showing you care with the right questions and then LISTEN.
So when the phone rings with the “do you want to buy my home” question, you now know what to say, er…ASK! Then get out your pen AND PUT SOME INK IN THE DEAL!!!
And when you need a hand putting this all together, I’m here to help you…
Tim Rhode
Investor, Broker, Coach
Foreclosures.com
