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Buying Foreclosures: What to Say When the Seller Contacts You

If you’re ready to begin making real estate profits by buying foreclosures, you may have already started to do some advertising, contact the owner of a preforeclosure property, or spread your name through word of mouth. But buying foreclosures requires some patience; the owner of a preforeclosure property may not contact you immediately. Many will wait until they feel they can’t do anything on their own before they call you.

But when a preforeclosure property owner does finally call you, make sure you convey that you’re a personnot a large corporate entity.  Answer with, “Good morning, this is Mary.”  A homeowner stressed by a looming foreclosure will respond more readily to the personal feel of talking with an individual than to the perception of being a number in a large, impersonal company.  Even if you’re an expert at buying foreclosures, the owner of a preforeclosure home wants to know how you can help him.

When the owner of a preforeclosure asks for more information about you, tell them that you’re a private investor who specializes in buying preforeclosures.  You can also say, “If your property qualifies, I may be able to take it off your hands and help you avoid foreclosure and stop further damage to your credit.”  Convey that you have a solution to their problem. 

When you’re buying foreclosures, it’s important to consider the frame of mind of the owner whose property is in preforeclosure.  On the telephone, many preforeclosure property owners will feel very uncomfortable; they haven’t met you face to face, they’re in an unpleasant, embarrassing situationthey’re likely to be on the defensive.  Don’t waste time justifying your service.  Get to the point, but don’t be rude or unkind.  Some may decide your service isn’t right for them.  Others may be difficult until they get to talk with you face to face. 

The key to winning over a preforeclosure property owner is to establish trusttrust that you can help solve their problem. 

After you’ve established a comfort level, take down the homeowner’s personal information.  Let them know that you may be able to work with their lender to delay or even prevent the foreclosure.  Make an appointment to see the preforeclosure property as soon as possible.  Try to make the appointment for the same day so that they don’t speak with another preforeclosure investor who may be buying foreclosures in the area.

Remember, once the owner of a preforeclosure property knows you can helpArticle Search, he is likely to be very open to working with you.  Buying foreclosures can be win-win for you and the seller.

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Ada Smith is a personal finance consultant and a property investor. Many of the techniques she learned can be found here:preforeclosure property.

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