A call from a Mtge. Broker, need help... - Posted by Jesse (CO)

Posted by phil fernandez on January 29, 2002 at 19:04:17:

Hi Jesse,

I like the scope of your questions. What I don’t like with a lot of folks is they have about 30 questions to ask the seller. First off the seller will lose his attention with too many questions and secondly if you the buyer have too many questions you will get very mixed up. Like did I ask that question or didn’t I.

Don’t get bogged down with a million questions. I think Jesse with what you will be asking at the first phone call will be enough. You can always follow up with more questions, but no need to confuse or scare the motivated seller right out of the gate.

Go Pats.

A call from a Mtge. Broker, need help… - Posted by Jesse (CO)

Posted by Jesse (CO) on January 29, 2002 at 18:19:19:

Hi all!

I just got a message that a Mortgage broker left on my voice mail.

The message: “I’m a mtge broker calling on behalf of client who has some investment properties that she’s pretty desperate to sell. There’s a little bit of equity in the property.”

Here’s what I’d like to ask (I’m a newbie and this is the first response to my ad from a mtge. broker):

  1. Why she’s selling? (I’ll bring that up somewhere in the conversation unless he offers that info off the bat). I’d lead into that topic…
  • How long has she owned them?
  • How long has she been wanting to sell them…?
  1. Location and situation of the properties… (description of the properties if he has that off hand)…
  • The part of town/state may not mean too much to me… I’m still getting to know the Denver & Colorado…
  • Are the houses in move in condition or need some work (if so, how much)…
  1. Mortgage owed, monthly payments, equity… is she behind on any of her payments…

  2. What do they appraise for? Are these recent appraisals?

  3. A promise to follow up: “What I may be able to do (lease option, buy for a reasonable discount). Let me check with my investing partners and get back to you…”

*** What do you think? Have I covered all my bases. I just want to sound knowledgeable when I return his call and most important, get the info I need to make a good judgement call …

A big thanks in advance for any input!

Jesse (CO)

Re: A call from a Mtge. Broker, need help… - Posted by MicheleCO.

Posted by MicheleCO. on January 30, 2002 at 01:27:53:

Jesse, where in Colorado are you? I am in Windsor. I have investment property in Adams County. Do you attend the Carei Meetings there? Bill Bronchick is the founder and President. E-mail me if you wish.