Posted by Dave on March 06, 2002 at 24:57:43:
It might be a good plan for you to get the income information and other information over the phone and waite until you meet the seller and tour the property before you ask for specifics on the financing, their needs, etc. People are more open if they can see you and judge whether you look trustworthy.
Just a thought.
Dave
Can’t get over this hump! - Posted by BoY
Posted by BoY on March 05, 2002 at 22:35:25:
Hi,
I’ve been calling sellers with For Sale By Owner ads in the newspaper and signs in the front yard. The conversation starts off quite well until I ask them their loan balance and monthly payments. I do understand why they don’t want to give out that information but it hard to make an intelligent offer without knowing that particular information. The conversation usually ends up with the seller asking me to come by and look at the property. Now, I can’t do that on every property I call.
I’m new to REI and still building my phone muscles, do you have any suggestion as to what to say to the sellers next time?
Thanks in advance for any advise.
BoY
Re: Can’t get over this hump! - Posted by Doug ON
Posted by Doug ON on March 06, 2002 at 09:08:37:
I’ve yet to run into a seller who won’t tell me all about the financing, whether I’m calling them, or they’re calling me. Which is kind of strange since I live in a very conservative town…
Nevertheless, here’s what I’ve been using:
After getting some gauge of motivation, and deciding that it might be a good idea to meet with them, I then simply say:
“Mr./Mrs. Seller, I’d like to be able to give you an offer when we meet, to do that I need to ask you some questions about your mortgage, is that ok?”
They then proceed to spill their guts 
Though I haven’t met one that won’t tell me, I would imagine that if after hearing the above they still won’t say, then they are really unmotivated! I mean c’mon, it would literally mean they don’t WANT an offer!
Conduct the interview… - Posted by JT-IN
Posted by JT-IN on March 06, 2002 at 06:49:23:
B:
You are calling folks, instead of them calling you. The results are always quite different that way.
Marketing to get your phone ringing will produce much greater/better results, as you may be calling most folks now, whose motivation is to sell by next year, etc. or to save the commission. These sellers are not your target, and never will be, unless their situation changes.
As for when you are on the phone with a prospect, whether you called them, or they called you, you must be in control, like the codnuctor in the orchestra. He requests a timed response, adn as long as he is in control, he will get what he asks for. Your script, and designed questions will lead the repsondent to where you want them to go. This is no small task, nor a skill that you will acquire overnight, but control is key. Ask questions with alternative answers; “do you like red or blue”? People will tell you a color. As opposed to asking what is you favorite color? You may make some assumptions, such as; "is you mtg balance between 90 and 100K? Let’s them answer without you diving so deeply into their personal data, too quickly.
If you are getting hesitant sellers to answer questions, it just tells you that you do not have them warmed up enough for that question, yet. You must bring them along gradually, and when their temperature is right, they will answer.
Again, it must be a motivated seller, otherwise, no matter how smooth you are, your spiel will be wasted.
Just the way that I view things…
JT-IN
Can’t get over this hump! YES YOU CAN!! - Posted by james
Posted by james on March 06, 2002 at 01:16:50:
you can ask mr or mrs seller what is the amount of the loan on you property and wait for a second then if they don’t imeadeatly answer with the amount say roughly or best guess or approximately the seller will respond with the info 99% of the time those that don’t just say “mr or mrs seller i’m not sure how i can even make you an offer with out that information” you’ll get the straglers with that one if they are motivated but being shy the ones that don’t want to give you this info aren’t motivated enough to waste your valueable time on!!! as far as going out tell them you just don’t work that way that you need to see if there is a reason for you to be talking in the first place.
Re: Can’t get over this hump! - Posted by Anon
Posted by Anon on March 06, 2002 at 24:20:58:
If they don’t want to give you this information, then are not “motivated” enough, YET. Remember, you are trying to find the seller that HAS to sell. You are a problem solver…these FSBO’s are still disillusioned and think they will be able to sell it themselves. Find out their reason for selling. If it is because they are buying a bigger, nicer house, then they are not facing a situation in which they would be willing to give concessions.
Become their friend, listen to their PROBLEMS, then offer solutions.
I always let them know that I am an investor and that I need this info to make an intelligent investment decision. You are not attached emotionally to this property, like they are, all you are concerned about it the profit potential. Hardly any of your sellers will understand this and view you as a home-stealing shark. That’s ok…you move on to the really motivated seller. But, be sure you keep your name in front of them so they will call you willing to give you the deed in 6 months after they can’t sell the property themselves, the realtor can’t sell it and they are facing credit destroying foreclosure. Then, it becomes a winner…
Good luck.