Cold Calling and Sensitive Information - Posted by Gambit NC

Posted by Rob FL on January 30, 2002 at 11:27:55:

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Cold Calling and Sensitive Information - Posted by Gambit NC

Posted by Gambit NC on January 29, 2002 at 18:38:27:

I can call ads in the paper, etc. pretty well, but get shaky when asking mortgage info, I don’t see how it is my business. I am looking for a good angle to take when calling sellers. Ron LeGrand says:

"What do you owe on the house? "

What if they say it’s none of your business? You say:

“I buy ____ houses per year and use many different methods. I’m probably the most serious buyer you’ve talked to yet. However, I’ll need the facts to be able to present you with an intelligent offer. Will this be a problem for you?”

The only problem is I haven’t done a deal so this angle doesn’t work. Here is what I think I should say:

“I am knowledgeable at what I am doing and serious about buying your house. I will need this information in order to make an intelligent offer. Is this going to be a problem for you?”

Is that a good angle to take, any good advice on asking what their payments are, etc? Thanks for any help?

PS- is this better to ask on the second call once you have the buyer’s confidence? Thank you.

Re: Cold Calling and Sensitive Information - Posted by Rob FL

Posted by Rob FL on January 30, 2002 at 11:34:14:

I tend to agree with Jim FL. I gave up calling newspaper ads years ago because 95% are not motivated. They want 110% of market value with no creatrive financing OR they are another investor selling a rehabbed property. Occasionally you will find something worthwhile, but after getting really frustrated and beat up on the phone by unmotivated sellers. I will admit that I did buy a condo once out of a newspaper ad, but it was from an investor offering seller financing at full price.

Turn the tables and either have the sellers calling you or you fine-tuning ways to locate them.

Re: Cold Calling and Sensitive Information - Posted by Phamtastic

Posted by Phamtastic on January 30, 2002 at 24:12:32:

Are you calling on FSBO online also?

Do you run into sellers that the online databases are way out of date?

When I call some of these online ads…they sold their houses 9 months ago?

If you are using the online database…which do you use or are you using special software?

Thanks.

Phamtastic

Re: Cold Calling and Sensitive Information - Posted by Rob B

Posted by Rob B on January 29, 2002 at 22:16:28:

Reverse directories sound good, but if they have an ad running you should call–before someone else gets it. I have felt cornered buy sellers when I ask about whats owing. If they hesitate, I usually say that I buy houses for renters who need a place to lives, and if I know whats owing I might be able to structures something that will help me by it whithout putting a huge down payment, because as an investor it is hard to buy properties if I need to come up with a lot of money to purchase something. They usually agree with that. Also you can ad that the banks are the ones with all the money, and why not leverage the banks instead of using all of us regular peoples money… - - Something like that usually gets them on my side of thinking.

Re: Cold Calling and Sensitive Information - Posted by J. Clifton

Posted by J. Clifton on January 29, 2002 at 21:51:12:

Ask it indirectly first, more directly as you go along, as part of a triangulation method (if you know the local comps, seller’s time in the property, and minimum net cash needed, the mortgage balance can be guesstimated). The more motivated they are, the more readily they’ll reveal the info with only gentle nudging. Examples:

‘How long have you lived in the neighborhood?’ (Soft way of getting at how long he’s owned the house.)

‘After paying off the agent and loan, what is the bottom line cash in pocket you require?’

‘How much is left on the mortgage?’ (More direct, but asked impersonally, without the ‘you’ element).

‘For due diligence, I often check public records concerning liens and recorded documents relating to the house. To save me some trouble, what is the current mortgage balance?’ (More direct, but prefaced to give the seller indication the info is publicly accessible anyway).

Not all this will work every time, but as John Wayne once said, “you get it, Reverend.”

Re: How about this? - Posted by GregNY

Posted by GregNY on January 29, 2002 at 19:30:08:

"What do you owe on the house? "

What if they say “it’s none of your business?”

You say:
“Sir/Maam, I’m calling you on your ad in the paper.
You have your property for sale and as a customer I
would like to know about the product that I wish to
purchase…” or something like that. But change it to
your personality and style. I won’t print what might
come out of my mouth but you get the idea. If they
can’t or won’t tell you what’s owed on the home then
they shouldn’t even be trying to sell. You as a
consumer should be allowed to ask about what you’re
purchasing.

Another thing, it doesn’t mean that they
are not motivated, it could mean that they don’t want
to be taken by a savvy investor. Motivation tends to
hide its face at times.

Good Luck,

GregNY

Re: Cold Calling and Sensitive Information - Posted by Jim FL

Posted by Jim FL on January 29, 2002 at 18:57:02:

Gambit,
I see where some of the problem is.
You are looking for houses.
When calling on ads, this will be a common thing to occur.
It is MUCH easier to gather info needed from a motivated seller, and chances are better that they are motivated when they call you.

Rather than call the ads in the paper, why not gather the phone numbers from the ads and do a reverse directory search on them.
Then mail a letter to the sellers telling them that if they NEED to sell fast, you are their buyer.
If they are motivated, they will call most times.
If not, they won’t, or will call and you will know fairly fast if you ask the right questions.

Try asking the sellers about the house first, and let them ramble. Listen carefully and take some notes, but let them speak.
then ask the sellers, “Well, it sounds like a nice house, if you don’t mind me asking, why are you selling?”
This should shake loose those with motivation and help you see who is not as well.

HTH,
Jim FL

Re: Cold Calling and Sensitive Information - Posted by Gambit NC

Posted by Gambit NC on January 29, 2002 at 19:00:17:

What reverse directory software do you use, and how expensive was it to get?

Do they send you updates?

Thank You!!

Re: Cold Calling and Sensitive Information - Posted by Craig (IL)

Posted by Craig (IL) on January 29, 2002 at 19:30:23:

http://reversephonedirectory.com/

Re: Cold Calling and Sensitive Information - Posted by Mark

Posted by Mark on January 29, 2002 at 20:05:00:

You can try www.searchbug.com
That’s what I use, and it’s free. You can input what you know. For address, put in Phone. For phone put in address. You can’t get them all, but the percentage is pretty good…MS

you could also try using www.anywho.com. (ntxt) - Posted by Talia (NY)

Posted by Talia (NY) on January 30, 2002 at 08:26:23:

ntxt