I need help! I got my first lead and don't know what to do NEXT.
I signed up Propstream and started texting offers, and I got my first lead. The seller is going to call me, and I don't know how to close. I need help! Should I contact "constant close" that I have seen on youtube? It is the best not seller know this is completely new to me, isn't it?
This seller's info: pre-foreclosure on 2/23/22. Equity 35%
I started texting pre-foreclosre houses.
Find a good real estate attorney and build a relationship. We used the same attorney for all of our deals for more than 20 years and had many situations where that relationship saved us money. You want someone you can call and ask questions - our attorney never charged us for questions and advice because we did a few deals every year with him.
#1 Foreclosures Contributor
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
@Lily Miller Think about what you’re doing and the person on the other side. The Last thing someone in foreclosure needs is some wholesaler tying up their property, can’t sell it, then walking away when they no longer have time to sell it to real buyer before the foreclosure.
Quote from @Glen Wiley:
Find a good real estate attorney and build a relationship. We used the same attorney for all of our deals for more than 20 years and had many situations where that relationship saved us money. You want someone you can call and ask questions - our attorney never charged us for questions and advice because we did a few deals every year with him.
Thank you for the quick response. The seller never called me nor called me back yesterday. I am going to follow up today and in a week. I am going to look for attorneys in Philadelphia. Honestly, I don't know how to distinguish difference between good and bad attorneys, yet I am going to call and make appointments with them. (Does it how it works?)
Quote from @Wayne Brooks:
@Lily Miller Think about what you’re doing and the person on the other side. The Last thing someone in foreclosure needs is some wholesaler tying up their property, can’t sell it, then walking away when they no longer have time to sell it to real buyer before the foreclosure.
Thank you for the quick response. The seller never called me nor called me back yesterday. I am going to follow up today and in a week. I am planing to rent it out for a long term. I want to help them from my heart, but this is new to me, and I am not knowledgeable enough to help their needs in every single steps, but at the same time, they may know how unknowledgeable I am. I want to make sure the seller and myself are protective in many ways.
Quote from @Lily Miller:
Thank you for the quick response. The seller never called me nor called me back yesterday. I am going to follow up today and in a week. I am going to look for attorneys in Philadelphia. Honestly, I don't know how to distinguish difference between good and bad attorneys, yet I am going to call and make appointments with them. (Does it how it works?)
One way to look for a good attorney is to get references from other people who use them. Realtors are often a good choice since they do so many deals.
Turn on your "person radar" and try to get to know them, try to understand how they think.
Hey Lily, happy to chat about this and provide some insight on how to close this deal. Reach out anytime
@Lily Miller - don't stress! You will likely have to deal with A LOT of leads before you get one that works. And I don't mean that because you're inexperienced. Most leads don't work out and shouldn't or can't. Someone in pre-foreclosure is likely to be someone that is difficult to pin down. They've got financial problems, credit problems and probably something going on in their personal life that led to both of those things (relationship problems, medical problems, job problems). Their lender is having a hard time getting them to stay in contact so you will probably too. Also, the owner of the property might WANT to do a deal with you but the lender is the one that has the ultimate decision making power. BUT...just remember, even if it doesn't work out, you will learn and you'll increase your chances of closing the next one.
Quote from @Lily Miller:
I signed up Propstream and started texting offers, and I got my first lead. The seller is going to call me, and I don't know how to close. I need help! Should I contact "constant close" that I have seen on youtube? It is the best not seller know this is completely new to me, isn't it?
This seller's info: pre-foreclosure on 2/23/22. Equity 35%
I started texting pre-foreclosre houses.
One of the things I like about Bigger Pockets is finding something new. I've never heard of "Constant Close" before. So I watched the video. It looks like a great business model but you can't hire them until you have talked to the seller. Constant close does not go to work for you until you have at least a verbal yes from the seller. If you have analyzed this deal and know what you want to offer the seller or how you want to structure the deal, you're going to have to do that first on your own. Then once you have a verbal yes let the seller know that your "Transaction Coordinator" will follow up with a contract and the next steps. That's when you call these guys.
Please note that while I check out the video and their website I have never used them before & I don't know anyone who has. That's the next part of due diligence for you is talk to someone or a few someones that have used their service.
Good luck
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Real Estate Agent Illinois (#475. 112189)
- 3126817487
- https://www.chicagodiscountproperties.com/
Quote from @Lily Miller:
I signed up Propstream and started texting offers, and I got my first lead. The seller is going to call me, and I don't know how to close. I need help! Should I contact "constant close" that I have seen on youtube? It is the best not seller know this is completely new to me, isn't it?
This seller's info: pre-foreclosure on 2/23/22. Equity 35%
I started texting pre-foreclosre houses.
Generally it takes $10,000 to $20,000 cash to bring a pre-foreclosure current. Do you have that amount of money available? Then they will need moving money and you will need to make the mortgage payments, all if they are even willing to do Subject To. Otherwise you will be paying off the entire loan. If they refuse to move out after you have brought their loan current, that becomes a nightmare.
Are you well funded?
If this is a wholesale deal you will need the forms to put it under contract so you can then assign it to your end buyer. Prior to marketing it for sale you'll need to analize the property to determine value. An attorney can help you with the forms and Propstream should have analizing software included. When you put your team together, get your general contractor to do a walkthrough and estimate repairs. Those are just a few of the basics. Hope this was helpful.