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Probate lead from last August
5 posts by 4 users
Matt S.Real Estate InvestorPickerington, OH 
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Last summer I jumped on the probate bandwagon and probably sent out about 100 or so letters. I got a decent response, but never any deals, so I went in a different direction. The out of the blue this week I get a call from one of the letters that I had sent out last August. The lady tells me she's finally ready to sell and so she decided to start calling on the letters she got. I asked her how many letters she got and she told me 4. So I'm meeting with her tomorrow at the property. I'm already into a rehab project, so I hope to be able to get this under contract and wholesale it. Having never done a deal like this before I'm wondering if anyone has suggestions on what I can do to stand out from the other investors that she'll be meeting with. Sam |
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Rich U.Real Estate CoachJensen Beach, FL 
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First off, " Other Investors" are irrelevant because you're going to be the one that closes the deal. For me, I like to be the first one to the house....I try to find out if she's meeting with other investors and what time, then I make sure that I'm scheduled in to be first.... A few things I would do: 1. Do research on the property and make sure you know the neighborhood comps. Print up the lowest comps that you can find...bring them with you. Print up the property appraisor's sheet on the property that you are visiting. You will look prepared and efficient. 2. Build rapport before you start even talking about the house. 3. Emphasize how you get things done quickly and easily. You're the best home buyer in your area. Let her know that she can have confidence that you'll handle everything right away and correctly. Your offer is really the best deal for her..she may get slightly higher, but they're not experts like you are. 4. If she balks at your offer, be sure to whip out those old comps and say..." I know Ms. Seller...I thought that I could pay more than that too...I really wish I could...EXCEPT...whoever bought 101 Maple Street really screwed it up for all of us. He paid so little that he brought down everyone's property value. John Doe at 202 Maple Street did the same thing..." You get the idea..make sure that you're on her team working against a greater evil. In this case the NEIGHBORS that forced you to offer such a low price....:) 5. Don't leave her with a copy of your contract EVER!!! If you leave her with an unsigned contract, she'll shop that bad boy around town so fast and every other shark will have a copy of your contract. You'll be used for leverage and you don't want that. You want to be the guy that gets the deal. I personally don't leave without a signed contract....but if you're not as ballsy as I am, you could always tell her to speak with the others and give her the courtesy of a call before she signs with anyone. 6. Make sure that you put " AND/OR Assigns" on your contract so that you can flip that contract to another investor. Best of luck...and CLOSE THAT DEAL!!! |
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Matt S.Real Estate InvestorPickerington, OH
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Thanks Rich! That's some great information. Unfortunately I'll have to wait for the next one to try it out. She called me yesterday morning and told me that she found a buyer and not to bother coming out. I guess she got her price. Kinda surprised, but it sounds like maybe someone used your exact tactics and got a signed contract. |
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Jason F.Real Estate InvestorGainesville, FL 
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Maybe it was Rich? J/k |
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Brandon S.Residential Real Estate AgentCircleville, Alabama 
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Pickerington , eh? Try getting out a little more , maybe you're NOT in pickerington , but I know in my area (Pickaway county) we've lost a TON of our investors in the last foreclosure wave, and in the wake of all this there's plenty of deals. If I were you, I'd look more into REO properties, I do plenty of REO work in pickerington and in the area, and many banks are getting desperate to sell. I saw a house on Amanda Northern road sell the other day for 30% of asking price! It was a countrywide asset, and worth about $60k asis., listed for $105k, and closed for $30k. |
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Posted: 04/16/2008 at 05:32AM