How to pitch creative financing to sellers?
AL · Member since 2010 · 522 posts · 31 votes
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...I don't know about that, in a recent thread I started on here (https://www.biggerpockets.com/forums/921/topics/1139443-due-...) Pace commented that the solution to the bank enforcing their due on sale clause was "Either A: revert to a lease option with the option price being the mortgage balance when the option is executed... or B: Use an executory contract instead of SubTo. Land Contract. Contract for Deed. Agreement for Sale etc.". But those aren't adequate solutions to DOS, and when I pointed that none of those things actually work for DOS and asked him to clarify, he never replied. Even if they did work in preventing DOS, none are actually viable alternatives to subto because if the existing owner gets any liens or judgments, they will attach to the property which is a big additional risk for the buyer that they would not have with subto. Nor did he comment later on in the thread when it came out that his "subto insurance company" "Equity Assurance" that he previously recommended people use to hedge against having the loan called, doesn't actually appear to be a real company...
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Seriously.... is that a Joke?
You pitch your PA, via a post-card?
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Hope this helps.
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Seriously.... is that a Joke?
You pitch your PA, via a post-card?
Has anyone told you trying to buy at pre-foreclosure in todays economic environment is going to have a very low success rate. Why, because when someone has $200k in equity but are behind on their mortgage, where can they move too? Oh wait, get an apartment, thats more than their current mortgage. Buy a house, nope no credit. They will file BK. How do I know this, because we buy and sell notes and every borrower that is behind is either
1. filing BK
2. getting HAF funds.
FC rates on borrowers who are living is almost nil.
"What would you like to get out of your house?" "Market is showing around XXXX but I would be happy to pay that if you work with me." "Are you open to getting creative if I can get you what you're looking for?"
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Seriously.... is that a Joke?
You pitch your PA, via a post-card?
"In pre-foreclosure? I know, it sucks, but I might be able to help make a silver lining to those dark clouds. Give me a call, I help people in pre-foreclosure and I just might be able to help you too".
That took me all of 7 seconds to come up with. It's not complicated, don't complicate it.
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Seriously.... is that a Joke?
You pitch your PA, via a post-card?
"In pre-foreclosure? I know, it sucks, but I might be able to help make a silver lining to those dark clouds. Give me a call, I help people in pre-foreclosure and I just might be able to help you too".
That took me all of 7 seconds to come up with. It's not complicated, don't complicate it.