Updated about 7 years ago on .
Are they motivated sellers? Loan history data ups your game
Hey BP community,
Kuba Fietkiewicz here, founder of online house flipping and wholesaling software REIkit.com. Today I’m going to make it short and sweet, and let you know about a tool that will give you greater negotiation power with a motivated seller.
You’ve already done the work — you drove for dollars and door knocked, did skip-traces and cold-calls. Get an edge with “insider” information on the owner's loan history:
> The date a lien was recorded
> Lender’s name
> Lender type
> Borrower name(s)
> Is the lien a Home Equity Line of Credit (Heloc)
> Loan amount
> Estimated interest rate
> Mortgage length
> Due date
> Estimated balance remaining
> Estimated Owner Equity Amount
Understanding motivation is key in this business, and it’s incredibly easy with REIkit, by using the loan history information to:
- Understand how many times the owners have refinanced, are they upside down?
- Save time by removing owners that you can’t help from your list before you engage them
- Know instantly if there is any wiggle room at the negotiation table with Estimated Owner Equity Amount
Head over to the site to check out your property’s Loan History data by clicking the link below and signing up for a free, risk-free trial:
Any questions feel free to leave a comment below or chat on the site.
Cheers!
Kuba