Foreclosure lists are a great resource for finding motivated sellers, but the competition for these deals is substantial. People in foreclosure are inundated with mailers and calls, so the investor who can answer the seller’s questions and make him feel good will likely get the seller’s trust and ultimately the deal.
Every investor needs a script, that is, a pre-defined set of words to respond to a seller’s common objections. All good sales people work from scripts, and everyone has a script already in their head. Remember, a script is nothing other than a predefined set of words in response to a question or situation. So, if you don’t refine your script, the default one in your head will take over, and often lead to saying the WRONG things!
Here are some of the things from our script we teach at the Foreclosure Investing Boot Camp:
OBJECTION: ANOTHER INVESTOR SAID THAT THEY WOULD GIVE US $5,000.00
COUNTER OBJECTION: “Really? I’d take that offer in a heartbeat if I were you! But, here’s the thing… based on my experience, I’m not sure how another investor can promise you $5,000.00 if they haven’t spoken with the bank and haven’t received a commitment letter from your lender yet, so that tells me that this other investor may be just telling you what you want to hear. Is that possible, Mr. Seller? Here’s a tip, Mr. Seller – ask the other investor to sign a $5,000 promissory note for the money, due at closing. If he won’t sign the promissory note, then you will be able to know how trustworthy he is, does this make sense? I can’t promise you any money right now because I honestly don’t know what I can work out on this until we meet, review your details and I speak with your lender. Regardless of whether or not you’d want to work with us, do you think you should be working with someone who will be honest with you and not ‘sugarcoat’ it? Are you with me?”
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