Telephone Script for Investors/Sellers

***RETAIL Buyer***

NAME
BEST CONTACT NUMBER
EMAIL
WHAT TYPE OF PROPERTY DO YOU WANT? NUMBER OF BEDS, BATHS, AND AREA OF TOWN
WHAT IS IMPORTANT TO YOU?
WHAT CAN YOU SPEND PER MONTH ON PAYMENT?
HOW MUCH MONEY WILL YOU PUT DOWN?
HOW LONG HAVE YOU HAD YOUR JOB?
HAVE YOU FILED YOUR INCOME TAX IN THE LAST 2-3 YEARS? YES/NO IF NO YOU MIGHT NOT GET A LOAN
DO YOU HAVE CREDIT? YES/NO
IF YOU CAN NOT QUALIFY NOW TO BUY, ARE YOU WILLING TO GO TO CREDIT SCHOOL?

HOW SOON ARE YOU LOOKING TO MOVE?
ARE YOU CURRENTLY LEASING?
LEASE ENDS WHEN?
WOULD YOU LIKE ME TO EMAIL YOU HOMES AS THEY BECOME AVAILABLE?
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***WHOLESALE/ INVESTOR*****

NAME
EMAIL
NUMBER
WHICH AREAS ARE YOU INTERESTED IN?
WHAT TYPE OF PROPERTIES DO YOU LIKE TO SEE?
WHAT PRICE RANGE?
WHAT CHARACTERISTICS DO YOU LOOK FOR?
ARE REPAIRS OK?
HOW QUICKLY CAN YOU CLOSE ON A DEAL?
HOW DO YOU PREFER ME TO PRESENT THE DEAL?
WHAT SHOULD I INCLUDE IN THE PACKETS I SEND YOU?
HOW MANY DEALS CAN YOU HANDLE?
HOW MUCH OF A BIRD DOG FEE WILL YOU PAY ME?

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****Seller*****

NAME
NUMBER
EMAIL
COULD YOU TELL ME A LITTLE ABOUT YOUR HOME?
HOW MUCH ARE YOU ASKING?
HOW LNG HAS IT BEEN ON THE MARKET?
HAVE YOU RECEIVED ANY OFFERS?
WHY ARE YOU SELLING YOUR HOME?
WOULD YOU CONSIDER DOING ANY CREATIVE FINANCING?
(RENT TO OWN, LEASE OPTION)
DO YOU CURRENTLY LIVE IN THE HOME?

(((LEVEL 2 QUESTIONS)))

WHAT IS YOUR LENDERS NAME?
HOW MUCH IS YOUR MONTHLY PAYMENT?
DOES IT INCLUDE TAXES AND INSURANCE?
IS THE INTEREST RATE FIXED OR ADJUSTABLE?
HOW MANY PAYMENTS BEHIND ARE YOU?
-HOW MUCH DO YOU THINK YOU OWE TO XYZ MORTGAGE COMPANY?

(((LEVEL 3)))

HOW LONG HAVE YOU OWNED THE HOME?
IS IT CURRENTLY LISTED WITH A REAL ESTATE AGENT?
DO YOU HAVE OTHER PROPERTIES YOU NEED TO SELL?
IF I OFFERED YOU ALL CASH IN 2 DAYS WHAT'S THE LEAST YOU COULD ACCEPT FOR YOUR HOME?

THANK YOU SO MUCH THIS INFORMATION IS VERY MUCH APPRECIATED!

sphony, want to thank you for this wonderful contribution in answer to
Barbissuccess's questions when she has telephone interviews with those she comes in contact with (Buyers and sellers)
I found it also vary helpful when I am in contact with both buyers and selles myself when the time comes I'll be doing the same thing.
I'm also a newbie as is spoken in here of us just jumping on board so to speak.

Thank you!

That info is tremendously helpful.

Great and helpful post! There will be many that benefit from this.

Karen

Find the good deals first and then build your buyers list of that. I worked so hard on building a buyers list but had no deals so what's the point. Now I have deals and the buyers come quickly form a simple AD on Craigslist. Of course this would depend on your marketing or method to finding deals. THe only way you need your buyers list first is if you are working with a Realtor. If you are wholesaling to investors , then you only need an assignment of contract. I never used the other stuff you mentioned.

Thanks for this awesome info. But what do say when you call up a prospective investor and ask if you could do wholesaling for them? I myself would also like a script or something on paper to use as a reference when I contact possible investor buyers. I would just like to know how to start the conversation with them on the very first call. The script could be for a cash buyer or even a landlord that wants to buy other properties. Any ideas would be greatly appreciated.

Hi my name is _____ I am a wholesale investor and I noticed that you are an investor as well. Is that correct?

It is, Terrific.

Are you in the market for additional investment property?

Really, great.

What does your ideal property look like?

How many bedrooms and baths?

What area of town are you hoping to buy in?

Crazy question, what percentage of value do you buy at.

And are you a cash buyer or do you buy with bank money?

Once I find a property for you to buy how fast can you close?

BTW to find your buyers call your title company and ask them to run a list of purchased properties, both privately held and bought through an LLC without Mortgage or Trust Deeds purchased within the last 12 months.

thanks for sharing this info
Regards
Tom

Great thank you for that.

Quick question just to make sure. When you say "what percentage of value do you purchase at?", does that mean if the investor buys the house at 70% of value, then 30% of equity still exists? Or could we ask how much equity they want in their deals? Either or I'm assuming.

I think thats what it means but I'm still learning so please bear with me. Haha, thanks for the help.

Nothing wrong with learning we all do it daily...

Percentage of equity they want before paying up the equity. So if the home has a value of 100k what percentage of that figure do they want to buy at. Most believe it should be 70 % of ARV. I personally believe we should never consider ARV only current value and then the percentage depends on our business model.

Heck you can take a 100k fully leveraged property subject to with the loan in its 8th year and make 35k on the deal. With that said equity buying is a lot safer.

BTW most investors pay more than 100 percent of value for investment properties.. However the good ones dont.

Thank you Martin for your comment-that makes total sense to me!!!!

Barbis- you'll learn a lot at the seminar and from the books. I'm reading the books for the second time-lots of good information in them.

Valerie

Thank you for this script. When I read it, it sounds natural. I look forward to using it with the next call I receive. Have a great day!

Script Returning Investor’s Call

Returning call
“Hi (their first name), this is (your full name), you called earlier about a property ad I have, it’s great to meet you. (Their name) my partner and I help investors find great real estate deals. I work with investors like yourself to determine what you need in a property and my partner works with the properties that best match your criteria. Do you have a few minutes to help me understand your situation and what you’re looking for?”
Note: If they have time, move forward, if not, set up a specific day and time to call them back.
Get personal criteria
“What kinds of deals are you doing right now?” (Buy & sell/buy & hold/lease options, etc.)
“How often do you buy?” (Frequency)
“How fast can you close on a deal?” (Cash buyer, has financing lined up, etc.)
Get property criteria
“What kind of neighborhoods do you buy in?” (Low, middle or high)
“What’s your price range?” (100k-125k, 250k-275k, etc.)
“How much equity do you need”?
“What size of homes do you buy? “(sq ft, # of beds & # of baths)
“Do you work with rehabs?” (If so, what type and how much)
Close conversation
“Great (their first name), now that I know what you’re looking for, I’ll call my partner to see what houses we have that match up with your criteria and then I will call you back personally to let you know. If, for any reason, we don’t have one that matches up, we will get one ASAP! Will that work for you? Now if you have any questions for me throughout this process, simply call me back, I’d love to help. Thanks so much for your time today; I look forward to working with you.”

Script Returning Buyer’s Call

Returning call
“Hi (their first name), this is (your full name), you called earlier about a property ad I have, it’s nice to meet you. (Their name) my partner and I help buyers find great real estate deals here in our area. I work with buyers like yourself to determine what you need in a home and my partner works with the properties that will best match your criteria. Do you have a few minutes to help me understand your situation and what you’re looking for?”
Note: If they have time, move forward, if not, set up a specific day and time to call them back. Also, by getting their property criteria first it allows you to develop some rapport without getting too personal right up front.
Get property criteria
“What kind of home are you looking for?”
“What city(s) are you looking at?”
“What kind of neighborhood do you want to buy in?” (Low, middle or high)
“What’s your price range?” (100k-125k, 250k-275k, etc.)
“What size of home are you looking for? “(sq ft, # of beds & # of baths)
“What about lot size?”
“Do you have any repair skills?” (If so, what type)
“Do you have any local amenities you need to be close to?”
Freeway access
Shopping
Schools
Parks
Churches, etc.
Get personal criteria
“How soon are you looking to move?”
“How many are in your family?”
“What about pets?”
“Do you have a home you need to sell before buying another?”
“Have you already talked to a lender to see what you can qualify for?”
“Do you know your credit score?”
“Do you already have down payment money set aside?”
Close conversation
“Great (their first name), now that I know your situation and what you’re looking for, I’ll call my partner to see what houses we have that match up with your criteria and then I will call you back personally to let you know what we have. If, for any reason, we don’t have one that matches up, we’ll find one ASAP! Will that work for you? Now if you have any questions for me throughout this process, simply give me a call back, I’d love to help. Thanks so much for your time today; I look forward to working with you.”

Sphony, Thanks for all the information on what to say when engaging with potential clients. Sometimes we all have something too say, but, we tend to get too much info and then we get lost. This clears things up nicely. Thank you again. Live from Boston, Mass.
Peace:)

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Can you please explain how the assignment of contract works?

Also, how can I do it when Realtors are telling me it's illegal in Pa to sell without a license?

Thanks to all the Awesome people above for the scripts:)

Don't let those realtors play the role of an attorney, they don't know the law. But, it should be legal. Consult with one of your attorneys or head to one of your local REI clubs and see what the other investors or saying. I'm pretty sure there will be a real estate attorney in their.

You are ok if you're only representing yourself in any real estate deal. It's all in the verbage, and how you tell these people. If they're still giving you trouble, you need to find realtors that works with investors who know exactly what you would like to do. Once you have an equitable interest in the property, you can do just about anything with it.

Welcome. Go back to the top and type in assignment of contract and you will find more than enough information. Good luck

"thishousebuyer" is exactly right. In any real estate transaction when acting as a wholesaler you must ONLY represent yourself. It is "illegal" for you to represent a buyer or a seller in a transaction without a license. Also, Assignment of Contract deals are legal in every state.

good luck!

Karen