Why do you need to know if I have a mortgage?

A better way to ask that question is this.

Would you be willing to accept the pay off amount on the property? They will tell you either: No its free and clear, Or they will give more information as to the mortgage on the property.

If there is a mortgage, or any other encumbrance involved with the property, we would need to deal with it, if we move forward with your property.

I want to be make a contract offer on someone who's losing their house. We're willing to pay the agents commission...but we can't find out what the owner's owe and the agents say that information is confidential and we can't be at the offer.

Not so much of using a script as gaining their trust. Building a repour with the person. I ask several probing questions to get me the info. Most of the time this is gained on the second contact. But you have to gauge each conversation and when to approach.

I'll start with asking them to tell me about their situation. Most will unload on you. I let them get it out and then go back to touch on notes I jotted down while they were talking. If they don't touch on it, I'll ask, "how long they've owned the home?" Then lead into how many payments are behind? sometimes they will say none, sometimes they say "umm I believe around 2 now" etc.

Then I lead with what is your current monthly payment? (from this and length owned you can get a good indication of approx balance) Then I flat out ask "what is the balance owned on the mortgage?" Alot of times I just get it. Sometimes I get "You don't need to know that" or "I don't see why that matters". I say, "You are right Mr. Seller (?name?), it is none of my business. But since in most cases it is simply a matter of public record, you'd be saving me time of visiting the courthouse. Right now I am simply on a fact finding mission. I'm trying to gather as much information as possible to assist me in finding out the best way I may be able to help you." Sometimes they say o.k. and tell me, if not then I say, "So do you currently owe more or less than $100k?" (or whatever your # is) They respond "it's a little less than $100k." I say, "is it more than $80k?" This can go on a few times, but they will end up saying "I owe $87,538.12" LOL

You can get just about anything you want if you know how to ask.

It's about establishing a relationship. If you dive on first contact and say, "Hello, what's your name, address, how much do you owe?" probably not going to get it. lol

Be hard on the problem, easy on the people!

Jen

Thanks so much for answering that Jen, so far that was the clearest senario of seller to invester I've read yet. I'm in a better state of mind now, great Aha moment!

Kathy

This is how I handle it:

"My company has different programs available to buy your house and in in order to make an educated decision on which one would best fit your needs, I need to have certain information. One of those pieces is the loan information, without it, I won't be able to help you (or make you an offer)."

If they are not willing to give you this or any other information, they do not sound motivated enough to work with anyway. Next!!

Joe

My pleasure Kathy. Glad I was able to help.

Have an amazing day!
Jen

if youre buying 'subject to' you should know the payment amount and balance in order to know if it can be a deal or not.

the balance will also let you know approx how much equity, if any is in the property. Then you'll know if you can sell it for a profit or not.

This information will also allow you to choose which strategy is best to use.

"Because I need to know if keeping your existing financing in place might be a part of my offer."

BUMP