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I don't want to give you all the documents required by the bank for the hardship package.
I'm sorry, I'm busy right now, can you call me later?
I don't want to sign anything.
I don't feel comfortable giving you my personal information.
My mortgage information is private, I can't tell you that.
You do realize....you're losing your house, correct? I'm here to help you. _______________, on a 1 to 10 scale with 10 being high....where would you rate your motivation level? When your level gets to about nine or ten, give me a call. I only work with people who want to work with me. Thank you for your time. NEXT!
How do I know you will not rip me off? (or trust you)
I can appreciate that...you know if I were you, I would not trust me either. __________ what do you do for a living? Sometimes people have to work with you and they don't know or trust you either....this situation is just like that. Obviously, there's a trust issue, so what is it about me that you don't trust?
You realize that we're putting everything in writing in the Equity Agreement; try to find somebody else who will do that. How do you feel about what the bank's going to do to you? May I explain to you what we can do to fight the bank together? Great!
Can you guarantee the sale of my home in ( ) days?
I respect what you're saying; however, no I cannot guarantee that. One thing I can guarantee...if you don't jump on this problem right away....you're going to lose your home. Let me show you what I can do to get you out of this situation?
My lawyer is handling my situation.
Great, what loopholes in the foreclosure process is your attorney using to maximize your time to stay in your home. I know how to buy time when people are in foreclosure. May I explain how I do this?
I won't take a $10 deposit.
I appreciate that; however…. Typically….we give a $10.00 deposit. On the other hand, the bank will not let you make any money on the short sale process. It's the banks rules…. we have to follow them. So taking $10.00 won’t be a problem …will it?
How is giving you the deed to my house helping me?
Why would I want to deed you my house?
This is a very valid concern, however…. Obviously….you realize that the court system is going to deed the house back to the mortgage company in just a few weeks, and you will get nothing.
Now, my question to you is…. Do you want to …work with me now…or just give your house to the mortgage company? Which is best for you? Working with me will get you cash…. because I will go after the bank and its’ attorneys and get them to short sale your mortgage. Do you know what a short sale is? May I explain?
The other investor said he/she would.
I can appreciate that…. Can I tell you why that makes me nervous? If other investors do not have the courage....to stand up to you…. regarding the truth or their own worth…. how strong could they possibly be.... defending you.... against the banks and their attorney’s.... that’s not the kind of person you want to work with, is it? _______, I have that courage.... do you feel I can get you out of this situation?
(Yes ) Terrific!
All we need to do now is simply ... sign the contract... so I can help you get what you want.... in the time you want it.... won't that be great?
You are making all the money and I'm getting hardly anything.
I realize…. it looks that way; however, how much is your house payment per month? _______________, you have been living here free for the last ________ months. So if you look at it that way, you saved yourself ________. One good thing about this is that you saved all of that money… didn’t you? You didn’t… you’re kidding… What did you do with it? Oh! You paid bills…I understand…so that is money you have already received…correct? I realize…. it's hard to look at it that way; however, if you were renting, you would have spent it on rent. ______________________ what do you need to get your next place?
Will I have to pay taxes on your profit?
You will never pay taxes on my profit; you only pay taxes on the money that you make. So, if you make $5,000 on this transaction, you will pay tax on the $5,000. You need to talk to your CPA and let them know what your adjusted basis is on this property. Your adjusted basis is what you have put into this property, purchase price, all repairs. You may get a write-off.
I have a friend in the business.
I can appreciate that.... and almost everyone does....so let me ask you this.... do you absolutely have to ... get out of your situation ... or are you just looking to do your friend a favor?
Obviously.... you had me over for a reason.... right? Do you feel I can get you out of your situation? Great!
Can you guarantee the sale of my home in ( ) days ?
I respect what you're saying; however, no I cannot guarantee that. One thing I can guarantee…. if you don't jump on this problem right away….you’re going to lose your home. Let me show you what I can do to get you out of this situation?
I want to be on the deed with you, I won't just sign my deed over.
You know…. I'm curious…. you do realize…. that when your property goes through the foreclosure process that you won't have to deed your house. The bank will just take it. On a 1 to 10 scale with 10 being high…. where would you rate your motivation level? When your level gets to about nine or ten, give me a call. I only work with people who want to work with me. Thank you for your time. NEXT!
I'm going to list my house with a real estate agent.
You're going to list your house with a realtor? When is the sale date? Do you realize…. that if your listing agent got a contract on your house today, it will still take 30 to 45 days to close? Your sale date is before that. So you can see that listing it with an agent right now is not really an option, unless you're willing to sell it at about 70% of the market value. Even at 70% of the market value, it will still take 30 days to close. Obviously, you realize this, don't you? Let's do the right thing, let me…work with you… and show you how we can get you some cash and get you out of this situation by short selling your mortgage. May I explain?
I will never be able to buy another house.
Sure you will. All you have to do is stay clean on your credit for the next 24 months. You'll then qualify for a good rate to buy another home. I can help you with this. You do want me to help you with this, don't you? Great, let's get started.
I don't want to lose my good credit.
_____________________, you do realize what foreclosure does to your credit, don't you? Right now, your credit is already in bad shape from missing your payments. We need to start rebuilding your credit now! Do you realize I can help you with this? Let me explain how the process works, O.K.?
I'm working with my mortgage company.
You're working with you mortgage company …that's great. What is your mortgage broker saying? Does the mortgage broker know you’re in foreclosure? Did you tell them about your foreclosure? What do they say about that? In your situation, being back____________ payments, you will only qualify for a 65 to 70% loan-to-value loan. Do you understand what that means? If you have a $100,000 house, you will be able to borrow only $65,000 to $70,000 tops. How much do you owe on your mortgage? And what is your house worth? What would that loan-to-value be, you know, to get you out of your situation? So you see that refinancing your house will not be an option. _______________ I hate to tell you this, some mortgage brokers won't tell you the truth. I apologize for being so blunt; however, I tell people the truth… not what they want to hear. Let me show you what I can do for you, O.K.?
If the property is in bad shape, why do you want it?
I can appreciate that; however, the reason I want it is, it fits my parameters … it’s a_____ bedroom ____bath and ______ square foot house, or has a garage, has a fenced in yard, has a pool, whatever your parameters are….and is in my area. Since, it is in area I’m willing to buy it if I can buy it right. Otherwise, I’ll let you lose all the money. I’m in the business to make money. If I pay more than ___________ for this house, I’ll lose money. Where do we need to be…. price-wise to help you get this bad debt off your books?
Our real estate firm can sell it quickly.
I can appreciate that; however, let's go through the numbers on the property so I can show you why taking my offer today…. will make your bank more money instead of waiting a year to get it sold. O.K.? Let's go through the numbers.
We will only deal directly with the homeowner.
I can appreciate that; however, do you realize what an Authorization to Release is? Great.____________, you must deal with me because I represent the sellers in this situation. If their attorney’s called you, you would deal with them. Now, where do we go from here?
If the reps won't deal with you, get their name, call customer service and ask for their boss. - Don't treat this lightly, be aggressive and firm.
Our inventory of REO’s is low.
I can appreciate that; however, you do realize that when it goes to the REO Department, your boss will look at you as if you didn't do your job…. you don't want to do that, do you? Let's do the right thing by taking the short sale now, O.K.? Where do we need to be to put this deal together?
We don't do short sales! (you only get this for being to weak)
__________, you don't do short sales?...you’re kidding! I've known of couple of people who have done deals with your company in the last month. Are you sure?
___________, you're in loss mitigation, right? Loss mitigation means you mitigate losses… correct. Let me ask you this…. “When I prove to you….that…taking my offer now… is better for your company…. than going....all the way through....the foreclosure process…. you will look at it, won't you?
We need a listing agreement!
___________, you just need it for your files, correct? What dates do you need on it? You know from when to when?
We need the last 2 years of tax returns!
That's going to be impossible because they have not filed for 4-6 years. These people are in real trouble. ___________, on the last short sale I did with your company…. they did not require what the homeowner could not produce. One good thing about working with your company is…. you folks should be rewarded for your flexibility. Instead of the tax returns, what else do we need?
We don't have time, it goes to sale next week.
I understand that, so my question to you is… "Do you want to work real hard with me and...get the short sale accepted...so we can close before the sale, or do you just want to extend the sale for 30 days? Which is best for you?
The homeowner’s attorney has advised them to file a Chapter 13 bankruptcy, so that they can buy 18-24 months without any problems. You're not going to force them to do that, are you?
If the bank rep says, “File bankruptcy”, then agree and say…
O.K. they will go ahead and do that. I'll call you next week and we will work out the short sale then.
Are you an investor?
Yes, I am. Let me tell you the benefits of working with me. You know, I’m not the typical investor that will make you jump though hoops to get the deal approved and then not close. Obviously, you had this happen before. Don’t those investors drive you nuts? When you get this deal approved, and you and I start working together on a regular basis, you'll realize that working with me… gets deals closed… however, let's get this one closed first. Now, where do we need to be to put this deal together?
We don't short sale when the homeowners are in bankruptcy.
I totally agree with you, bankruptcy screws everything up. Let me ask you this….I know the homeowners pretty well…. So I could get them to file a motion to dismiss to drop the bankruptcy if you and I can work something out on the short sale. Can you see the benefits in your job with doing this? You will be the only one closing these deals in your office. ___________, let's do the right thing….let’s start on this one now, O.K.?
The real estate market is going up so fast we’ll just let it
go to sale.
You know I totally understand your position…. However how much has real estate risen in your area in the last 12 months. () you’re kidding that’s great. Is that what you’ve read in the paper or is this what your boss has been telling you? Do you realize that over 55% of the listings in my area have been expiring, because there have been so many properties in foreclosure flooding the market? In _____________ county, the county the property is in, from last year to this year prices have gone ______________ and sales have gone _____________. Let me ask you something if you decide to go through with the foreclosure and take the house back, you will probably try to sell it for retail value…won’t you? You know…I’m curious…if you were going to buy a home in your area, would you hire a realtor that would show you all the retail properties or would you work with a realtor that specializes in working with homeowners in foreclosure so you could get your best deal. You know you’re just like me…I’m the same way I want the best deal too. Let’s look at the numbers and see what is best me and for the bank…OK?
This property is in good condition, so why should we short sale?
You’re right, the property is in pretty good condition; however, did you realize that there are ____________ homes for sale in this area? _____________, it could take 6 to 12 months to get this home sold at the price you're looking to sell it for. You do realize that your realtor will tell you what you want to hear to get the listing, and then constantly beat you up on price when it doesn't sell. Obviously, you don't want that, do you? Let's do the right thing, and go over the numbers on this property, so I can show you the benefits of …taking my offer now… instead of waiting up to 12 months to get your money. O.K.?
Our BPO came in way above your offer!
I understand that, let me ask you this….Do you know about what your net will be when you finally unload this property? When we get done, ___________, I know you will...agree with me...on my offer! You will see that my offer is quite generous. Have you seen the paper in our area on foreclosures? This is one of those properties that you have to buy right, otherwise everyone loses. Let's try to put something together so it's a win-win. This way you will look even better to your boss, O.K.?
___________, you and I will do probably 4 or 5 deals this year alone, and you'll know that when you and I start working on a deal you can...feel comfortable...it will close, no more working with flakes. Every time we do a deal I will send a "letter of recommendation." to your boss. Now, using your expertise and mine…. where do we need to be…. to put this deal together? Let's go through the numbers!
You'll have to talk to our real estate agent
I can appreciate that; however, the real estate agent does not get involved in the transaction till it becomes REO. You… like me… realize this property is still in loss mitigation, so we don't have to deal with the real estate agent at this time. Let me ask you this….
We need you to send us a “Blank “ non-refundable deposit to accept this offer.
I can appreciate that… I’ll get it over-night to you as soon as I get the approval in writing from your boss. This is great finally working with someone that gets deals done.
We have already done a drive-by… I think we’re O.K.
You might be…. looking at it from the outside; however, your agent did not go inside, and there lies the problem. When could your agent stop by the house so I can let him in? Do you want to do that today or tomorrow? Which is best for you? Great!
We are going to send it to our realtors and let them handle it.
I respect that, ____________, let's go through the numbers on the property so I can show you why… taking my offer today…will make your bank more money, instead of waiting a year to get it sold. O.K.? Let's go through the numbers.
We need the second to take zero or almost nothing
That will definitely not be a problem…. You see, I have already talked to the second and they feel…like me…what is owed far exceeds the value of the property. So let me ask you this…. Where did you say we needed to be to put this deal together?
Why do you think you are more intelligent than my attorney?
I don't…. I just want you to have all of the options available to you. Attorneys tell you how to follow the rules; I show you where the loopholes are. Do you want me to show you how to maximize your time in your home? ( ) Great! Let's get started now, O.K.?
You come across too aggressive; I don’t think I can work with you.
You know I totally understand…I do come across strong. You know I’m curious…how aggressive has the bank and their attorneys been trying to take your home? () pretty aggressive right? Can you see the benefits of having me working with you……calling the bank and letting me be aggressive with them. So you see….me being aggressive is a good thing… isn’t it? Great let’s get started.