The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Sunday, April 10, 2005

The importance of knowing the magic phrases!!

REI is a people business and communication is critical. That is why I'm in the preforeclosure business. Person to person establishes repoir, and open doors that in some circumstances would not have open.

During negotiations, there's magic words or phrases that can be said that makes the deals so much easier. I can't stress this enough, you can say things in a way that is so effortless, that you will know if you have a deal or not. Ok, some examples, so you understand what I'm saying.

Powerful phrases used for screening sellers:

"Seller, this sounds like an interesting property, why would you ever consider selling it?"

You need to quantify motivation on a scale from 1 to 10

"What's more important to you, making a quick sale or getting top price?"

I love this one.. Typically people are honest on their intentions and will let you know if need out quickly or can hold on for top dollar.

"What's more important to you, getting a cash sale or getting debt relief from your current mortgage payments"

Another motivation question.. If the pain is high, the seller will say they just want out of their payments..

Powerful phrases used for presenting offers:

O/F: What if I could give you small down payment and pay the balance of your equity in monthly installments, is that something you would consider or probably not?"

Use general language so the seller doesn't get confused...

Deed: "What if I could take over your payments and get that house off your back with a quick sale, is that something you would consider or probably not?"

"Of course, if I took over the payments, you would need to convey the property to me, so I can sell it as the seller."

The concept of subto is not that straight forwarf because its not conventional, using general terms makes it easier to present...

L/O: What if I could make your payments and guarantee maintenance and repairs until I got the house sold for cash, is that something you would consider or probably not?"

If the seller can hold on to their equity for a while, this is a great option!

These are just a few. In whatever way you invest, think about the magic phrases that allow you to easily structure a deal that will allow you to become more successful.

Good investing!
|| Bginvestor, 7:04 PM


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