8 Irresistible Reasons Why Pre-Foreclosures Can’t Live Without You

For a while there–middle of last year to be exact–I was on a foreclosure/pre-foreclusure streak. I gave you a quick and dirty guide to working foreclosures. I pointed out the most common cause of pre-foreclosure failure. Followed up by a very similar guide to the 2 lethal mistakes you can make when working foreclosures.

Now, I’m going to add that list.

Why? Foreclosures haven’t gone away. In fact, there’s no end in sight to the foreclosure nightmare. And don’t forget this: working pre-foreclosures is less about padding your pocket and more about helping another human being. I can’t stress that enough.

So, when approaching pre-foreclosures for the first time use these ideas to prove to them that you are truly their to help can save their home:

• You aren’t out to fleece them. Just the opposite. You want to help them save equity. Credit. Face. And you must mean it. You must have a heart. That means listening liberaly and talking conseratively.

• You can sell their home. Goes without saying, but some people need to be reminded.

• You are a legal expert: You know all the contracts, forms, disclosure statements backwards, frontwards, inside and out. If they did it solo–or worse, not at all–chances are high they’d miss something.

• You are a professional: Like a doctor or lawyer, you’re an expert. You live and breathe this stuff. Ask them how many people would defend themselves in a court of law? Or, how many people feel confident performing surgery on themselves? Tell them this is your bread and butter.

• You are a master of the market. You know the market and can price the homes competitively. Explain to them the importance of pricing right the first time and the danger of over-pricing. The last thing they want to do is waste time.

• You are a expert on financing. You know how to pre-qualify, qualify and point prospects in the right direction for financing. But with those who want to buy pre-foreclosures, in my experience, have normally got the cash. Let them know people with ready money can buy their home.

• You are a specialist: You can handle criticism, objections and demands objectively and professionally…a must when trying to persuade someone to buy a home that is close to foreclosure.

• You are a negotiator. You know how to balance offers, counteroffers and negotiate contingencies that often will drive a FSBO bananas. Offer your batting average for selling homes at full asking price. If you’re good, they’ll think you’re a genius.

• Finally, you are a network. Develop a list of the tasks that must be completed before closing, including all the inspections, insurance, permits. Then explain to them you know all the right people and could have everything arranged in an afternoon. They’ll get the point.

Now remember, working pre-foreclosures is a sensitive issue. But if they’re highly motivated, lightly but persistently hold their feet to the fire for the next couple of weeks, emphasizing the above points. As the frustration builds, their tipping point will get lower and lower. Eventually they’ll accept your offer and thank you for helping them.

So tell me…have you been working pre-foreclosures? Any success? Any tips to help improve this list? I’m looking for ways to make the first encounter a lasting impression.

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