Negotiations with the parties involved in a deal take the bulk of the work in pre-foreclosure investing. Are you into short sale pre foreclosure investing? You will need to do a lot of preparations such as establishing a good rapport with the concerned party. If you are going to negotiate with a homeowner, the best way to make a good connection is to approach that person directly. Remember, you've got to get the short sale, so take your time to do the necessary preparations before you start your short sale negotiation.
Planning what you are going to say is a crucial step in your pre-foreclosure deal. First impressions last, right? So collect adequate information about pre-foreclosure investing because it will come in handy when the time comes you have to talk to the homeowners. Before you introduce your proposal to a homeowner, be sure that you are talking to the right person. Then ask the homeowner if he or she is willing to spare a few minutes for the short sale negotiation.
At this point, the negotiation for the short sale will begin. A good strategy for opening a conversation is to talk about jobs, kids, or pets and then slowly shift the topic to the pre-foreclosure deal. Being able to do so gives you the opportunity to be known by the homeowner as a person rather than as an investor.
During your conversation, try to avoid mentioning "foreclosure" or suggesting in any way that the homeowner is to be blamed for the pre-foreclosure. This tip makes a lot of sense because it is important for you to make the homeowner feel that you are on his or her side. So how can you be careful while being honest? Instead of saying bluntly that you have noticed that the homeowner was not keeping up with the payments, you can say that you have noticed that the bank was going to foreclose on the property. Or you can say that, according to your research, the homeowner was having problems regarding the property. The homeowner is facing a financial difficulty, and you do not want to make them feel more miserable by giving them the impression that you are going to take advantage of the situation (Of course, you are not!).
If you can carry on the conversation very well, then you will be rewarded with the trust and confidence from the homeowner who you are dealing with. These you won't get if you focus on closing the deal at once. Once you have already gained the trust and confidence of the homeowner, you can begin the discussion on your main purpose, that is, to offer help on the pre-foreclosure.
Short sale pre foreclosure investing can be very complicated. One minor slipup is enough to spoil a possible pre-foreclosure deal and spell disaster for your money making efforts on your investing. The key ingredients to a successful deal are making a good impression to the homeowner and gaining his or her trust and confidence.
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