FIVE STEPS FOR WHOLESALING PRE-FORECLOSURES
✅ Step #1: Get the list of pre-foreclosures from your title company, for FREE. The only problem with lists from title companies is the data is usually old.
For better data, try TTP Data by PropStream for FREE: http://www.ttpdata.com/
The data is updated daily, and you can pull up to 500 foreclosure leads for FREE during your trial period.
✅ Step #2: Contact the property owner by being PROACTIVE and cold calling them.
They’ll be getting bombarded with mail from their bank and other investors, so cold calling them is the best way to stand out and make contact.
They will avoid your call initially but keep calling, texting, and leaving voicemails. Be kind and empathetic, and once their stress is overwhelming, they will pick up the phone and call you back.
Use Batch Skip Tracing to get their phone numbers: http://www.batchskiptracing.com
And if you’re not sure what to say on the phone, download my FREE cold calling script for real estate wholesalers, here: https://www.talktopeople.com/scripts/
✅ Step #3: Find out more info about the property.
Find out when the auction date is based on the foreclosure notice. And, find out what they’re payoff amount is (this will be on their latest mortgage statement).
✅ Step #4: If they have equity, put the property under contact and wholesale it.
If they don’t have equity, you may be able to find a solution for them with creative financing.
✅ Step #5: Complete the transaction BEFORE the auction date, otherwise your entire deal will be wiped out by the foreclosure.
Tools & Trainings for Real Estate Wholesalers
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