They might say, “Yes…” then I would go on to the next question. Or they might start to talk more – which is what I am hoping they will do. I want them to start to talk and tell me more. Maybe they will tell me why it has been listed a long time or what the status is. You would be amazed at what others will tell you when you zip it and listen. The next question is,
“Well, I wondered if they would be open to something creative?”
Again, I leave it at that and say nothing more. Sometimes they will runaway with a long explanation of what the seller will or will not do, sometimes they say, “Like what?”
“Well, something like a rent-to-own or a lease option with your commission paid in full. I am a rent-to-own buyer looking for a home in that area. Would your seller be open to something like that?”
Don’t say anything until they respond. You’ll get one of five responses.
1.“Yes, they have mentioned that to me.”
If you get a positive response the next question to ask is:
“Great, do you know what kind of terms they are looking for or are they looking for an offer?”
If they are looking for terms that work for you or they are looking for an offer make an appointment with Sally to look at the home. Note: Sally will try to become your Realtor®. This might not be bad if Sally is creative and willing to read this book along with you, but otherwise don’t sign anything to commit you to Sally except for this home. If Sally is really good, you might want her to be your agent. If the terms are not within your scope then ask the following:
“Do you have any other listings where your seller might have said to you, ‘Sally, if you don’t sell my home soon I might have to rent it’? Sally (remember use their real name), can you think of any of your listings like this that might work for me?”
Sally may also respond to the rent-to-own question like this:
2.“No, they need to sell now and wouldn’t be interested in that.”
If this is the case, jump right to the question where you ask if she has any other listings that might work. You will need to know your price range and what you can afford as she will probably ask you about this (we covered this in chapter 3).
3.“I’m not sure I would have to check with them.”
If this is the response encourage the agent to talk with her clients. Reminder her that you are looking for a rent-to-own home in that area and her commission would be paid in full.
4.“What are you talking about?”
Not every agent knows what rent-to-own is, you may have to give them a brief explanation.
5.“Why do you need a rent-to-own?”
Most likely it’s because you can’t get a mortgage right now or because you don’t want to get a mortgage right now. Your best answer is to simply tell her that a mortgage won’t work for you now but you do want to get into a home now and ask her if that home or another listing of hers might be a candidate for rent-to-own. Keep your answer brief and then ask her the question to keep her talking.
I will challenge you to call 10 for rent ads today and follow this script. If you get some leads and need help, consider my coaching and courses. For more information on coaching, you can email me at [email protected]. You have now called sellers, had sellers call you, and perhaps you’ve accumulated some leads to pursue. Now it’s time to go look at the homes, continue to build rapport with the sellers, and gather more details on the homes. In the next chapter, you will learn more about which tool/technique to use for each motivated seller you have found.
RESOURCES FOR CHAPTER 3
Articles:
Learn the basics of buying and selling on a sandwich lease option.
Educational Webinars:
http://www.leaseoptioneducation.com -- Wendy’s e-book and the 7-Day Video Guide to Attracting (and Getting) Motivated Sellers
YouTube Video Tutorials:
Wendy Patton discusses how many phone calls you need to make when calling potential sellers.
Educational Material:
Buying on Lease Options home study guide offers all the scripts, forms, and the details for how to use them when buying property on a lease option.
Working with Realtors is a specialty of Wendy’s! This home study guide explains how you get Realtors begging to work with you on your lease option deals.
The Complete Wealth Building Arsenal: Includes all the forms, scripts, and documents needed to complete sandwich lease option deals.
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