On Thursday morning I received a call form a panicked lady who was getting repossessed (evicted) at 10.30am the next day! When she told me her name I thought that sounds familiar and I realised that I had left several messages for her before Christmas. It was a lead that I had purchased form another investor, but I thought it had dried up. She apologised for not coming back to me sooner but she admitted that she had just buried her head in the sand in denial about what was happening. This is often the case for people in this kind of situation.
Anyway to cut a long story short, with the help of one of the solicitors in my power team, we managed to stop her getting evicted by
making a payment to her mortgage company and securing a promissory note from her to ensure I get the money back (or taken off the purchase price). The house is worth between £120k and 125k depending on how the surveyor will be feeling on the day. She has agreed to sell it to me for £92k with a rent back of £550 per month. Another great deal that will cash out. There are plenty of deals out there. There is some risk in this but sometimes you need to take calculated risks to get the better returns.
This has reminded me of a few points that i thought may be useful to you:
1) Be persistent! If you don’t get hold of someone at first, keep trying. Don’t give up.
2) Any lead that you do not get a deal out of, it is always worth following them up two weeks later. If they still do not have a solution to their problem then they may be even more motivated than before.
3) Always leave an offer on the table and the door open for the seller to come back to you.
4) You need to reassure clients that we MAY be able help but be careful not to give them false hope
5) Be ready to move really quickly
6) Know what you are doing so that you can act with confidence. Avoid Paralysis through analysis. You just don’t have time.
If you want to find out more about how to get these kind of deals you need to get onto the Pre announcement list for my next “Property Mastermind Programme”. You can find out all about it here: www.property-mastermind.com