Qualified Lead Process

If you market to anyone in foreclosure you are going to get leads. But remember leads are NOT deals and you will need to become a pro at figuring out which ones are great leads, good leads and a “waste-of-time” leads. It is IMPORTANT to understand:

Not ALL LEADS are Created Equal

The following are ways to collect, evaluate and screen leads

Basic Lead Strategies

  1. Establish a method of pre-screening and pre-qualifying leads
  2. USE a 24-hour recorded message
  3. Live answering service
  4. Using a Website is
    • Efficient and Profitable
    • Have all your marketing drive prospects to one or a few websites
    • Have your website QUALIFY ALL prospects automatically
    • Have Website have audio/video testimonials from previous sellers – BUILDS TRUST
    • Have form for all prospects to fill out
      • REQUIRED info before they can hit send form
      • Design questions to get qualifying info, AND disqualifying facts
  5. Tell me WHAT they owe and to WHOM
  6. Show HOW motivated they are
  7. WHAT their reason to sell is
  8. If they write a lot on this answer = they want to tell story = put at top of pile
  9. Be a GREAT listener = builds relationship with the Seller = EASIER to negotiate
  10. If they say, “I’m not taking less than the full value of my house” = bottom of pile = but contact many months later
  11. Contact them within 48 hours
  12. Do NOT tell them that you will make an offer

REMEMBER – Analyze the DEAL – Through the ENTIRE Process

IN OTHER WORDS – Know when to Hold ‘em and Know when to Fold ‘em – In other words – knowing HOW to EXIT a DEAL is as IMPORTANT as knowing HOW you should BUY

Basic Exit Strategies

Depending on the EXIT Method you chose will determine how you do things from the beginning – EACH has their own risks and implications

  1. Flip the property to an investor
  2. Reinstate foreclosure and retail to a bank loan BUYER
  3. Reinstate and sell by Owner Financing
  4. Reinstate and RENT the house
  5. Ways to construct a Foreclosure DEAL
  6. Acquire an Interest.
    • Purchase Contract or Option Agreement
      • NO legal title
      • Profit by selling your position
      • Foreclosure threat
      • Rigid timeline
      • May have no equity = short sale which lasts 4-8 months
    • Acquire Ownership
      • BY – Bringing the Loans Current
      • Buy property – take over existing debt = subject to purchase = STOP foreclosure process by using CASH LOAN = legal deed owner
      • Earlier in = less cash to reinstate the loan
    • Acquire Ownership
      • BY – Paying Off the Loan
      • Get full ownership from deed of legal title = paying off the existing loan as conventional purchase = NEW LOAN pays off OLD LOAN
    • Acquire Ownership
      • Without Stopping the Foreclosure
      • Get deed and ownership by subject to foreclosure threat and time line.
      • IMPORTANT – Seller agrees in writing!
        • SELLER needs to understand
        • Foreclosure avoided is if you can find a buyer prior to foreclosure sale
        • or Lender accepts lower payoff, and give you some time to arrange financing.
        • If you can’t get either of these things done – seller lose house
    • Acquire Ownership
      • Via “Deed In Lieu”
      • Back door approach
      • Seller avoids foreclosure on their record
        • Borrower arrange with lender to voluntarily deed the property back to them
        • Called “Deed in Lieu Of Foreclosure”
        • YOU can be that lender!
        • BUY Junior Liens to start foreclosure yourself = “Deed in Lieu” proposal to borrower once you have initiated the foreclosure.

IMPORTANT – TO AVOID BANKRUPTING Yourself – remember the right exit strategy prepared for each deal. It’s not mix and match! EVALUATE every deal you get involved with and understand the risks and benefits of each and SUCCESS IS YOURS

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