My brother and I hear all the time “Buyers are Liars” and these days we hear “REO\Bank Owned Buyers are Liars”. Ready for the truth? They aren’t lying so much as they aren’t telling you the whole story. I know you might be thinking that is the same thing but stay with me here for a minute.

REO Buyers are primarily looking for one and only one thing:

The greatest deal that they are ever going to get in their lives!

Just about every buyer who is interested in buying a bank owned property wants one for the price that they can get it for. They know one friend that bought a home for some ridiculous price 20 years ago the last time the market was similar today and they want a deal with that. There are a few differences though between that time and now mainly:

  • Banks don’t work the same way that they used to back then so things are far more complicated and nowhere near as straightforward
  • Unlike their friends they haven’t been saving for this opportunity and may or may not have enough down payment in order to make it work.
  • They view of a deal and the actual deal that they can get may be two entirely different things.

So how do you avoid wasting your time with buyers who are interested in properties owned by banks? Well you have to do a few things so you don’t waste your time.

  • Always get the buying prospect to come in for an appointment at your office and not at some property as this will help you separate the serious buyers from the non serious ones.
  • Make sure you find out from them what kind of deal they are looking for and be honest with them on if their goals are realistic. For example if they want a home for $50K and homes in your area never sell below $125K tell them that and wish them luck.
  • Get them to sign up to work with you or don’t work with them because they are just going to waste your time.

The tougher the market gets the more it may seem like a good idea to not follow rules and just help anyone who wants you to help them but NOW is the time you want rules and want to be following them. Now is the time you want a killer set of scripts to use on buyers interested in REO and bank owned properties and you want to use them on every single prospect you talk to.

We just created a brand new CD on scripts to use and on how to deal with REO Buyer prospects. You can get this CD at www.REOBuyerScripts.com and start changing those prospects into real buyers.

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