Mortgage Assignment Case Study

I wanted to start posting about some of our deals and I thought I would start with a pretty recent deal that we just got under contract on Friday.

This is a seller who was listed on the MLS for 6 months.

This lead was found by Tracee when she was targeting expired listings.  Tracee, (if you don’t know yet), is one of our brand new real estate agents (just a little over a month now) and she is also a new real estate investor.   She wanted to learn both sides of the business and that was one of the reasons she wanted to join our team.

Tracee works a full time job so I was one to go meet the homeowner to get everything signed.

This seller turned out to be one of the toughest deals I’ve had to close yet. I was actually up against a big-time agent here in Austin who also knows owner financing VERY well but he does not know how to do mortgage assignments.

This other agent met with the seller the day prior to my meeting and had a follow up appointment scheduled after my meeting.

The seller was thoroughly impressed with this other agent and she said he was very convincing.

The seller was a bit stand-offish at first and she had every objection imaginable.

In the end, here is what I did well…

1.  I was absolutely 100% honest with her and realistic about the sales price and I told her straight out that I wasn’t going to suggest a sales price that made her feel good just so I could “win” the listing.

2.  I didn’t tell her what she wanted to hear, I told her what she needed to hear.  Believe it or not, that is very refreshing for anyone.  People really do want to hear the truth, even if the truth kinda sucks.

3.  I provided her 4 different options.

4.  I was able answer EVERY objection she had.

5.  I listened to her story and sympathized with her situation.   This is sometimes the hardest thing to do, but if you’ll truly listen to what your clients have to say and make that connection with them, it means the world to the rapport you build with them.

6.  I brought all the paperwork with me and was absolutely prepared to ask her to move forward.

There was probably more to it then just those things but after reading those through, they were truly key components to me walking out the door with a signed deal and her calling the other super star agent to cancel his follow up appointment.

After you read through those items, how hard do they look to you?  Not so hard right?

Tracee went out and marketed for buyers this past weekend and did everything I told her to do….

Here is a picture of the text she sent me on Sunday (I’ll give you a little background about what we were texting about…)

1.  I never go on an appointment until the seller is ready to sign.  So, she had set an appt. for her and I for another deal she has in the works and the top text you’ll see me asking if the prospect is ready to sign, otherwise, I wanted her to make us a phone appointment first so we didn’t waste our time with a trip to the house if they weren’t ready to get started.

2.  Near the bottom is where you’ll see the reason I posted this picture.  She says “My phone is blowing up today on those bandit signs”.

Tracee is a single mom and she has a full time job in health care.  She just got her real estate license and she is a brand new investor.   Despite her being a “newbie” and having a ton of other responsibilities, she has managed within a month to secure 2 MAPS deals….and that doesn’t even factor what she has in the works!

And, on a side note…please forgive any spelling errors.  It’s 1:15am and I’m not proof reading, I’m just gonna submit this post for you to enjoy…  😉   Night night…

UPDATE!!  We got an offer on this home the following Monday night, that’s 4 days after we posted it for sale!!!  I can’t go into any details because we are in negotiations but I’ll keep you updated!

  • Mike W.

    So…what happened?

    • First offer fell through – buyer had a little more than $50K down payment, which is what we needed but he could only do $30K up front, and $20K in 90 days. The only way we could make that split happen was if we used the up front down payment to reinstate the home and wait 90 days for us to get paid. I was fine with that but the buyers realtor wasn’t so the deal never got done. Another story of another realtor “mucking” up a deal that could have been a win-win for everyone.

      This property is now a short sale – we got a favorable BPO and actually still have some owner finance showings from time to time so we are still marketing it as a combo plan. We’ll hopefully find a MAPS buyer or short sale buyer soon….

      This is one of the LONGEST deals we’ve ever held….

  • CZ

    Really nice blog Dani. Thanks!

  • James

    I have a few questions, if anyone can answer them would be greatly appreciated. One, do you need a realtors license? By reading some of your study cases it seems you are showing homes and advertising to sell; does that conflict with banking and insurance? Two, most of the homes I see for sale are facing foreclosure and are really far behind on their payments, more than just $10,000. Are does good candidates, or do you pass. And if you do contemplate then as prospect, what kind of negotiation is this with the bank, short sale, loan mod, etc.? Thank you in advance for your respond.

    James