how to approach attorneys/brokers for short sale leads [Archive]

Prosperous1

09-12-2005, 04:49 PM

I am a principal/buyer, and I am in the midst of looking for these prospects from different sources. I am getting ready to try make acquaintance with:

- mortgage brokers
- note brokers
- realtors
- bankruptcy attorneys
- foreclosure attorneys
- probate attorneys

These are good source for pre-foreclosure leads before they become public knowledge in newspaper lis pendens or notice of default. But I have one more question. Before I approach these brokers and attorneys, what could I bring to the table to offer them in return for giving me good leads to give to my investor? I can be reached at LK27217@yahoo.com Thanks in advance for your help.

Jim FL

09-12-2005, 10:52 PM

Prosperous1?,
Okay, you want to know what you can offer these folks?
Well, first, everyone is in business to GET PAID......so, helping them make that happen, would be the route I'd take.

For brokers and agents who bring me preforeclosure leads I buy, I do two things.
I pass along seller leads I get where they are better off listed, than selling to me........this get the agents and brokers business.
Also, if I buy a preforeclosure lead, and it has plenty of equity for me to turn it fast and make a nice juicy profit, I'll use the agent or broker who referred it to me to list and sell it.

As for mortgage brokers, simple, send them your buyers when selling.
I have signs in my yards for houses we are selling that read, "100% Financing available" and then I refer those seeking loan help to brokers I know, good ones.

Lawyers, use their services, recommend them, etc......IF they are good.

The MAIN benefit you provide though, is to the seller, the client or acquaintence of the contact sending you the lead.....and that is the fact that you CAN buy their house........since its a problem, you solve it.

This would be the benefit to sell, and then the other things, bonuses for working with you.

Along with canned hams, flowers, cards, donuts, gift certs for dinner etc, to those who send you deals as a "Thank you".........which goes a LONG WAY.

I had a HARD closing a few months back, and my attny was VERY busy handling my stuff and others............so his assistant worked her rear off and got my deal closed, title issues resolved, and assisted in getting me a discount from the first mortgage holder on my property.
For all the effort, she wanted nothing other than to close...........but I tossed her $500 CASH, with a thank you card.
The end result, when I was at their office shortly thereafter, asking about setting up another close, the phone rang......another investor.
The assistant told them on the phone, "Sorry, we are busy, and booked for the month, plus catching up since we just returned from 2 weeks off (small office) and will not be taking ANY more closings this month, sorry".
She then hung up, listened to me, and we set up a closing for later that week.......with my title work being done by her, within 24 hours, and everything else.
Why?
Because people take care of those who take care of them.......most of the time.

Now, title reports are FREE and come back from there within 24 hours for me on EVERY deal I work.........nice!
Best $500 I spent in a long time.

And yes, they send me SOME leads, but not many, because my attny, is also a full time investor.

My two cents,
Jim FL