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February 21, 2006
How do I identify myself to Lenders
When you first approach a lender who is foreclosing on a seller, how do you represent yourself? Do you immediately identify yourself as an investor, or do you say that you are consulting with your client, the owner?
This is a good question and one I get asked a lot. When I am working with people in foreclosure I am doing just that: Working with people in foreclosure. So when I am talking to the banks loss mitigation department about doing a short sale that's what I tell them.
"Mr. Lender, My name is Paul Wells and I am a friend of the Smiths and I'm helping them with their situation. I have gathered together all of the paperwork that you have requested and would like to get the package to you. Would you prefer it faxed, emailed, or sent?"
It is very rare that I will ever tell a lender I am an investor the 1st time I work with them.
Posted by paulwells at February 21, 2006 8:20 PM