Found Home...Is This Seller Motivated?
Newbie here.... I called on a home today that appeared to be a very good deal, I was inquiring about lease options and the seller seemed somewhat interested, when I asked about the current monthly payment on the home the seller would not tell me and seemed a bit perturbed that I even asked...
Is this normal?
Did you ask him why he won't give you that info?
They didn't feel comfortable giving that information without first showing the home and until things were more serious they said...I was trying to prequalify this seller but without that info I have nothing to go on...
Thoughts?
If the seller won't give you that simple piece of informaiton, that usually means that the seller isn't motivated enough for you to deal with. Move on to the next deal.
Thanks, I drew the same conclusion.
You can always be direct in your approach. "I'm a private investor and looking to buy houses in your area. These are just some of the facts I use when constructing offers. If you like for me to invest my resources in your house and possibly purchase it from you, is this little bit of information your holding onto that important that you can't give it to me?"
yup...okie dokie, bye[ Edited by nebulousd on Date 10/30/2003 ]
What do you have to lose if you show some seriousness and see the house? Even if the guy is not forthcoming, you just want to buy his house if it is a good deal, you are not marrying him.
Yeah, but why waste your time with some one who gives you hell. If you keep dwelling in the unmotivated seller arena, you'll be out of this business and on to something else real quick.
For instance, I went to go see a house yesterday, people are getting a divorce. All he talked about was how much the wife messed up his life. 5!!!!!!!! other investors talked to him already and no deals were done. The investors gave him some pretty crappy offers, like, lets wait for it to go into foreclosure and I'll do a short sale. Some even offered to do a sub to deal and he turned them down.
I offered the same thing, to leave the loan in hisname and I'll make the payments. Now he already heard this offer but he didn't hear it from me. (Using John Locke's methods) I presented him a sub to offer and his words were, "That is the best offer I've received so far." The wife wasn't there to sign the papers....so he called me today begging me to come over today to buy his house and the wife will be there. $3k is all they want, they need to pay some bills. Total profit on this one will be about $23K.
deal with the motivated sellers. they make life soooo much easier.
[ Edited by nebulousd on Date 10/30/2003 ]
Great Post for the newbie's
[addsig]
Derrick,
I wonder how many deals have been lost because the person asked the wrong questions on the phone and determined the seller wasn't motivated!
Great job and keep them up.
John (LV)
Its pretty easy to figure out an approximate montly payment based on the origional loan date and mortgage amount. Find this information for free at your local county recorders office.
Yeah, it's important to ask the right questions. I don't thinking asking, "do you mind if the loan stays in your name" is a good question to ask, just find out why they want to sell.
To the orginal question about L/Oing someones house, I don't do it. I don't do L/O's for many reasons and I probably wouldn't ask what their payment was anyway. I think once you find out why they NEED to sell then your good. work it from there.
but then again, I don't call ads either. This person called the ad and asked a simple question and caught hell. let the people come to you and you deal with who you want. I thought about calling those ads where they state that they are motivated. If they reaaaaaaally were, they would have called someone that buys houses. <IMG SRC="images/forum/smilies/icon_lol.gif">
get the basic info and why they need to sell and go to the house. your not going to buy the house over the phone anyway.
Just make sure they NEEEEED to sell.[ Edited by nebulousd on Date 10/30/2003 ]