Seller Questions
I’m about to make the plunge into REI and I’m in need of a proper list of questions to ask a potential RE seller. I’ve pulled a few from different books but I would greatly appreciate input from someone with experience.
I’m also looking for a tool to calculate whether a property is worth pursuing (i.e. discount spreadsheet). Help!
I don't really ask sellers much, unless you want to discuss some type of creative financing. When it comes to the property itself, I always get a professional inspection. Salespeople often use the slogan "Buyers are liars", but in Real Estate, I think "Sellers are liars" is more applicable, so I don't even ask much because they're not likely to tell you anything you don't want to hear.
As far as whether a property is worth pursuing, it depends on what you plan to do with the property. Will it be a rental? Will you fix it up and sell it for a quick profit?
Then you need to consider all your costs: down payment, closing costs, monthly payments (PITI), repair costs, prepayments penalty (if applicable).