Making Offers On The Spot! At The Sellers Home? Best Way Is ....
(and this would help the newbies)
If you go to a FSBO, knock on the door, talk with the sellers, see their motivation & willingness to carry financing, how do i quickly formulate the best offer that i can leave them with to think over?
I want to get to the point where i can go talk with the seller, make them a offer and leave. I know a skill like that comes with doing deals over time, but if the seasoned investors can give some tips to help newbies speed up the learning curve that would be great.
Thanks,
Verb
Before you knock you might quickly
pull up the information on the house and owner. Data Quick, MLS Tax Search, iprobe whatever you like. You can get it from your car seat if you have a laptop with a little broadband.
You now have a little information, at least enough to know the house is there and who is the real owner in case someone like a tenant is playing a game.
Knock, knock who's there?
"Good after noon madam. I was passing by and I saw your sign. which says you want to sell this lovely house."
Wait for the response, just ignore the dog that is trying to chew your leg off.
"thank you so much for your time, could I look at the house, it seems really nice. My you keep it well, What an interesting rug, oh, that's your husband, he passed out. My how entertaining. blah blah blah.
Some where in the near time, they will give you the price. Watch the eyes, if they blink, lift their hands to hide face, stare at the ceiling etc. etc. This is but the first move of a Chess game. Pawn opening! . Dumb move but thats how it is normaly played.
I leave the rest to you. Whenever I hear an opening price, I always drop my pencil, pen, note book, and now this is important, my jaw. Come on now you know the rest. what you are really after is what do they need the money for? Do they need money? Are they just jammed up and trying to get away? You respond to whatever the situation is.
In your bag of tricks you should have four or five ways to go. take it from there.
Do not try to remove the encumbrant husband. Pretend it is really a rug.
Curiously Lucius
Man Lucious you are good. Thats pretty much all i have to say.
A true asset to the site
When I go out to a house, it is with the intention to buy (not make an offer) NOW.
I've done my walk through and I've got my ball park costs of repairs, holding costs, profit and end game plan.
That presupposes that I've done some good phone interviewing. A minimum of two telephonic conversations before I leave the house. I've already got the comps.
I know they want to sell and they soon know that I'm a player. It's just a matter of what they want. And-being able to satisfy their needs or something which will work for them and me.
The chess game starts with the classic, Lufos gambit-which I'm told was stolen by Garry Kasparov, Russian Grandmaster.
I focus on getting them to accept what I am willing to offer.
Not to focus on buying the property if I were to do that I would forget about the numbers and get emotionally attatched.
If they say no ok, NEXT.