Questions to ask the Sellers

Questions to ask the Sellers

When talking directly with the seller of property you should ask several questions to find the true motivation level of the seller. Here is a list that you may look at to improve your knowledge of the sellers motivation:

- Tell me about the property?
(You can keep the seller talking and gain a lot of report with this question)
- Why are you selling?
(when asking this I generally give a positive statements such as "that sounds like a nice area" or "that sounds like a great house" then I ask the question as though I am confused why they the seller would give up such a great house or area. So the question would go like this: "That sounds like a great house but...why are you selling)
- How long has the property been on the market?
- How quickly do you need to sell?
- If I would pay cash and could close in five days what is the least you would take for the property?
(I ask this knowing I might not buy the house with a full cash offer but what if I did what would they take?)
- Would you consider Seller financing?

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


These are GREAT questions to

These are GREAT questions to get an idea of where the seller is...

I see so many times a beginning investor trying to ram a deal through on a NON-motivated seller. Doesn't work.


Questions to the seller

A seller is going to open up more to someone that seems generally interested in them and their home. You might open by just talking in general asking about the nieghborhood, what they enjoyed about the area, what are the highlights of the nieghborhood. The more you can build a relationship with the seller the more willing they will be to give you information.

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


I agree 100%

I've learned this first hand, you have to build raport and trust to get the owner to deal with you over and above every other interested party.
Good stuff coaches and thanks for that info!

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Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


Very good instruction

and I agree as well. I would not have gotten any of the deals that I have if I had not listened and taken an interest in not only the property but the seller as well.

__________________

Anita
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TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


The 5 "W's"

Lads & Lassies,

While I am totally clueless how to do this REI (and can't wait to get Dean's book in the mail!), you guys/gals have just blown me away with your insights into people (and life!)...

First of all, I haven't been involved with as supportive of a collective group in a LONG time (well, maybe never) so it is so encouraging and uplifting to read the insights, questions, hopes, and dreams of so many...and the "esprit de corps" that is clearly part of this organization...kudos to Dean and company!!!

Here is my stab at the 5 "W's" I have used as a coach, admin, and prof (with my "1st shot" at applying it to REI)...Would LOVE to hear how it resonates with this crowd as I dip my toe in the water during the next 90 days...

Who = Discovering who your seller is (and is not) is fundamental in any field
What = What do they really want to do (fast cash, escape, etc.)
Why = Critical "bottom line" because knowing this determines their motivation
Where = Are there job/location changes going on in their lives?
When = Is this a NOW decision or a 2-3 or longer month process from their point of view...

__________________

"All great social and intellectual movements begin with a group of interested friends." CS Lewis

And we know that for those who love God, that is, for those who are called according to his purpose, all things are working together for good.
Romans 8:28 - International Standard Version (©2008)


I think you understand it!

The 5W's, I like it. Well put together. Good Luck

Al

__________________

"NOW GO FIND A DEAL"

Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.

Frank Outlaw


I like to add to nstreet

If the price is not want you want, always follow with "Is that the best you can do? or say something like "So you're saying that if i don't give you ___ (the price seller's asking for) you won't sell the house? If the answer is yes, then ask another quesiton, "What's your second choice? or "what can we do to make the deal go through? You have to negotiate and ask questions and get as much info about the seller as much as possible.

There's a lot of great feedback and information provided above, but you have to be resillient and get the answer you want. Be bold but not overbearing!

One thing i like to point out is never name the price first. He who named the price first is already lost! Let the seller name the price. If the seller is still not willing to name his price or come up with an agreement with both of you can agree on, then the seller is not a motivated and we must move on. Otherwise, if the seller provide you with the info that will benefit for both of you and the seller, then you got yourself a deal. Good luck and happy investing!

LL


Success Formula

>Locate motivated flexible sellers.
Only deal with them if they HAVE to sell.
Do not deal with sellers if they WANT to sell - Walk away unless they NEED (have) to sell.
I know nstreet (above) covered this beautifully and here is a very similar approach regarding 'asking a seller why they are selling?' --
Ask them to tell you about their house. Let them talk on and on and on about the house. Then say, "That's a lovely home! How could you depart with it?"
BAMM!! Now you find out why they are selling! They must NEED to sell otherwise forget them.
>Prescreen the sellers.
>Make written offers. The number of rejected offers will tell you who the millionaies are going to be.
>Organize the Financing
>Follow up. If they refuse your offer, get back to them in a couple of weeks or so and find out how they are doing. Did they sell the house? Let them know that you are still interested. Sometimes they are so glad that you called back, they were looking for your number ...etc. You've got to call them.
>Exit Strategy. You must have an exit strategy BEFORE you write your offer. The exit strategy should be the first thing you come up with. It will stop you from buying bad deals. The exit strategy is extremely important.

I hope you find this information useful.
__________________________________

Michael B


Wow Michael!

For a new member you sure have learned alot!! Or did you already know all this stuff? I must say I'm impressed and very happy to have you contributing already! By the way, welcome to the DG family, we're glad you joined us and look forward to hearing more from you!
God bless you,

__________________

Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


Hi Elena

Thank you for your kind thoughts. I read many of your posts.
I think you (and many others on this site) are absolutely fantastic!
The post I just wrote was from notes I've gathered from other sources and I thought this may be the perfect place to share them.
I, like many others here, am brand new to real estate investing and I just read Dean's book this year (and I am currently re-reading it) and I have about a million questions regarding real estate investing. (So watch out)
This website is Gold. And I am glad that you are here. You (and others on this site) are extremely appreciated for all of the information, advice and answers you freely give us out of the goodness of your heart.
Thank you so much.
__________________________

Michael B


Michael,

I appreciate your words of wisdom and the approach you present in talking with the sellers. Thank you for your contribution, and like Elena said, it's good to have you here. Smiling

God bless,

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Rina

I'm glad to contribute when I can. Thank you Rina. I appreciate it.

____________________________________________

Michael B


Amazing!!

I like this thread too..very helpful..my confidence is building!! So excited!! Laughing out loud


the 5 "W's"

GREAT INFO!

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Attract Private Investors to fund your deals so you can do more deals while using Other People's Money (OPM). For more info go to:
http://www.mcssl.com/app/aftrack.asp?afid=1029023

Regards,
John <>< Future DG & DL REI Billionaire
ASPEN PROPERTIES "I BUY (ALL CA$H), HOLD, LEASE & SELL Commercial and Residential Properties" ANY LOCATION, ANY CONDITION, ANY PRICE
http://ctaffordablehomesforall.usapropertywholesale.com/


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