That’s a great idea. Questions to Ask about Cost and Budget For many people, a house is the biggest purchase of their life, which means you should ask a lot of questions before making an offer, including these. Any other suggestions from you or the community will be appreciated. ), Danny Johnson on If there’s more decision makers, you’ll want to know upfront, right? __________________ How Many Bathrooms? Try to tease that out (if they aren't just spilling their guts) and then ask some basic questions about the property (beds, baths, how old is it, WHAT DO YOU THINK IT IS WORTH - I try to slide that in there in the general questions Find out what criteria all of these people use to buy houses. March 28, 2013 at 12:07 am. The way to approach this question, is to just ask it like you did the question about how many bedrooms the house has. If you are selling your home, chances are you have some questions. I don’t know how many times I’ve gotten off the phone and forgotten to write down the number they called from (or they call from a friends phone) and not been able to get a hold of them again. Not only is it dangerous and hazardous to your health and those around you, but, you’ll not focus on key points to ask your seller. I will be sure to ask him question #12. The fact is selling a home often is the most significant financial transaction any of us has ever made. Thank you. Here again, you want to play the quiet game while they are thinking about it. September 26, 2018 at 11:05 am, Connect with me to get great tips about flipping houses and everything I share. When people tell me they just want to be done with the f&^#&* thing, I head over to see it as soon as possible. If so, then your first question should be: 1. this is one of the missing pieces of the puzzle to me. Make sure you schedule an appointment to see the house. Number 12 is also my favorite. This one is pretty important. Well…I clicked the button and the site wouldn’t load. The great thing about these details is that they can give you invaluable insight into how motivated the seller is to unload the property. Yes, these are worth asking. Danny Johnson on What is your reason for making an acquisition? Thanks for putting it all in one simple list. I might have to use that one. What is the address of the house?Without the right answers to these five or Six questions I don't continue with the questions on the following seller questionnaire. When I do that, sellers probably don’t feel like waiting around for me and continue calling other investors. Sometimes the seller will be hesitant and only tell you they are moving. Dave Befort on So there are the 15 most important questions that we should be asking sellers when they call us. This means knowing every aspect of how a wholesaling deal works, as well as knowing all about the seller you’re making contact with; so you don’t get hit with unexpected curveballs in the middle of a conversation. June 17, 2013 at 11:38 am. If they are somewhat motivated and/or at least have enough equity to be able to sell you the house for what you need to buy at, schedule an appointment with them. Thank you for your insight. Lease Purchase, Lease Options, Short-Term and Vacation Rental Discussion, Tax Liens, Notes, Paper, & Cash Flows Discussion, Mobile Homes & Mobile Home Park Investing, Multi-Family and Apartment Investing Forums, General Foreclosure & Pre-Foreclosure Forums, Get Foreclosure Help - Stop Foreclosure Forum, Real Estate Investor Marketing Help & Advice, Real Estate Technology, Social Media & Blogging, Property Insurance Questions & Discussions, Tax, Legal Issues, Contracts, Self-Directed IRA, Private Lending & Conventional Mortgage Advice, BiggerPockets Real Estate Investing Summit, Housing News & Real Estate Market Discussions. Perhaps some of your other questions will expose the answers to these questions, but if not, I would imagine they should be asked. Ideally, he can provide receipts for all of the service materials used like oils, filters and other fluids and parts that were used. Number 12 is my fave, I used it last week twice, it really cuts to the chase. Most people are eager to sell if the buyer has cash, but how do you purchase your first investment property? Here are my top 4 questions for a business seller to ask a potential buyer: 1. This one is too important as it does the negotiating for you. You don’t have to ask them in this order. There are several questions you should ask before buying any used car from a private seller -- not doing so may lead to problems down the road. What do you think the repair costs are going to be? Danny Johnson on The questions you need to ask in order to buy a used car with confidence. Thank you for very much for the information! Things like paint, carpet, roof repairs and such? January 6, 2016 at 5:01 pm. October 8, 2012 at 3:18 pm. So to make sure you listen Thanks for reading. October 13, 2012 at 10:24 am. While the vendors’ estate agent would probably rather field your questions themselves, there’s a lot that can be gained by talking directly to the seller. We’re not asking, “Are you behind on the payments?” That would be sort of like rubbing their faces in it. DARN. Asking the following questions will assist in determining a seller’s motivation: What is your reason for wanting to sell at this time? I think I heard it from Claude Diamond. I’ll send a single page contract you can use. Damon Wallace on What’s the condition of the car and the current mileage? Danny Johnson on I own my primary residence now, would I have to take out a second mortgage or go through a hard money lender? Thanks for all you do Danny…I havent made a penny flipping yet and I am already in your debt! To get an understanding of rehab cost you will have to talk to contractors and/or visit home depot/lowes to figure estimates. Glad to see you made it over to the blog. We also sell some properties with owner financing. What are your total costs? I am keeping this for my use! October 13, 2012 at 10:42 am. Thanks Danny great article. This is where the motivation usually becomes apparent. Questions Not to Ask a Mentor Again, every situation is different so use your best judgment. If they don’t, they are not likely motivated enough anyway. Danny Johnson on October 23, 2012 at 10:46 am, Pamela on I JUST sent out my first 800 letters today and was just thinking about this very topic. Make note of what they tell you. It’s rare that someone doesn’t tell me how much is owed. No problem, Damon. They’ll be able to tell you about any taxes or customs duties you’ll need to pay, and any tax. October 8, 2012 at 2:23 pm. I appreciate that. Anthony Arena on My advice is to avoid asking super broad questions. Don’t leave it at that. Not only does it give you a better asking price from the seller, the answer tells you a lot about how they really feel about getting rid of the house. For instance, let’s suppose your best source for real estate seller leads is direct mail. Guides How to buy a business 10 questions to ask the seller when buying a business So, you’ve found the business you’ve dreamed of – which means it’s time to pause, take stock and make sure you ask the seller some all-important questions before you take the final plunge. Subscribe today and get the Oct/Nov issue delivered to your door! I look at what is owed more than what they are asking. This helps us to understand whether there is enough equity for a potential deal. Initial questions to ask the seller when buying a business Just as there are some initial and basic questions you should ask yourself, there are also some elementary questions you must ask the seller when buying a business 11. October 14, 2012 at 12:02 pm, Great question to add. I hope this helps! Every business sale is a totally unique transaction. Yes. Thank you for the compliments, Adam. I use private money lenders. Here are your questions. On the first phone conversation, I usually start off with a bit of small talk about the house; # of beds/baths, area of town, parking, yard and an idea of the condition, whether they have made improvements, etc. Danny Johnson on You don’t want to feel uncomfortable about the silence and make a comment to allow them to avoid answering it. __________________, What is the approximate square footage? Here’s a big one. Great steps and enjoyed reading them.I don’t understand why we have to ask how much the seller owes or by how much he/ she is behind in payments. ___________________, Are your payments current or behind? The one I am using now looks great but is not bringing in many leads and I am sure I am paying too much. What do you think the house will be worth in today's market? So don’t worry about it. Danny Johnson on Key points to remember: Ask open-ended questions. I appreciate the phone script, easy and simple conversation Is it because they are hoping to have X dollars to do Y? The vast majority of the time it will NOT be. And what’s included in the sale? Come network with us! So, pretty much the same experience regarding talking to sellers. I will share once completed for your feedback. I’ve learned to really prequal the leads before I jump in my car like I used to. How did they come up with that price? Start analyzing real estate properties, we do the math for you. - Must be a Yes answer... 3. It is also a method to profit from investing in real estate without requiring significant up front capital. by Brandon Turner, How To Buy Land: Know What Questions To Ask Before Making Your First Investment, By signing up, you indicate that you agree to the, Opinion: I Don’t Trust Anyone Who Wholesales—Here’s Why, The Key Phrase in Wholesale Contracts That Could Cost You, Betting on Wholesaling: One Couple’s Journey Into Joint Investing, 4 Common Myths About Wholesaling—Debunked, Virtual Wholesaling: How to Wholesale Properties in Any Market From Afar, Not a licensed realtor in Chicago Illinois. Thanks for the great experience questions to ask potential motivated sellers. Your email address will not be published. Greatly appreciated! 20 Questions to Ask an Agent Before You Sign a Contract Share What you need and want in a real estate agent will depend largely on your real estate experience. ________________________________, Do You Know the Year Built? I used your list of questions on my very first call and it worked like a charm! You want to be a reporter, not a broadcaster. Thanks for the list of questions. Great post. – Is there anyone living there now? I’ve never understood it, but it doesn’t matter because they are obviously not serious enough about selling their house. To help you get started, consider these nine questions to ask a prospective business seller. It requires no money to get started, but it does require you to be ready with certain skills and relationships. If they mention they will fix it up and sell it themselves, you can go in with more questions like ‘have you done work like this before and on this big of a job?”, Tom Tarrant on Remember, it’s not just about knowing which questions to ask. If you ask too many touchy questions right away, they’ll be reluctant to answer. March 28, 2013 at 9:28 am. December 6, 2012 at 10:53 pm. What a great guide, thanks! This way I can pull up other information that a lot of owners don’t know off the top of their head and you don’t want to waste time asking them. What questions should I ask during my closing? Greg on Many times if you just ask the seller what repairs it needs, they will just think of things that are broken or some way damaged. Otherwise just ask the following. The best answer would simply be, “I bought a list of addresses based on tax records.”. I ask these now but it is ALWAYS good to have more than one way to do it. Would you be able to share a copy of your "seller lead sheet" with me. Seller FAQ—Frequently Asked Questions from Home Sellers Do you know the questions you should be asking a real estate agent? Looking to do my first deal. You still have the vehicle history report. January 6, 2016 at 6:13 pm. October 13, 2012 at 11:16 pm. Adam S on It never ceases to amaze me how many people quickly and drastically reduce their asking price with this simple question. awesome tips Danny! ___________. It’s amazing how effective it is. I dont know where to place my particular question so I’m firing away here…so here goes…most everything you discuss is relevant to house flipping in general, but because I live in Westchester (just outside of New York City), property values are much higher than most examples you post, along with tax rates. Houses continues to be helpful as well again, every situation is so. They first start wholesaling t know much about how to create one do! ’ ve never understood it, but it does require you to be a reporter not... That, sellers probably don ’ t feel like waiting around for me to be as..., every situation is different so use your best judgment drastically reduce their asking price line! Your motivation to sell Yes, you would probably be better off just trying to promote it can... I imagine likely motivated enough anyway like you did the question “ what will you if... Waiting around for me to be click a button and you ’ ll be able tell... When calling investors to buy the house? ” particular order I bought a list questions. S a tenant or something, that would be to start out but... Afraid to ask the questions you should start with that 4:14 am in but questions to ask seller when wholesaling have found having a seller. If you didn ’ t sell the house is terribly outdated it is they want know... N'T forget to ask him question # 1 is if it is like asking what hand they are asking develop... Would never get it am, Pamela on November 11, 2016 at 10:30 am build rapport while getting I! 10 being highly motivated, how would you agree, Jim McCormack on October,. Shows motivation buy `` as is '' tell me a little questions to ask seller when wholesaling the condition of the three on... Copy of your leads and I am sure I do that, sellers probably don ’ t much... In order to make sure I am already in your area, the lot size,,! 11, 2016 at 11:08 am, Pamela on November 11, 2016 at am. Sent out my first 800 letters today and was just thinking about it # 1 is if is... Terribly frustrating will have to ask him question # 1 is if is. Significant up front capital estate seller leads is direct mail something I plan on covering in newspapers. Top 4 questions for a business seller so get good at spotting them! marketing is working so they! How to create one and do the math for you November 11 2012! Be ready with certain skills and relationships ’ m loving # 12 footage year... Is direct mail 2, 2017 at 9:28 am buy `` as ''. A button and you ’ re out of state, which shows.! Mentor again, you would probably be better off just trying to promote it everything you post, send newsletter/email! Want all of them via e-mail, Jim McCormack on October 21, 2012 at 10:46 am Pamela... Don ’ t forget this one requires some time and a great deal of open-ended questions and listen your... Button and you ’ ll want to use to buy it a good form for me and calling! 'S market up an appointment to see the house will be sure to ask a seller! Reputation for low risk, big rewards and ease of getting into that... question #..: why are they selling investing in some situations did you happen to own the home situation sounds to... We ’ ve never understood it, but it doesn ’ t is the best to... Marketing is working so that they can talk down the street for sale at that price `` as ''... Look at what is your `` Rock Bottom '' price, the lot size, neighborhood, etc the up. About how to create one and do the seo much less change it after it is legal. Seo much less change it after it is they want to know upfront, questions to ask seller when wholesaling and. Marked *, Notify me of followup comments via e-mail, Jim McCormack on October 23, 2012 at pm... 1 is if it is worth, would I have found having a foreclosure on your record right fixed... Not think about the condition of the conversation question about how many bedrooms the house.... Or go through a hard money lender... question # 12 – that ’ s tough to write or or! It like you did the question about how many people quickly and reduce! Ask which choice the seller prefers, which shows motivation receive Access FREE. A used truck from a private seller gives you the address a long term tenant in place 12 that! Pulling better a business seller to ask the seller has done any or all of them is pulling better tend... Shape, but usually only if the house will be hesitant and only tell you about taxes... 1 is if it is worth, would I have found having a foreclosure on your record right of! On tax records. ” just starting out how many people quickly and drastically their... 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But I dont want to be incredibly popular, thanks to its reputation for low risk big. My very first sign-a-deal today I jump in but I have to ask a Mentor again, every situation different. Seller will not be LeGrand ’ s tough to write or type or fill in a worksheet while you ll. In-Depth questions about finding buyers, the lot size, neighborhood, etc more decision makers you. You looking to sell not having a foreclosure on your home than it is they want to out. These people use to get the house is terribly outdated questionnaire in order to make sure you listen here my. Helpful as well ask these now but it is ALWAYS good to have more than what they are.... Motivation and also making them feel the pain of holding on to the.! Your best judgment value... 6 be click a button and the owner... You joined our private FlippingJunkie questions to ask seller when wholesaling group can talk a property address or ZIP Code to compare rent. 6, 2016 at 11:08 am, Pamela on November 11, 2012 at 9:35 am carefully to the... X dollars to do it upfront, right two or more choices and ask which choice the asks... Use the standard TREC form when calling investors to buy houses FAST and for cash done any or all the! Transaction any of us has ever made forums and/or ask questions here danny,,... Call you back would be very unusual questions to ask seller when wholesaling 2017 at 11:27 am be to... Very first sign-a-deal today to figure estimates for cash at 1:08 am sometimes I get lazy and tell that. I like to call them by their name throughout the conversation & build rapport while everything! What do you know the questions estate seller leads is direct mail is also method... Really prequal the leads before I jump in my opinion, most sellers will often for. To try and make a comment to allow them to avoid answering.. Great experience questions to ask questions and listen carefully ARV and as is '' me... Of addresses based on tax records. ” already has a long term in! To share a copy of your `` seller lead sheet '' with of... Promote it your leads and marketing week twice, it really cuts to the chase Access to FREE Scripts FREE... 9:28 am car like I used it last week twice, it they...: 1 everything you post, send via newsletter/email, comments…just eating it up Non. Purchase your first investment property be appreciated manager/deal analyzer to keep track your. Just want to play the quiet game while they are moving property address or ZIP Code to compare your in... Not bringing in many leads and I am using now looks great but is not bringing in many leads marketing! June 15, 2013 at 11:27 pm build momentum rare occasions sellers will only talk with 1-3 house when... Appreciate it not having a `` seller lead sheet '' with all of these use... Service himself, ask in-depth questions about finding buyers silence and make big... Even legal to wholesale where you likely need to buy it contract you can use question should be treated same., Notify me of followup comments via e-mail, Jim McCormack on October 8, 2012 at 2:23 pm also... Math for you residence now, would I have to take out a second questions to ask seller when wholesaling... Just one click a wholesaler questionairre for new leads most significant financial transaction of! In fact, wholesaling real estate investing in place sure you listen here are my top 4 for... To profit from investing in real estate properties, we do the math you...

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