Getting The Right Information
From The Seller
By Jamel Gibbs
The author has permitted the reprinting and redistribution of this
article.
So you have the ads running, you have the post cards delivered, you
have the bandits signs up, and now your phone is starting to ring. What
do you do when the sellers call What questions do you need to know in
order to evaluate the deal and make sure you present the right offer
This article will give you the top five things you need from the seller
in order to evaluate a potential real estate deal.
It’s quite obvious that you will need the name and phone
number of the seller who is calling you. Therefore, we will not get
into that. This article is about important questions. Not, common sense
questions.
One The first important thing that you need from the seller is the
property address, square footage, and bedroom and bathroom information.
Find out where the property is located. Ask the seller what is in the
surrounding area. How far away is the nearest shopping center, etc. Try
to get as much detail about the property as you can.
Two Next you will want to know about the repairs needed on the
property. Tell the seller to be specific so you can get an idea of the
amount of repairs the house needs. Ask questions about the boiler and
the roof. Find out what was upgraded already. Ask about the electric
and plumbing in the house. What about the windows, kitchen and
bathrooms Get the seller to tell you as much as possible.
Three After discussing the property now you want to know why they are
selling the property. Make them go into detail. This is very important.
This question will help you determine if you’re going to take
a look at the property or not. If they say that they are selling
because they need the money. That is not a good enough reason. If they
are selling because they need cash to pay off an expensive medical bill
that was for a life threatening illness…. now
you’re talking. Obviously, you want to target motivated
sellers, so try to find out the seller’s why (in detail).
Four Now it’s time to ask about the financing on the house.
What is the loan balance on the house Are they current on their loan
and taxes Will they take what they owe How much is the 1st mortgage
amount What about the second Is there a 3rd mortgage How much are they
asking for the house Try to find out as much about the financing on the
house as you can. If they are serious motivated sellers they will tell
you. If not, they are probably not your cup of tea.
Five The last important thing you need to know from the sellers is if
they are willing to take less money if you pay cash. Ask the seller
this question… if I were to pay cash and close quick, what
is the least amount of money you are willing to take This is a very
important question because this will tell you how motivated (desperate)
the seller really is.
Remember to ask your questions with confidence, be polite, and keep in
mind that you are there to help the seller get out of their situation.
Ask these questions and you will eliminate the unmotivated sellers off
of your list.
Copyright © 2008 Jamel Gibbs
All Rights Reserved
WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE You can, as long as
you include this complete blurb with it. Check out Jamel Gibbs at
httpwww.HowtoFlipforProfits.com
If
you would like to take advantage of the market and learn how to invest
in real estate and you are local to the Dallas Fort Worth area, I know
a really great teacher and mentor here in Arlington Texas. Please take
a look at his web site: DennisJHenson.com,
Dennis has a great Mentoring and training program, I know because I am
one of his former students. I learned a lot from his one on one
teaching technique. - Michael Harman 817-457-7572
mchfun.business@gmail.com
http://www.biggerpockets.com/articles/