OfflineI'm new to real estate investing. I just finished reading Dean's book "Be a Real Estate Millionare" and still find myself full of questions. I am looking for advice on how to make initial contact to a "for sale by owner". I found three potential deals today and want to make contact with them. What are some of the important questions to ask the sellers?
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BUILD RAPPORT with the sellers, this is key!
First ask them about the property, how many beds, baths etc...Let them talk, you'll find they love to talk about the property.
Find out why they are selling, if they have a personal attachment to it they may be asking more than it's worth and are less likely to be motivated.
Ask how they arrived at the asking price. They may "think" it's worth what they are asking or had a realtor look at it...just ask.
Is there a mortgage? (this is public knowledge-you can get the info at the courthouse or title company)Search the forrums and you will find more information there as well.
I hope this helps...and welcome to the DG Family!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Sorry for the lack of knowledge, but what are the forums?
I found these FSBO in a small publication called the "Advertiser". They do list the address, bed, bath & sq.ft., telephone number to call, etc. But, nothing that leads me to assume they are aggressively needing to sell.
Is it ok to ask how much they still owe? And if or where they are financed?
How about whether or not they are interested in seller financing or lease purchase as an option? Stuff like this.
What is the best way to approach them if you have little or no down payment?
Thank you,
Dave
Dawn is right...first make a friend then contract a house. LOL! Ask them questions like..
1. Why are you wanting to sell? THis seem like a nice place. Then let them talk.
2. How did you arrive at your asking price?
3 Ask about size, location, BR, BA, sq ft. etc..
4. Make an appointment to take a walk through.
5 Make a offer that is 40 to 50% off appraised value.
All they can do is either say yes or no.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Also, if they don't accept your offer give them your card and tell them that's out of your price range but if things change to give you a call. I was called back a month later and got the house at MY price after the owner realized he wasn't getting his asking price.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I spoke to one of these contacts last night & found out he has not recently had this property appraised. How important is it to have it appraised? Is there a public record of past appraisals?
These folks are in their mid 70's. They bought the place new in 2003. Started finishing the basement...it's not done. They moved into a condo last August becuase it is easier for them. They are asking $200,000 for the property. It is one and a half lots with sprinkler system. It still looks new. Do you think offering 40% - 50% less is an insult? Or should the offer be 40% - 50% less than the appraisal?
What would be the best way to finance this with little to no money down?
Dave
I don't think your question was answered...
The forums are on the left had side of the homepage, second from the top.
Go search there...LOTS of info for you here, have fun reading!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie