***{3 FSBO homes No Investors}***HELP

Yes I have talked to the owners on two homes. The third one I have not spoke to yet because i really do not know how to explain my self on what i am doing and the reason how i can help them sale their house.

If you have any script i can use everytime i come across a seller and buyers, so i can sound like i really understand and know the business to the "T"?

Brandon there are many different scripts here by many different investors and coaches you have to look in the forums to see which ones will work for you.

Hi Brandon
Here are the basics - but the details are in Dean's books and on the forums.
You have to have a buyers list FIRST.
You have to know what profit the buyers want.
You have to do a market analysis to determine what the property is worth.
You have to talk to the owners to find out their needs and hot buttons.
Not every FSBO is a great deal; some are FSBO because they are looking for every dollar.
You use assignment of contract or sandwich lease or or or to make your money.
When you have a specific question, it will be easier to answer.
Good luck!
Gena

to get an idea of what you need to offer, you are going to have to know what similar houses are selling for in that area, most investors want good discounts like buying the property at55-65% and some want to spend even less, but if you know the market value and can talk the seller down enough under that you can make a profit and still cover any costs that might be incurred, some states require a double closing to wholesale a property.
If you have a house worth 100,000, then you can offer them say 55,000 and they counter with 60,000. You have 40,000 in equity to play with - although unless the seller is really desparate to sell, they might only come down 10-20k.
But if you get a house for 60,000 and other houses there are selling for 100,000 chances are you can even find a retail buyer for the property, so you would make more money. With an investor, a purchase at 60% of the value might leave you room for 5% profit, where a retail buyer can leave room for 20% profit.

What you need to do is run some ghost ads for a property with similar details to the property you are looking to lock up, so you can have your buyers ready. When they respond you can tell them that property isn't available anymore, but you have 3 more you are getting soon and you will let them know as soon as they are ready.
You can also lock up the property and ask for 30-60 days on your contract, just make sure you have in there that you reserve the right to show prospective buyers the property. If you are upfront with the sellers, and they know what you are going to do, they won't mind you making a profit.
If your plans are a double close then that doesn't matter anyway.
One thing you are going to have to do is find out why they are selling, because that will show you what buttons to push.

When I come across for sale by owners, I always ask if seller financing or lease option is available. So far almost everyone has said they would do it with the right down, or wanted 10k down, or 10-30%.
Some FSBO I have seen are asking prices well above market value, and don't seem to get that things are different now.
Hope that helps

the milk analogy was horrid. If you don't know to first look at the expiration date, you don't need to be going to the supermarket. I would call ACS on your mother just for letting you out the house.

Just jokes,.....kinda

Contrary to what most on here believe, I believe you need to first have a deal.

There is no such thing as a great home to a buyer unless the #'s are right; it could be Beverly Hills, midtown NYC, etc., if it can't make financial sense then its not great. In your belief other than locale what makes these homes great???......Great.

We'll help you but we need to know the basics before we just ramble and give you ambiguous answers.

Start from the beginning, how you found them, what you said to them, what they said to you, where you are now

If all homes are actually late built 5 bd / 3 bth homes you are probably looking at a very small sliver of the home buying population that is looking for this type of home.

Before you start thinking about how much you should take as a profit, you need to do your due diligence researching the property.
By the time you meet with the owner to talk about his/her situation, you should already know how much the house is worth, what you could sell it for...

When you call, you tell them that you are a real estate investor who buys and sells homes in their area, and that you may be interested in theirs, but that you would need to know a few things about the property first.
Build rapport with them...
Once you talk to the owners, you need to LISTEN to their story, find out how much they owe, how much it needs in repairs, why they are selling, etc. Let them do the talking, and let them be the first one to mention a price...Then you could say something like: if I was to pay cash for your house in 7 days what would be the minimum that you would sell it for?

If it's a great deal, then you put it under contract...then all you have to do is advertise it on Craigslist and you will have enough people calling you...

Wishing you great success,

valerie

Thanks to all that replied,

Well since you guys have been coaching me on this issue, I have recent called one of the owners and they are looking for the whole price range. The other two are agreed on the min price #. Which is great for the investors.

Deans book: Profit in your town talks about "Double Closing" & "Sandwich Leasing" sorry to say that i am lost? first, I have never owned my own home and do not know anything "title companies". Please share a better understanding to these few words.

Deans Book also, states "Building a Team". is this only when i am paying cash & flipping a home?

On the other hand, why do real estate agent own forclosures, it makes it hard for me lol........?