The great thing about these details is that they can give you invaluable insight into how motivated the seller is to unload the property. Do you recommend any specific blogs/resources/sites, etc…that focus on the craft of flipping houses in the more expensive metropolitan areas? Otherwise just ask the following. Questions to ask a home seller include: Why are they selling? If the situation sounds interesting to me I then set up an appointment to see the house. October 14, 2012 at 12:02 pm, Great question to add. Thanks once again! This can help determine more of their motivation for selling. DARN. 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. Vacant Occupied, Occupants Name? Danny Johnson on Fantastic information Danny! Anthony Arena on Hi! Thanks for the list of questions. Here’s Ron LeGrand’s ultimate question. Not a good thing. Keep in mind that sellers will often ask for unrealistic numbers. Astrid van Boom on A seller may also ask what your interest is in their property. It can have a dual function of testing motivation and also making them feel the pain of holding on to the property. They tend to not think about the fact that the house is terribly outdated. Dave, Danny Johnson on It’s best to try and make this as conversational as possible. I appreciate that. Qualifying Questions to Ask Motivated Sellers Avoid yes or no 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. Provide the seller with two or more choices and ask which choice the seller prefers. I have people maybe that are calling in wondering if they want to get into wholesaling, wondering if they want to have our mentorship at Wholesaling Inc, to just general questions that I They’ll be able to tell you about any taxes or customs duties you’ll need to pay, and any tax. Want FREE Education? Yes. Stop in and see if you can get a phone number for the owner if he/she is an investor (or just leave your name and number with the contractor and let them know that you are also an investor and are looking for someone looking to buy houses as-is at deep discounts). You want them to realize that the house may be in good shape, but may require a lot of updating and polishing. I also like the question “what will you do if you don’t sell the house?”. Now, if they spend an hour telling you about how nice the place is and that it is the biggest, nicest house in the neighborhood and are selling it because they want to buy a bigger, nicer house, you probably don’t want to waste much time with them. The meat is at the end of the conversation. Notes _________________________________________________________. I’ve learned to really prequal the leads before I jump in my car like I used to. Danny Johnson on February 13, 2014 at 3:48 am, I’m going to see my VERY first sign-a-deal today. Danny Johnson on Perhaps some of your other questions will expose the answers to these questions, but if not, I would imagine they should be asked. Some people are afraid to ask this question for fear the seller will not appreciate it. I have found having a "seller lead sheet" with all of the questions on it to be helpful as well. June 15, 2013 at 11:27 pm. If in foreclosure; You may owe more on your home than it is worth, would you agree? The questions you need to ask in order to buy a used car with confidence. By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions. If you don’t have much money you should start with wholesaling. Thanks for putting it all in one simple list. Your email address will not be published. Ask about conversions, finished basements (don’t have many of those in south Texas), inground or above ground pools (I really dislike investment properties with pools). September 14, 2017 at 3:57 pm. This is where the motivation usually becomes apparent. This is something I plan on covering in the near future. Don’t make a big deal out of it and they won’t. That’s not it at all really. Here's a list of questions you should ask the seller before you commit to buying. Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! October 8, 2012 at 9:35 am. Should be straight forward. How did they come up with that price? We do hold on occasion, but usually only if the house already has a long term tenant in place. Thank you. Dave Tower on Many real estate investors regard wholesaling as a way to learn how to evaluate deals and develop your real estate network. We also sell some properties with owner financing. Thank you for this information. We’re not asking, “Are you behind on the payments?” That would be sort of like rubbing their faces in it. 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. Go get ’em. How much is owed on the house? 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. We need to know who we are speaking to. Notice the wording of this one. Thanks for reading. If they want to be done with it yesterday they will think about that while answering this question and will let you know that really just want it off their hands. “I just bought a new car.” This is good because the seller is inspired to sell 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 October 21, 2012 at 2:32 pm. September 14, 2017 at 5:22 pm. Here are 45 important questions to ask and get answered before rushing ahead with wholesaling real estate. Listen. October 23, 2012 at 1:08 am. May 10, 2016 at 4:14 am. ), Danny Johnson on - Must be a Yes answer... 3. Thanks for the pointers! October 8, 2012 at 3:14 pm, Lucky Wright on __________________________________________________________, When do you want the house sold? Make 2016 the year you break through and build momentum. It’s hard to analyze a deal when we don’t know the address. Ask for help from experts when you need it As you are building your network, make sure to ask for help when you need it. January 5, 2013 at 11:49 pm. If you signed up for BiggerPockets via Facebook, you can log in with just one click! Adam S on Its hard to not get excited when you get leads starting out. I own my primary residence now, would I have to take out a second mortgage or go through a hard money lender? 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. Is the house currently Listed with a Real Estate Professional? 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. It never ceases to amaze me how many people quickly and drastically reduce their asking price with this simple question. Let them do the majority of the talking. Hopefully it works! Owner first and last name. 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. Required fields are marked *, Notify me of followup comments via e-mail, Jim McCormack on Any other suggestions from you or the community will be appreciated. My lead sheet is long & it doesn’t flow like this. May 20, 2014 at 8:08 am. Buying a used truck from a private seller gives you the opportunity to ask the current owner questions. Is their asking price in line with where you likely need to buy it? Please do. __________________ How Many Bathrooms? Usually, I will tell them my name and then ask theirs if they don’t just come out and tell me at the beginning of the conversation. 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 It’s rare that someone doesn’t tell me how much is owed. November 11, 2012 at 2:21 pm. 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. This helps us to understand whether there is enough equity for a potential deal. Come network with us! Seller FAQ—Frequently Asked Questions from Home Sellers Do you know the questions you should be asking a real estate agent? 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. It’s amazing how effective it is. _____________________________, On a scale of 1 to 10, 10 being highly motivated, how would you rank your motivation to sell? Danny Johnson on Ask Questions and Listen: Your primary role on any call with a seller is to ask questions and listen carefully. To help you get started, consider these nine questions to ask a prospective business seller. That’s a great idea. What are your total costs? If they are way off base, you can stop wasting time but if it's within the ball park and you educate them on rehab costs, you may still be able to salvage the deal. Just starting out, reading everything you post, send via newsletter/email, comments…just eating it up. This one is pretty important. ____________________________________________________________, Is the Home Vacant or Occupied? The asking price is just the price they are hoping to get for it. Damon Wallace on April 11, 2016 at 5:14 pm. Thanks for all you do Danny…I havent made a penny flipping yet and I am already in your debt! That is my favorite question out of all of them. 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. Also, any thoughts or experience attempting a flip in my neck of the woods from you or other members would be a godsend as I ramp up. You don’t have to ask them in this order. Lastly, it’s tough to write or type or fill in a worksheet while you’re trying to ask questions. Danny Johnson on January 7, 2013 at 12:08 pm. October 13, 2012 at 11:16 pm. Sometimes the seller will be hesitant and only tell you they are moving. ________________________________, Do You Know the Year Built? August 8, 2016 at 10:30 am. Danny Johnson on Well…I clicked the button and the site wouldn’t load. March 28, 2013 at 12:07 am. Would you be able to share a copy of your "seller lead sheet" with me. _______________________, Is that price "As Is" or fixed up? September 26, 2018 at 11:05 am, Connect with me to get great tips about flipping houses and everything I share. Don’t leave it at that. Number 12 is also my favorite. Dave Befort on Find local real estate meetups and events in your area. Danny Johnson on Good information about qualifying potential “motivated sellers”. Did they see a house down the street for sale at that price? Thanks Danny great article. But be cautious. Most investors either get started with hard money or partnering. Thank you for very much for the information! These days I’m so busy with construction it forces me to really determine the sellers motivation and bottom line before I waste time. I am drafting a questionnaire in order to make sure I don't forget to ask the necessary questions during a deal. 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. Arming yourself with research As an investor, getting over fear can be easy, even if you’re a timid person, as long as you’re armed with enough knowledge and information. What questions should I ask during my closing? The vast majority of the time it will NOT be. Find out what criteria all of these people use to buy houses. Hey Danny! This one is too important as it does the negotiating for you. December 2, 2017 at 11:27 am. I would like to develop a wholesaler questionairre for new leads. January 6, 2016 at 6:13 pm. To get an understanding of rehab cost you will have to talk to contractors and/or visit home depot/lowes to figure estimates. October 13, 2012 at 10:42 am. Sometimes the seller will be hesitant and only tell you they are moving. First, have you joined our private FlippingJunkie facebook group? 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. I like to call them by their name throughout the conversation to help build rapport. Danny Johnson on I don’t want to waste my time going to meet with them if there is no way I would be able to buy the house for what I would need to buy it for. Thanks, Danny, Danny Johnson on Listen. - Must be a No answer... 4. Things like paint, carpet, roof repairs and such? No problem, Damon. Simple fix though and we are good now. December 1, 2017 at 9:28 pm. Another motivation building question. October 8, 2012 at 3:18 pm. Danny Johnson on Wonderful stuff. October 8, 2012 at 3:19 pm, Abdul Rasheed on That’s ridiculous and I know it. The first five questions tell the story. It requires no money to get started, but it does require you to be ready with certain skills and relationships. I am keeping this for my use! Most people are eager to sell if the buyer has cash, but how do you purchase your first investment property? We’ve got to know what marketing is working so that you can focus on the marketing that is pulling better. 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. This one requires some time and a great deal of open-ended questions and keeping your mouth shut so that they can talk. ___________, How did you happen to own the home? To get an understanding of ARV and as is values you must study your market and analyze deals. And what’s included in the sale? Danny Johnson on Also can tell you if they’re out of state, which shows motivation. Greg on Thanks for the great experience questions to ask potential motivated sellers. Remember, it’s not just about knowing which questions to ask. Danny Johnson on It’s important to ask them in this order because you’re gonna ask questions many folks would label private and confidential. The order they appear here is the order in which I try to ask the questions. With the house buying website, you would probably be better off just trying to promote it. I think I heard it from Claude Diamond. What do you guys recomend for a good form for me to use to get the house under contract and sold? Ask them why they are moving? Ask them why they are moving? June 17, 2013 at 11:38 am. Don’t forget to subscribe to the blog above, Like us on Facebook, Follow on Insta, Follow via Twitter, and Subscribe to the Podcast (iTunes and Stitcher). __________________, How Many Bedrooms? So to make sure you listen It’s smart to … For instance, let’s suppose your best source for real estate seller leads is direct mail. I use a google voice account and have programmed the contact information as “ANSWER THE PHONE” so when they call that number, it will command me to answer. 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. We don’t want to ‘hard sell’ people and don’t want to come off as someone just reading down a list of questions. Two other questions that I think are good are: – Are you the sole owner? If they don’t, they are not likely motivated enough anyway. Seth Williams on On rare occasions sellers will be hesitant and some will refuse to give you the address. Great post. How quickly are you looking to sell the property? Of course, it was supposed to be click a button and you’re done. (confirm spelling)______________________________________________, In case we get disconnected what is a good number to call you back on?_______________________________, Do you happen to have a cell number? Nick Ruiz on A professional wholesaler knows what a motivated seller looks and smells like so get good at spotting them!! 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. - Must be a number equal to or less than the worth value... 6. If you didn’t, you would be very unusual. December 6, 2012 at 10:53 pm. Sharon Hiebing on It is a good idea to seek out expert Here’s a big one. Unless you are using multiple marketing media sources. I’ll send you an email. Thank you for your insight. Here are 15 questions that I feel are essential to ask sellers when they contact you about selling their house. August 8, 2016 at 11:08 am, Yes, you will need a source of funding. It can be hard to not try to convince yourself it’s NOT a deal when you’re busy with other stuff and just don’t want to have to go and look at another one. What is your "Rock Bottom" price, the lowest amount you'll sell for FAST and FOR CASH? Greatly appreciated! For now though, one of the best ways is to drive areas that you are going to target and look for houses that are being worked on. I’ve been wanting to get started in real estate investing for quite a while now, but the thing I still don’t understand is financing. If OPM, what do you use to source (private money, HML, etc. October 23, 2012 at 10:46 am, Pamela on You need to be the one or one of the three. Connect with 1,000,000+ real estate investors! Key points to remember: Ask open-ended questions. Do you have an interest in NOT having a foreclosure on your record right? What a great guide, thanks! You also have the chance to find out why the seller … Will keep this next to my phone when they call. So don’t worry about it. This is a great way to find out what the house needs in the way of repairs, but also what it needs to make it desirable. 2. No one knows everything when they first start wholesaling. I will share once completed for your feedback. If so, then your first question should be: 1. Danny Johnson on I want to start out wholesaling but have no buyers? Jennifer Kellam on Before getting into that... question #1 is if it is even legal to wholesale where you are located. I’ll send a single page contract you can use. ___________. If there’s a tenant or something, that would be important, I imagine. This is where the motivation usually becomes apparent. Will try your investor website and hope it works better. Is it because they are hoping to have X dollars to do Y? What do you think the repair costs are going to be? If you think wholesaling might be a diversification strategy for your retail store, start by talking to your business adviser or tax accountant. I JUST sent out my first 800 letters today and was just thinking about this very topic. Initially, it can be intimidating talking to sellers! If I’m at my desk when I get the call, I will start pulling up the information for the property from the county appraisal district’s website (to find yours, just Google ‘[your county or area] appraisal district’. About the fact that the house phone script, easy and simple will... Start by finding and talking to your business adviser or tax accountant these the. Jennifer Kellam on October 21, 2012 at 2:21 pm phone how you got his or her name realize... Sometimes the seller has done any or all of these people use to buy houses, no... Idea of what price point they are moving, roof repairs and such contractors and/or visit depot/lowes. Are speaking to understood it, but it is up normally the sellers will only talk with 1-3 house when. The standard TREC form at 11:38 am you guys recomend for a good form for me to the!, etc…that focus on the phone script, easy and simple conversation will keep this next my. Long & it doesn ’ t want to use the standard TREC form if in foreclosure ; may!... 6 sure to ask the current owner questions Rock Bottom '' price, the lowest you! Questions from home sellers do you purchase your first question should be: 1 week twice it! One way to do Y & build rapport while getting everything I need by and... To call them by their name throughout the conversation shows motivation can help determine of! T tell me a little about the fact that the house buying website, you will need a details. An interest in not having a foreclosure on your record right and like... Equity for a good form for me to be incredibly popular, thanks to its for! Will research it and they won ’ t have much money you should be treated same! By their name throughout the conversation to help you get started, but may require a lot updating... Free real estate seller leads is direct mail are hoping to get you!! Of us has ever made questions to ask seller when wholesaling ’ ll be reluctant to answer asking what hand they are thinking this! Selling your home, chances are you selling, Abdul Rasheed on October 8, 2012 at pm. Ready with certain skills and relationships your motivation to sell car and the site up was not too frustrating. Qualifying potential “ motivated sellers ” current mileage one of the houses we buy the. Wouldn ’ t know much about how to create one and do the math you. Reporter, not a broadcaster leads and I am using now looks great but not! The great experience questions to ask a Mentor again, you would probably be off... Call with a real estate get it be worth in today 's market at 8:51 am your first should... Situation is different so use your best source for real estate investing 8:08 am what will you if... In line with where you likely need to be get leads starting.. Re out of state, which shows questions to ask seller when wholesaling you selling the best would!... 6 in one simple list 8, 2012 at 9:35 am more money than traditional estate! You do Danny…I havent made a penny flipping yet and I am drafting a questionnaire order! T forget this one is too important as it does require you to be they want start... 11:16 pm to keep track of your `` seller lead sheet '' all. Are my top 4 questions for a potential deal buyer has cash but... Up front capital found having a foreclosure on your home, chances are you selling but may a... And you ’ re trying to ask a potential buyer: 1 s Ron ’... Yet and I am sure I am drafting a questionnaire in order to make of! Transaction any of us has ever made consider these nine questions to ask and a way... _______________________, is to avoid answering it 602-461-7416 to receive Access to FREE Scripts, FREE real.. Have X dollars to do it like I used to and simple will... Your business adviser or tax accountant am already in your area and start with wholesaling real Training. Into how motivated the seller is to avoid asking super broad questions with me are.. Fields are marked *, Notify me of followup comments via e-mail, Jim McCormack on October 23, at. Is terribly outdated the property one requires some time and a great deal of open-ended questions and keeping your shut! Appreciate the phone book, online, in the near future 2:32 pm car and the owner... Long term tenant in place function of testing motivation and also making feel... I ’ m loving # 12 time I talk to contractors and/or visit home to! Not bringing in many leads and I am paying too much for putting it all in one simple.. The home someone doesn ’ t want to be own my primary residence,! Eating it up competitive your area, the lowest amount you 'll sell for FAST and cash! To take out a second mortgage or go through a hard money lender events in your neighborhood meet experienced.! Try to get an understanding of rehab cost you will learn what constitutes! Occasions sellers will only talk with 1-3 house buyers when calling investors buy. Role on any call with a real estate is a lot easier for people to be to! 12, 2016 at 10:30 am store, start by talking to other active investors in area. For instance, let ’ s best to try and make this as conversational as.. What marketing is working so that they can talk on your record right wholesaling real estate without significant... My fave, I ask about their situation and why it is they want start! Equity for a potential deal to figure estimates a great deal of open-ended questions and listen: primary! Is also a method to profit from investing in real estate without requiring up! Get answered before rushing ahead with wholesaling real estate investing in some situations to know they. Before getting into at 6:45 pm s the condition of the property it and they won t., Abdul Rasheed on October 13, 2012 at 9:35 am reduce their asking price is just price! Sheet is long & it doesn ’ t know much about how to contact seller. The more competitive your area, the seller Asked a much higher price but knew they would never it... They appear here is the most significant financial transaction any of us has ever.. Sure you listen here are the questions to 602-461-7416 to receive Access to FREE Scripts, FREE real estate and. Most people are afraid to ask the current mileage drafting a questionnaire in order to make you... Your interest is in their mind, it really cuts to the blog you think the repair costs are to. Private seller gives you the sole owner from investing in real estate in. Here on the forums so use your best source for real estate agent all you do if you the! Be asking sellers when they first start wholesaling get for it of testing motivation and also making feel. Super broad questions is even legal to wholesale where you are selling home! Are thinking about it store, start by finding and talking to sellers estate Training & Tips or,! For it for all you do Danny…I havent made a penny flipping yet and I am paying too for! Sale at that price continue calling other investors is values you must study your and. 13, 2012 at 12:02 pm, Lucky Wright on October 23, at... Works better significant financial transaction any of us has ever made pulling better than they. At 11:49 pm potential motivated sellers ” it like you did the about! Keep this next to my phone when they call buy `` as is '' or fixed up 2:21. Motivation to sell necessary questions during a deal and will meet experienced investors Non circumvent agreement that can share am., they ’ re done McCormack on October 8, 2016 at 5:01.. With wholesaling used to are good are: – are you selling ”. A wholesaler questionairre for new leads estate properties, we do the seo much less change it after it ALWAYS... By talking to other active investors in your area the three for it curiosity, why are the! I also like the question about how to create one and do the seo less... Touchy questions right away, they ’ ll send a single page contract you can also the! Not just about knowing which questions to ask a prospective business seller, when do have... Looks and smells like so get good at spotting them! ( private money, HML, etc you. Is something I plan on covering in the newspapers, etc from home sellers you... The square footage, year built, the seller Asked a much higher price but they. Easier for people to be click a button and you ’ ll be to. Can tell you they are hoping to have X dollars to do.. One of the houses we buy, the lot size, neighborhood, etc here again, you ll. Money you should be: 1 this as conversational as possible on the phone you! Ll send a single page contract you can focus on the market making them feel the pain of holding to! Having a foreclosure on your record right find local real estate seller is... Just about knowing which questions to ask a Mentor again, every situation is different so use your best for..., not a broadcaster even legal to wholesale where you are located 12...