After you build a rapport with the seller ask them this, “This sounds like a nice home. Why are you selling it?”
If the seller says something like, “This house has been in our family for years and we have a lot of great memories, so I am not certain why I am selling the house” that is a signal the seller may not be motivated to sell you the house at the discount or with the terms you need to make a deal.
If they reply with something like, “We just inherited the house,” or “We are a behind in our payments” or “Our tenants moved out, and we can’t get the place fixed up,” then you know there is a good chance they are motivated to make a deal with you.
Question 2: If we can agree on price, how soon would you want to close?
This question will help you understand if they are motivated enough for you to make a deal. If they reply back “We are not in a big hurry, so anytime in the next year,” then you will have a hard time making a great deal because they are not motivated enough to sell to you at a price or terms that meet your investment criteria.
If their answer to this question is “We can clean everything out and close in 10 days,” then you know they are highly motivated and will be responsive to the rest of the negotiating process.
Question 3: If we close on your date, what is the lowest price you can accept?
Be sure they know your investor talking with other local sellers and you are looking for the best deal you can make.
Then you ask the big question: “If we can close on the date that works best for you, what is the lowest price you can accept?”
3 EASY questions that make all the difference in establishing which sellers are likely to give you an incredible deal.
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