Talking to Distressed Owners

[Tim Hsu]

Hi Everyone,

I have recently spotted a home that was in pretty bad condition (currently vacant). I found out that the property belongs in a family trust. I was able to get the mailing address of the owner and sent them a letter today asking if they were interested in selling the property. Since this is the first time I’ve done this I’m not quite sure what I should ask them if they decide that they are interested to meet me. Does anyone have a list of questions they ask over the phone? And also when they meet the owners face to face? Thanks again for your help.

[Simon Campbell]

Do you know what you would want to pay for the house. Since it is vacant, you could peep in the windows and see what kind of condition it is in. Also, get the property record card from the tax assessor to find out more specifics about the house. Check the county records to find out what they paid for it and if there is a mortgage on it and about how much is left to pay.

Once you know your number, you have a position to negotiate from. Then ask them if they would be willing to sell and if so, how much would they want.