HELP: Closing on motivated seller leads

[Nathan Zhivalyuk]

Hello everyone, 

I have recently been doing some research in the area of buying homes directly from home owners that are motivated to sell their homes for various reasons. I understand the theoretical process well in terms of how to find these potential motivated sellers but I am kind of hung up on the practicalities of how to follow through once an agreement has been made on a selling price. Can someone please walk me through such a process (agreement of sale, title search and what ever else might be necessary to complete this process). 

Thanks!

-Nate

[Christopher Telles]

Sales Agreement, Purchae and Sale Agreement, PSA, Sales Contract/Agreement for the Sale of Real Estate, Escrow and Deposit Agreement, and a half dozen other titles all typically refer to the sales contract.

If you're experiencing a block do to a lack of understanding then I'm of the opinion and mindset that the only way to cure that block is to go out and experience it in a live experience.

Unfortunately a vast majority of people allow mental blocks from them achieving their goals. They will not take action because they feel the don't know enough or the block freezes them out of taking the initial action needed to get started.

A simple cure for a lack of knowledge is to build a plan. This plan doesn't need to be overly complex. Since you're struggling with closing a seller then build a step by step plan for closing a seller. Example:

1. Find seller motivated seller

2. Determine property value

3. Meet with seller

(a) Have an answer list for most seller objections

(b) know my buying formulas cold so I can shift buying strategy during meeting to meet seller needs or objections.

4. Don't leave until a contract is signed or a reasonable buying price is unreachable.

After creating your simple plan then sit down and read all of the materials you might present to a seller, slide deck, bio, proforma, and sales agreement. Reading through and having a thorough understanding of these documents will give your the confidence to discuss them with any seller.