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Updated about 5 years ago on . Most recent reply

User Stats

27
Posts
11
Votes
Joshlee Ulysse
  • Real Estate Investor
  • Miami, FL
11
Votes |
27
Posts

Is this a deal or no deal? Should i keep pressing the seller?

Joshlee Ulysse
  • Real Estate Investor
  • Miami, FL
Posted

ive been talking to this seller, and im trying to build rapport with her, and here are some of the results of our conversation. I think that i may have a deal with this one, i am in South Florida, and i dont have a mentor, (but i am looking for one) to help me with this. here is our convo so far:

1st contact:
so you are looking to buy and flip? The interior is awesome! Outside needs some work, see below:

Asking price?
I am asking 360, as I have been told 345 is too low for this area

Is there a loan on the property? Or is it free and clear?
Technically free and clear, however it is collateral on my other property, but the bank is ok with a sale so I can pay off the loan

if loan is so, what is the balance and payment?
Not sure why this is relevant

i just need balance and payment amount.

is payment PITI? is it current?
dont know what PITI is and yes

Reason for selling?
Heading back to Ft Lauderdale, LOVE my house, but my life (after 14 years in Ft Laud) is really up there

Does it need repairs?
Needs exterior work, paint & Windows.... beyond that minor inside stuff, like a new fridge would be good and probably new stove

Is the house listed?
Not yet

Is there an HOA?
No
If so, is it monthly or yearly? N/A

Are you the only owner on record?
Yes

PHEW! Did you want to come by on Friday to do a walk through and see it for yourself?

2nd contact:
ME:
So since it technically doesn't have a loan on it,
would you entertain taking monthly payments if we can agree on a price and terms?

We usually buy with nothing down, OK?

What’s the lowest monthly payment you could take?

And last question, if I come to your house and like it and we agree on the details — are you ready to make a decision now and get some paperwork done while I’m there?


SELLER:
OMGosh...that is a lot to take in after 13 hours of work....let me get back to you tomorrow after work at 9PM.....sounds good....almost too good. I also do not do paperwork that quickly, I prefer to have my lawyer look over it before I make a decision....especially when things are so crazy right now, would need more than an on the spot decision.talk to you tomorrow after 9

SELLER:
I do have a number in mind and I know that folks like you usually low ball the offer. If I give you the address, would you be able to give me a range of what you would offer to determine if it makes sense for us to move forward. If we are going to move forward maybe you can swing by on Friday sometime between 11am and 1pm? Let me know, as I prefer not to share the exact address unless we are moving forward.  Interior is good, exterior needs paint and windows.


ME
: i understand your concern, but you can't expect me to give you a number without me having the info I need to make the offer, is that fair? No investor would make an offer without the address.



SELLER:
I do understand, but it is also a security thing for me as a phone number means nothing, since I do not have a full name, email address, company name, or anything else from you to identify you with. If you can please send me your full name, company website and/or FB presence I would know I am speaking to a real person that does what he says he does.

ME: No problem. gives her all my info that she asks for.

Now im just waiting on her to reply.


im thinking to either do owner financing, or a lease option with the seller.  So how should i proceed with this?

Most Popular Reply

User Stats

15,747
Posts
10,945
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Will Barnard
  • Developer
  • Santa Clarita, CA
10,945
Votes |
15,747
Posts
Will Barnard
  • Developer
  • Santa Clarita, CA
ModeratorReplied

Did you get these questions from some seminar or guru guide? They smell guru to me and using terms without explanation is not a good idea in building rapport with a seller. Some of these questions are too much or unnecessary in your first contact with a seller. Furthermore, your first contact should ALWAYS be an introduction to who you are including your name, phone, email, etc.

Your last question in the second contact is way, way too pushy, I’m surprised she didn’t tell you to take a hike.

Lastly, you are asking us to provide advice if you should move forward or not, yet you provided no details on the numbers and doing any deal, the numbers are just about everything. What is the ARV, what is your offer amount, how did she find you or how did you find her, etc. Much more info is needed to decide if you have a deal or not.

Also, what is your strategy, buy and hold, house hack, flip, ??

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