How to convince neighbor to sell to me?

Question

Hello BP,

I have an interesting lead and I'm not sure how to proceed. My next door neighbor has abandoned her property since December. Quick back info is that she's a single older (60s?) woman, it's her family home and her Mom (who was living there) passed about 2 years ago. She doesn't work, lost her car and I assume she simply can't support living in the house. She moved to her sister's house in NH, they co-own the house I want to buy.

I was able to get her number from a different neighbor and she answered when I called the first time. She told me she hadn't talked to a reator yet but they were putting up the house for sale in the Spring. She quickly asked me for an offer and going off Scott's book on flipping I didn't give a number but asked her what she was looking for. She just danced around the question and said they were going to make a decision in the "spring".

I since called back and left a voicemail saying I could offer cash for the house but no offer.

So my question is, how do I tread from here? I don't want to harass her but also know that if a realtor convinces her to get on the market I'm done for. What would you do?

Gino Barbaro · Answer

@Matt Mach

Hi Matt

find out what you need to offer her to make a profit on the house.  Do you intend to buy and flip or hold for a rental.

You should convey to her that you will make it easy for her to sell to you, and you will be saving her the broker commissions.  You can tell her you will by as is.

It's time to give her a number, and see how she reacts.  Your focus should be on trying to solve her problem while making a profit for yourself

Gino

Jake Thomas · Answer

I understand that sometimes you should wait to see what the seller is looking for. However, sometimes you need to just put an offer out there and see how serious they are about selling. Just throw a number out there and see how she reacts. I would suggest doing it soon so you know whether or not you are in the same ballpark as the seller. If you offer $50K and she wants $150K then obviously you can move on and not lose anymore sleep over it. But if she comes back and says $75K then there is a possibility to make a deal.  Although the book you reference may have some great info, books can only take you so far with investing and sometimes you have to go out a try things on your own.

Rick H. · Answer

Invest your money in sale negotiation training.

Tip: trying to "convince" and "push" a prospective principal suggest yo me that you don't know much about selling or human nature, for that matter.

Do you really think that you are going to persuade an older woman, someone who's been through way more life experiences and survived them is going to be influenced by someone who may be a neighbor but obviously gas their own interests in mind? Not gonna happen!

Might fo well to bring into a seasoned investor to work the deal and take a piece of it. You'll learn how they negotiate and add to your arsenal of skills. Also, 100% of zero is still $-0-.

Take your share of the profit and invest in your education.

Matt Mach · Answer

Thanks @Gino Barbaro and @Greg S.

How often should I be pushing her? I don't want to get on her bad side but also want to be sure I catch her when she's finally ready to sell.

Thomas S. · Answer

I agree, if you don't want to miss out it's time to get real and give her a number.

If she knows what she wants for it she may work with you. If she doesn't know she will

go to a realtor.

How to convince neighbor to sell to me?

Most Popular Reply