I've Found A Motivated Seller....NOW WHAT??

[Janice Traub]

I've come across a Seller Listing where the seller has been communicating with me directly.

Assuming the Asking price is the ARV the owner is very flexible and announced that if I can get him a cash buyer he's willing to accept -$30K and eat the $2K deck repair needed.

Property is a home situated in a beautiful Mountain Setting. He's already been emotionally prepped for ARV - Repairs - Carrying Costs - Fees. The property is great, new roof and mechanicals, dated appliances (white vs stainless). I feel confident that I can get this property negotiated down to 80%.

QUESTION:  HOW DO I FIND A BUYER...QUICKLY??? I operated 10 yrs as a Listing Agent.  I have no idea where Buyer's Come from.  Is there any benefit to continuing to negotiate a price when I'm not sure I will secure an interested party to purchase?

QUESTION:  CAN I EXECUTE A TRANSFER/ASSIGN ON A LISTING? Am I automatically reduced to a commission %?

DID I PUT THE CART BEFORE THE HORSE???  Literally decided to get back into Real Estate Last week, started hunting deals two days ago, and started communicating with the seller TODAY!

Your Advise is requested and will be much appreciated.  So far this afternoon I've reached out to people I know, who know people with money, asking if they know anyone interested in a Beautiful Mountain home.  What else do I need to do?  

[Gerald Harris]

I do not know the particulars but this is what you do

1. Get MLS access

find an agent here in Atlanta who can run Sold comps within a 3 mile radius that sold for cash.  

-  run a search back to 3 to 5 months

-  Look up the people that bought those properties for cash. Those are your investors who are serious about buying for cash.   Some of them have phone numbers, many do not.    

All you need is 1

Also

Look at the prices of properties that sold.   If they are much lower than the 1 your are trying to sell then chances are they will pass on it.   

You want to be 70% ARV and below.

2.   What kind of contract is your buyer in with his agent?   open?  exclusive?  

If it is exclusive as you know, you need to find a way to get him to cancel his contract or better yet ask him when it expires

The biggest issue is equity.  Is there enough for a backend cash buyer to move on this deal?