Convincing a seller their house is worth less that it actually is

[Account Closed]

The thing that still baffles me about wholesaling is, how does one go about convincing a seller his house is worth thousands less than its appraisal value. And wouldn't that be taking advantage or the seller. Always hear, a good deal is where everyone's happy. I can't imagine the seller would come off happy when you rip them off. 

[Mike Cumbie]

It is about what the seller is interested in. Sometimes it is not money. Sometimes it is convenience. For instance an aging mother passes away and the kids are 4 states away. They do not want to travel back there and deal with the house (Funeral is all over and has been by the time house is ready). They don't want to head back and take care of the little things that mom neglected due to her age. You offering them a 10 day close and be done may be a better option for them.

I would recommend to them to get a realtor and go through the sales process if money was their primary concern. If they are willing to wait 60-90 days and that is OK with them, then they should get an agent and get some local cleanup guys and handymen to get it sparkling and pretty. Most times you are not their best option and that's OK. Be honest and let them know what their options are, if they know you are buying low but quick (Divorce looming anyone?!?!) it is not taking advantage. But in that case husband and wife want out and away and time is a bigger factor than money.

As a side note you are buying contingency free in most cases, that is worth money to people. Just be honest and you will be fine.