The Walk Through

[E. Jacobs]

I'm curious if anyone would mind sharing a step-by-step of what you do when you go to meet a potential seller for the first time. How do you dress? What is the first thing you discuss when you walk in? What parts of the house do you look at first? Do you negotiate a price there or tell them you will get back to them? How long are you usually there? What do you bring? Do you take any pictures? With the negotiation being the most important part of doing the deal, I was hoping someone would share their tactics and describe this process in a little bit more detail. I think this would make for a good article! I'm guessing your first discussion would have to be about why they are selling, what is owed on the property, if there are other liens, and what kind of time frame they need to sell in. If your criteria is still met, what happens next? Thanks in advance. I'm really hoping for a detailed response so that I can visualize myself approaching the front door and working out the deal until the time I walk out.

[Jim Wineinger]

I cant give you a step by step, but I can give my opinions on your questions, with the hope that the more experienced will chime in to correct me.

Originally posted by E. Jacobs:

. How do you dress?
If meeting for lunch, dress nice. If meeting to examine the house dress as if you know you will be in the crawl space, attic, and other areas examining the house and its problems.

What is the first thing you discuss when you walk in?
To the lunch or the house, it is always best to start with the pleasantries (small talk). When he shows he is ready then move on about the house (which includes taxes, insurance, recent repairs and their warranties, and documentations.)

What parts of the house do you look at first?
The first things that he mentions in recent repairs to verify the quality of work done.

Do you negotiate a price there or tell them you will get back to them?
Both, sort of. I can agree to an price range area depending upon the results of the pictures I take with my contractor. If all looks good then that price range will stand.

How long are you usually there? What do you bring? Do you take any pictures?
These last few were somewhat answered within the last answer. But take as much time as needed to gain his confidence in your abilities to correctly ascertain the quality and the problems. Do not only mention the problems but also compliment the good aspects of the house and he will not feel that you are only lowballing him.

why they are selling,
useful if you are lowballing him, but not necessary to know.

what is owed on the property, if there are other liens,
This is his business and they must be paid off from the escrow amounts to clear title for me. He might even have to add money to the escrow himself to accomplish this.

and what kind of time frame they need to sell in.
If they are honest and above board (as you should be with them) this can happen very quickly so it is not a problem.

If your criteria is still met, what happens next?
Make the deal.