5 Important Questions to Ask a Home Seller
In this article, you’ll learn what 5 important questions to ask a home seller so that can decide if you can help them with their situation. While also being able to make a profit for yourself.
By asking the right questions you can also determine if the property meets the criteria to make it a good investment.
A motivated seller is more likely to sell their property for a better price, which is beneficial from an investment standpoint. In addition, if the seller is struggling with certain financial situations, like foreclosure, they might need your services to sell their home.
Understanding why they are selling, what they are trying to accomplish with the sale of their home, and specifics of the home and mortgage, are some things you’ll need to understand before talking numbers.
5 Questions to Measure Home Seller Motivation
1. Why are you selling?
A motivated seller will probably have a pain point. Maybe they can no longer afford their mortgage payment, or maybe they are going through a major life change like a divorce. Any situation that puts a seller in the position of needing to sell their home quickly means they are motivated.
Keeping their pain point in the back of your mind, you can continue your conversations surrounding it and how you can help the seller.
2. How long have you owned the home?
The seller might have an emotional attachment to their house if they have lived there for a long time.
This can create roadblocks in negotiating when it comes time to talk numbers. It also factors into your future conversations and negotiations because you will need to be more sensitive to their feelings about selling their home.
3. Where is the property located?
An investment needs to be in a good area. You don’t want to buy an investment in a non-desirable area and then be stuck with it. Due diligence is essential, because if the seller is willing to sell for a too-good-to-be-true price, it could be for a reason like being in a bad neighborhood. Understanding this before going forward with a deal is essential.
4. What condition is the property in?
Similar to the location, you want to make sure there are no major problems with the house. An investment certainly doesn’t need to be in perfect condition, but you don’t want to buy an investment and then find out the house needs an expensive repair. The best-case scenario is a house that needs little-to-no work.
5. Are the payments current?
Again, this isn’t a make it or break it for a lucrative investment, but it is good information to have. This will help you understand which real estate investment strategy would work best for the property.
These are just a few questions to ask to decide if a home might make a good investment. Have the list of questions written down before you talk to any potential seller. This will help you keep the conversation on track and get you the information you need to make a decision if it will be a good investment for you.
To learn more about investment strategies you can use with motivated sellers without using your own money or credit, I invite you to download my Investor Kit.
After asking your questions, if there is a slight chance the seller is motivated and can benefit from the solutions you have to offer, then you should set up an appointment.