Qustions For Sellers And Buyers!!!!
Hello all,
I was just interested in finding out what most of you veteran (or not) investors ask a seller when they contact you. I know the is a pretty simple question but I want to compile a checklist if you will of the most effective questions that may keep me out of a sticky situation. For that matter what would you ask a future buyer? I am in the process of starting my buyer and seller list and don't want to get off on the wrong foot...Any help would be appreciated... :-?
Name and # , if this is forgoten all is lost :-o
burrellc:
Not a veteran but have taken a bunch of phone calls so far. Calls break down in a couple of ways:
- Investor buyers
- Retail buyers
- Sellers
Here's a list of questions I use:
For Investor Buyers:
If I've placed an ad for a property for sale and I'm looking for retail buyers, or if I'm doing the calling, looking for IB's to take a property off my hands here's what I ask. I basically am trying to get a feel for whether I'd get a finder's fee or assignment fee if I called them on a property.
1. How quickly can you close?
2. Do you do rehabbinb? How much (either dollar or percentage of cost-wise)?
3. What kind of margin are you looking for on your deals?
4. Do you concentrate (or stay away from) any specific areas?
5. What price range are you interested in?
6. What's the best way to communicate a deal to you if I find something you might be interested in (phone, fax, email)?
7. Do you have a preset birddog fee? If I put a property under contract, would you consider paying an assignment fee?
8. Name, phone, email, contact info, etc.
Retail Buyers: If I don't have a property available immediately:
1. Are you looking to buy for yourself or as an investment?
2. I'm sorry--I just sold that house, but I frequently have houses come available.
3. Tell me what you're looking for and I'll make sure I call you when I find your home.
- Bedrms/Baths?
- Garage?
- Basement?
- Lot size?
- Price range?
- Area interested in living in?
- Down payment available? (I plan to owner finance on a 2 year Contract for Deed, so this is a sort of qualifying question for me)
3. Sellers: There are a couple of schools of thought on this. On another site, a guru mentions skipping questions about the description of the house and get straight to seller's motivations. I don't mind spending a minute or two having them describe the house to me--I can tell some things by their voice and their manner which help me frame the more 'sensitive' questions.
- Who am I speaking with (firstname)?
- Where's the house located?
- Tell me a little bit about the property (physical description of the house/yard/etc.)
- How long have you lived in the house?
- Can I ask why you're selling?
(If they mention foreclosure, the gloves are off for me: Are you behind on the payments at all? If so, how many months?)
- When do you want to be out of the house?
- What is the value of your house?
- How did you arrive at that figure?
- Is you house listed with a realtor? If yes, how long?
- Does it need any repairs?
- Is anyone other than yourself on the title? (You'd like to have all parties there when you go to make a deal...).
- I can be there this afternoon--would 5:00 pm be alright for all of you?
Hope these help...
Andy