Hi Guys
Came across this article which some of you might get something from.
Fudosan, you can add it to your list of things you have saved from the forums.
Ha ha I will try and track down Part One.
Regards
Came across this article which some of you might get something from.
Fudosan, you can add it to your list of things you have saved from the forums.
How to Find Troubled Properties
(Part 2 of 2)
6. Unsuccessful sales activity. When a house has been on the market through a broker for several months, it doesn't sell and the sign comes down, now is your chance to act. It is possible that the owner is ready to make a quick deal, depending on his motivation for selling.
Obviously the sales activity was unsuccessful, probably because the asking price was too high. (That is the number one reason that properties don't sell.)
When you approach the owner you will get one of two general responses:
1) "We're not interested in selling anymore." That may or may not be true. It could just be frustration at the property not selling. You will have to harken back to their original reason for wanting to sell the property. Once you remind them of that, the owner could once again convince himself that he wants to sell.
2) "Yeah, we want to sell for the right price." Now you have to find out if the "right" price is more reasonable than the one they were asking when it didn't sell for months and months.
Another objection you will hear:
"Where were you when it was on the market?" You have to decide the answer to give then. I always think the truth is good. If you want to lie, you can. But the fact is that it is often easier to make a deal when you are not bargaining through an intermediary. You can often get a better price and terms without an agent involved.
7. Run an ad. Place an ad in the "Real Estate Wanted" section of the classifieds as close to the "Legal Notices" as possible. That way people looking for the ad they ran announcing the pending foreclosure might see your ad and call you.
8. Call "For Sale By Owner" Ads in Newspapers. Sometimes FSBOs come right out and say they're eager to sell. Such things as "Low Down," "Owner Will Carry," "Seller Desperate," or "All Offers Considered" are dead giveaways that a seller isn't just testing the market.
Sometimes they're not so upfront about their willingness to deal. Ads that are the minimum length, usually two lines, may indicate a seller who is too strapped to run a much bigger ad. (It could also indicate someone too cheap, and that won't help you at all.) Regardless, call all the FSBOs and find their motivation; you never know.
9. Find "For Sale By Owner" Signs in the Neighborhood. These folks could be even more in need of selling than the tiny-ad sellers. They can't even afford to pay for an ad. Check them all.
10. Bird Dogs. Offer finders' fees to friends and neighbors for leads of people who need to sell a property.
BONUS METHOD: Send out mailings to the owner of every property in a neighborhood offering to buy their property. Don't promise anything in the ad, only say that you want to buy.
(Part 2 of 2)
6. Unsuccessful sales activity. When a house has been on the market through a broker for several months, it doesn't sell and the sign comes down, now is your chance to act. It is possible that the owner is ready to make a quick deal, depending on his motivation for selling.
Obviously the sales activity was unsuccessful, probably because the asking price was too high. (That is the number one reason that properties don't sell.)
When you approach the owner you will get one of two general responses:
1) "We're not interested in selling anymore." That may or may not be true. It could just be frustration at the property not selling. You will have to harken back to their original reason for wanting to sell the property. Once you remind them of that, the owner could once again convince himself that he wants to sell.
2) "Yeah, we want to sell for the right price." Now you have to find out if the "right" price is more reasonable than the one they were asking when it didn't sell for months and months.
Another objection you will hear:
"Where were you when it was on the market?" You have to decide the answer to give then. I always think the truth is good. If you want to lie, you can. But the fact is that it is often easier to make a deal when you are not bargaining through an intermediary. You can often get a better price and terms without an agent involved.
7. Run an ad. Place an ad in the "Real Estate Wanted" section of the classifieds as close to the "Legal Notices" as possible. That way people looking for the ad they ran announcing the pending foreclosure might see your ad and call you.
8. Call "For Sale By Owner" Ads in Newspapers. Sometimes FSBOs come right out and say they're eager to sell. Such things as "Low Down," "Owner Will Carry," "Seller Desperate," or "All Offers Considered" are dead giveaways that a seller isn't just testing the market.
Sometimes they're not so upfront about their willingness to deal. Ads that are the minimum length, usually two lines, may indicate a seller who is too strapped to run a much bigger ad. (It could also indicate someone too cheap, and that won't help you at all.) Regardless, call all the FSBOs and find their motivation; you never know.
9. Find "For Sale By Owner" Signs in the Neighborhood. These folks could be even more in need of selling than the tiny-ad sellers. They can't even afford to pay for an ad. Check them all.
10. Bird Dogs. Offer finders' fees to friends and neighbors for leads of people who need to sell a property.
BONUS METHOD: Send out mailings to the owner of every property in a neighborhood offering to buy their property. Don't promise anything in the ad, only say that you want to buy.
Regards
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