keep a few things in mind. Number one, be empathetic, and
don’t try to act slick or too professional. Always refer to the
house as the problem, and never the person. Above all, do
three things: Listen, listen, and listen.
By listening, you will be able to determine if the property
fits your investment strategy. For example, if the house has a
monthly holding cost of more than $3,000, it may not fit.
Once you’ve gotten the seller to talk for a while, find out a
few things. Ask questions like:
How old is the house?
What is the first mortgage? How far is it behind?
Does it have a second? Is it behind?
Do you know what it will take to bring the loans current?
Are there any other liens on the property?
Who is on the title? A divorced spouse? Another family
member? (Always check who is on the title before going to
the home. You can get this information quickly from the
County Recorder’s Office.)
What are you asking, and what is it appraised for?
Are you currently in bankruptcy? Which type? Will the
trustee let you sell the home?
If things sound like they are in sync with your strategy, set up
a time to meet. Again, we like three-bedroom, two-bathroom
homes in nice areas with loans costing under $1,000 per
month. We can fill those in any economy.
No comments:
Post a Comment