Poor Manners Could Kill Your Probate Real Estate Investing Career
If you are considering probate real estate investing as a new career, you should know that the eager sellers you will meet are a key to your success.
Not every type of real estate offers such a steady stream of virtual slam dunk sellers.
A ready and willing seller can take 90% of the headaches out of acquiring a property, so treat the seller with kid gloves.
In many cases, the seller really needs to sell the property; almost desperately.
They need money and you are the key to them getting their cash our of the home.
Fortunately, the seller is rarely in the mood to go over every last detail of the final offer price.
They were thrown into home ownership and they see you as someone who can keep them from becoming a landlord.
In a lot of situations, the seller is in need of quick cash so they can settle the affairs of the deceased homeowner's estate.
Keep in mind, with all so many factors weighing in your favor, you need only make a fair and reasonable offer for the home.
When I say reasonable, I want you to understand you need to back up your offer with reasons why you should be able to buy it at a discount.
If the roof needs work, get an estimate for the work to be done and back that off of the fair market value.
Take each one of those repairs and estimate the cost to get the work done.
Next, type up or write out all of the repairs and show them as a deduction from the current market value.
Your final offer will be the last number you calculate after deducting all repair costs.
Set an appointment with the seller and discuss your finding and make the final price offer.
Whatever you do, don't assume the seller is uninformed.
Always be sure to treat them with respect.
There may be another investor they are working with.
Any attempt on your part to sweep things under the rug can easily ruin the deal.
Don't exaggerate, lie or conveniently omit any facts.
Be open with the seller regarding your intentions where ever possible.
Although, probate property investing does not require the same hand holding as foreclosure investing, you should always be prepared to be compassionate to the seller.
They may have lost their loved one unexpectedly.
Don't make off color comments about outdated interior or exterior finishes.
Not only is it inappropriate, but you could easily damage your new relationship with the seller.
Probate real estate investing can be very easy if you always treat the seller with respect and guard your reputation.
Always be kind to the seller, you are going to help them and help yourself in the process.
Not every type of real estate offers such a steady stream of virtual slam dunk sellers.
A ready and willing seller can take 90% of the headaches out of acquiring a property, so treat the seller with kid gloves.
In many cases, the seller really needs to sell the property; almost desperately.
They need money and you are the key to them getting their cash our of the home.
Fortunately, the seller is rarely in the mood to go over every last detail of the final offer price.
They were thrown into home ownership and they see you as someone who can keep them from becoming a landlord.
In a lot of situations, the seller is in need of quick cash so they can settle the affairs of the deceased homeowner's estate.
Keep in mind, with all so many factors weighing in your favor, you need only make a fair and reasonable offer for the home.
When I say reasonable, I want you to understand you need to back up your offer with reasons why you should be able to buy it at a discount.
If the roof needs work, get an estimate for the work to be done and back that off of the fair market value.
Take each one of those repairs and estimate the cost to get the work done.
Next, type up or write out all of the repairs and show them as a deduction from the current market value.
Your final offer will be the last number you calculate after deducting all repair costs.
Set an appointment with the seller and discuss your finding and make the final price offer.
Whatever you do, don't assume the seller is uninformed.
Always be sure to treat them with respect.
There may be another investor they are working with.
Any attempt on your part to sweep things under the rug can easily ruin the deal.
Don't exaggerate, lie or conveniently omit any facts.
Be open with the seller regarding your intentions where ever possible.
Although, probate property investing does not require the same hand holding as foreclosure investing, you should always be prepared to be compassionate to the seller.
They may have lost their loved one unexpectedly.
Don't make off color comments about outdated interior or exterior finishes.
Not only is it inappropriate, but you could easily damage your new relationship with the seller.
Probate real estate investing can be very easy if you always treat the seller with respect and guard your reputation.
Always be kind to the seller, you are going to help them and help yourself in the process.
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