How To Identify Motivated Sellers For Real Estate Investing
The success of real estate investing is mainly determined by the availability of good deals
. Unless you can buy properties cheaply, you are unlikely to make profits with most real estate investing business models.My best source of great deals is motivated sellers. You are likely to come across all types of sellers when you are buying houses. Identifying motivated sellers who drive your business is crucial to your success.
If your marketing if more targeted, you will attract more motivated sellers. Most of my targeted leads are people in legal trouble who own real estate. These are most likely to be motivated sellers.
Classified ads, newspapers, bandit signs, and other kinds of general advertising methods attract all kinds of people looking to sell their houses.
So how can you identify people who are really motivated to sell their house? The easiest way to do this is to divide them into categories.
1)Unmotivated seller
This is the person that thinks their house is the best in the sub-division. They have spent their time and money to make it as flawless as possible.
They have put it in the market but they have not found a buyer. In most cases they are looking to get the full market price.
They will not be willing to discuss details and numbers, such as their mortgage balance.
Look for the next deal, these will not make you any money.
2)Luke-warm seller
This guy calls and asks you how you work, because he might be willing to sell you their house.
Even though he will listen and ask questions, he does not feel comfortable discussing details like mortgage balance.
Most likely, he will tell you how much he has been trying to sell for, and ask you to make an offer. He will insist you first go to see the house and see if you like it.
Even though he will show the interest to be flexible enough to negotiate, you are unlikely to get a good deal from him.
Of course if you are a savvy real estate investor, you never make an offer unless you have all the numbers such as the fair market value, repairs, mortgage balance and so on.
You could end up wasting a lot of time driving to see many such properties and not get any deals out of it.
Usually I will ask him to call me with all the number before I can make an offer.
3)Motivated seller
This is the person who really needs to sell their house. They could be behind on their mortgage payments of facing foreclosure.
Probably they have tried to sell and see no other way out. He will be keen to provide all the information you need. Most of them just want to get out of the mortgage.
Most of my motivated sellers submit their information through my real estate investing website; by the time I talk to them I already know if the deal can work or not.
If I talk to such a seller instead, they provide all the information in less than 5 minutes.
I only deal with this type of seller in my business. It is only this type of seller who is likely to make you money.
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