How To Overcome Motivated Seller Objections In Real Estate Investing
In real estate investing, having all the numbers is crucial to evaluating a deal and making a good offer that gets accepted and makes you a profit
. Usually I find that when I talk to motivated sellers, they are reluctant to disclose some information. Usually they are unwilling to discuss mortgage balance among others.So how can you get over these objections and get all the information you need?
I have learned that in order for my real estate investing business to be successful, I only deal with sellers who are motivated.
By being motivated, they must be willing to provide most of the information I need without pressure. I have no interest in dealing with a seller who thinks they are testing the ground so they can consider if to let me buy their house.
Most deals from motivated sellers are submitted through my real estate investor website. In this case, my website pre-screens them and pre-negotiates with them, so I can make an offer in just a few minutes.
Here are a few common objections and how to overcome them:
Mortgage balance:
When you ask for the mortgage balance, some sellers will ask you "why do you want to know" or tell you it is none of your business. A simple statement can clear this up:
"In order for me to able to evaluate the deal and make a fair offer that makes sense both to you and me and pay off the outstanding mortgage when I buy it, I must know the mortgage balance owed on it."
I then shut up completely!
Usually they will provide all the information you need.
They have to know that without mortgage balance, you cannot make an offer. If they are really motivated, they will provide this information. If they do not provide it, you have no business talking to them.
A motivated seller will provide any information in the world to help you buy their house.
Repairs:
Repairs will always be estimated conservatively by the seller. I have learned t assume that I have to paint, replace carpet and fix kitchen and bathrooms.
My repair questions go something like this:
"How long have you lived in the house?"
"Have you done any remodeling on it?"
"So what repairs does the house need?"
Usually I will ask about carpet, paint, kitchen and bathrooms. When you take your conversation like this, you are likely to get more accurate answers that you can rely on.
Asking price:
Asking price is the toughest and most important part of your conversation. Before you can ask this question, you must know the mortgage balance.
This is how I ask the question:
"If I can buy your house all cash and close quickly, what is the least you can take for it?"
After they give their answer, I just say "Hmm".
Then I say nothing.
Not a sound until they speak.
Usually they will talk their way down without me saying anything.
Sometimes I will still follow up with "Is that the best you can do?".
this technique usually works wonders.
Good luck in your next real estate investing deal.
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