Below are some questions you might consider asking motivated home sellers to determine if their home is a deal you want to pursure.
After you’ve determined the amount of all debts and costs you must subtract them from the owner’s equity. The result is the Adjusted Equity.
That’s the true value of what you are buying. That’s how you determine whether this is a property worth pursuing.
“Sam we aren’t going to reach an agreement unless there is something in it for both of us, right? If you will give me some information about your home I can give you an idea of just what I can do to help. Does that sound fair?” Then you can start asking questions:
1. Where is your home located?
2. Have other homes like yours sold recently?
3. For how much? Would yours sell for the same price?
4. How long was the other home for sale? Are others for sale now?
5. Does your home need some repair?
6. How much do you still owe on the first mortgage?
7. How much is the monthly payment? Is there a 2nd mortgage?
8. How much are the payments on it?
9. Are there any other payments?
10. Are property taxes paid up?
11. Are there any IRS liens on the property?
12. Are there any judgment liens?
13. Are there any other liens or payments?
14. On what date did you receive the notice of foreclosure?
15. When was the last time your home was appraised? What value?
16. When was the roof last replaced?
17. When was the last time you had a termite inspection?
18. Have you tried to sell? Why do you think you couldn’t find a buyer?
19. Do you have anyone who may lend you money to bring payments current?
20. Have you arranged somewhere else to live?
21. Do you own other property?
Copy and print out the questions above so you can take notes based on the answers you receive.
If you are a good listener you will get some of this information without asking. You will just pick it up from what the homeowner is saying.
They may volunteer other tid-bits of information that aren’t asked for – where they work, name of a local relative, that they’re planning on moving next week, etc.
Make a note of any such information on the back of the sheet. You never know when it might become valuable in the course of your negotiations.
I hope this helps!
Mark~
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