pre-screening motivated sellers - Posted by Dev

Real Estate Investing
1

Posted by dev on October 01, 2003 at 20:34:39:

thx alot clair-MO :wink:

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pre-screening motivated sellers - Posted by Dev

Posted by Dev on September 30, 2003 at 19:26:43:

Hello all,

I am new to Lease Options and I really would like to know from all the experts on Lease Options on what questions do u all ask potential sellers to test their motivation besides asking how many beds and baths and how much sq.footage is the property. I wanna learn to test motivation levels first over the phone and if they meet the minimum motivation level then I will ask to meet in person and go over my lease option details in person. But I wanna find out how motivated first so I won’t waste their time and of coarse mine.

Any information would be appreciated :wink:

3

Re: pre-screening motivated sellers - Posted by Nick O

Posted by Nick O on October 01, 2003 at 24:48:48:

  1. Ask if there looking for a long term rental of at least two yrs.
  2. Ask if all the payments came in on time if they would be willing to give you a chance to buy in a few yrs.
  3. The rest is up to you!

Good Luck!
Nick O

4

Re: pre-screening motivated sellers - Posted by Joe Kaiser

Posted by Joe Kaiser on September 30, 2003 at 22:48:55:

Prescreening isn’t such a hot idea for someone “new to lease
options . . .”

I think you need to practice right now with anyone willing to let
you show up at their house.

Sure, it’s great to be talking only to people who are eager to deal,
but realistically, that ain’t gonna happen often enough to give you
the practice you need right now.

Hey, they called . . . that’s motivation enough. Now, go take your
lumps and learn how to interact with people.

Once you have a clue or two, then you can begin to focus on
motivation levels. Until then, consider it practice. Besides, you
haven’t lived until you’ve made the little vein pulse in the forehead
of some disgruntled seller’s head who doesn’t appreciate your
game plan ;-).

Joe

5

Re: pre-screening motivated sellers - Posted by Brent_IL

Posted by Brent_IL on September 30, 2003 at 21:54:12:

If you intend on doing a L/O, and doing it depends upon the motivation of the seller, why are you worrying about beds, baths, and square footage before you know if the guy will deal? If he is not open to a L/O, what good are the answers to those questions?

I like to ask questions similar to those given by Joe Kaiser at http://www.creonline.com/articles/art-149.html I threw out a few of the questions I had been using because Joe?s were so much more direct and efficient.

Don’t waste your time meeting with people who may not want to sell or lease on your terms. You’ll have enough difficulty dealing with those who appear interested.

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Re: pre-screening motivated sellers - Posted by Clair-MO

Posted by Clair-MO on September 30, 2003 at 20:41:58:

Dev, I have a seller call sheet that I am attaching to this message. Hope you will enjoy it!

DATE: SELLERS CALL SHEET

  1. Owner’sName:
    Telephone:
    Address:
    City: State:

Zip:
Qualifying Questions for the Sellers:
How long has your property been on the market
Have you had any offers? Yes No

What is your asking price?
How did you come to your asking price?
Have you ever had an appraisal done on your property?
Is your asking price negotiable? Yes No

Why are you selling your property?
What would you do if you don’t sell it?
Is there a mortgage? Yes No The Balance? $
Owed to whom? Contact Person:
Would you consider lease optioning or owner financing your home? Yes No
Point System (Use When Buying)
Poor Average Excellent
Flexibility 1 2 3

Location 1 2 3

Financing 1 2 3

Condition 1 2 3

Price 1 2 3

TOTAL SCORE:

(Only Buy in the 11 to 15 points range!)
Directions:

7

Re: pre-screening motivated sellers - Posted by DR

Posted by DR on September 30, 2003 at 20:35:16:

Im intersted as well…

Im new here but I think you have to compare all the calls you receive to determine this

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Re: pre-screening motivated sellers - Posted by ibuyhomes.com

Posted by ibuyhomes.com on September 30, 2003 at 20:09:39:

I have three suggestions.

  1. Simply ask them, On a 1 to 10 scale, 10 being extremely motivated, How motivated are you to sell.
    If they answer anything over 8, you should ask them why they are selling.
    This very open ended question will bring out many answers.
    2.The next question to ask would be Is the home vacant?
  2. Finally, you should always ask.
    What do you plan to do if you cannot sell at the price you want?
    Todd H
    todd@ibuyhomes.com