Prequalifying a seller? - Posted by LeonNC

Posted by IdahoRob on March 13, 2000 at 01:20:08:

Joe I belive you were at Atlanta— I didn’t catch a gentelmans name quit---- and am wondering if you might be him. Was that your house on the screen that Ron LaGrand was showing the (very nice brick 2 story) I belive that was in a lease /option I think.
and you were talking for a few mins.

Prequalifying a seller? - Posted by LeonNC

Posted by LeonNC on March 12, 2000 at 20:28:30:

I’ve been making cold calls to sellers looking for sandwich lease options. I’ve been getting a lot of curious people with whom I’ll have to follow up on. I had one today that really shocked me and I wasn’t prepared for his response. He was genuinely interested and ready to get together and talk. I told him I would call him tomorrow to set up a time when we could get together.

My question is…How can I prequalify these people before I go running around talking with everyone or should I be running around talking with everyone who raises thier hand? Do you use a one liner and if so what is it? I was thinking something to the tune of “If we can come to an agreement are you ready to do business today?” It just caught me off guard today and I was wondering how you all handle it. Thanks!


Re: Prequalifying a seller? - Posted by JoeB(Atlanta)

Posted by JoeB(Atlanta) on March 12, 2000 at 22:07:45:

Hi Leon, it sounds like you may be asking two different questions.

1.Pre-qualifying the seller OVER THE PHONE (ie determining if they’re really motivated or not) is something that I think you learn how to ‘sniff out’ with experience. The less info they volunteer in response to your questions (especially the ‘why are you trying to sell’ question), generally means the less motivated they are, which generally means the less chance you have of making a really good deal.

  1. If you’re asking how to complete/close the deal when you’re in front of the seller… After I’ve met the seller, seen the house, re-established repoire and pitched my offers I always ask questions of the seller like:
    “Does this (my offer) sound like something that will work for you??”
    “Would you like to go ahead and take care of the paperwork now and I’ll give you my earnest money check for $xx?”
    “What’s making you hesitate?” “What’s our next step?”

These type of questions always lead to a signed contract OR the seller’s objections (which I keep attempting to resolve).

Hope this helps,
Joe Brillante