When you watch our show, you might get a little bit of a glimpse of how we find properties, but that’s about it. While this part of the house flipping business isn’t very TV-friendly, it’s definitely important to the process. Christina and I spend a lot of time researching leads on flip houses, and that means talking with all types of motivated sellers.
From talking with these sellers, I’ve noticed that a few different scenarios can lead people to sell their homes for cash instead of putting them on the market. Not all investment properties are foreclosures or short sales. Here are the most common scenarios I’ve run into over the years and the best ways I’ve found to talk with them about selling their homes.
First, of course, you’re going to have to find out what kind of seller you’re talking with. Whether they call you or you contact them, be sure to ask them why they want to sell the house. They may not open up at first; most people don’t tell their life stories to strangers after a single question. However, if you are a good listener and you let them talk a bit about the situation that’s leading them to sell, you’ll get the idea, and you’ll be able to work from there.
Whether we’re talking about an amicable divorce or one in which the only communication is through attorneys and every asset is up for debate, divorcing couples want to sell their homes quickly. If your seller has been awarded their home in the divorce, ask them about why they want to sell. You might find out that they want to get the house off the market and signed over to a new owner before their soon-to-be ex-spouse has a change of heart and comes after them for the property.
Sometimes couples just want to split the profits from the house and be done with it. If the house isn’t selling, neither of them can benefit. In any case, let the seller do most of the talking until you have a good idea of their wants and needs for the property. If it seems like they can work with a price that you can handle, go ahead and make an offer and get the process going.
OWNERS OF HOMES IN DISREPAIR
Whether they’ve recently lost their job or the costs of repairs on the home have gotten out of hand, some homeowners will sell their houses to get out from under expensive repair and maintenance costs. If that’s the case, talk to them about how you can help them. Ask them what they need to get out of the sale and how soon they want to sell. Be positive, and help them understand that you’re here to help, and you’ll be negotiating a deal in no time.
FAMILIES EXPECTING A NEW BABY
Of course, not all motivated sellers are experiencing hardship or personal upheaval. Sometimes they’ve just had a bit life change, and they need to upgrade their living situation. This happens a lot when a couple or family finds they’re expecting a new baby. The baby will only be able to live in Mom and Dad’s room for so long before it needs its own nursery, and everyone is going to need a little more space.
Remember to congratulate them, and be sure to focus on the positive aspects of selling their home for cash so that they can make a down payment on an upgrade property for their family.
Above all, no matter what you’re seller’s situation, if you want to buy and flip houses, you can’t go wrong by being a good listener and gaining as much information as possible. House flipping is all about networking and building relationships, and that often starts with your seller.
Originally appeared on: Realty Times