Real Estate Investing - Learn Marketing Ideas to Get Motivated Sellers to Sell at Discount
If you are keen on buying a property, you can use some innovative real estate investing ideas for obtaining discounts from potential sellers.
First of all you must find someone who is willing to dispose of his property.
His reasons may vary from financial to personal causes but the situation may present opportunities for you to get serious discounts.
You have to find such sellers and make use of your negotiating skills.
Some of the steps that can be followed in order to get maximum discounts on a real estate deal are as under: Do some research Research is very important.
In case you are buying the property for personal use, keep in mind that it is purely a business transaction and not an emotional one.
You should take into account the following factors.
Find a motivated seller Finding such a seller who will be willing to give discounts is the key.
A seller will usually advertise the sale through classified sections of a newspaper.
You can also find such deals on the internet and through word of mouth.
The idea is to keep your eyes open.
Also look out for foreclosure.
Sometimes people want to sell their property in order to avoid foreclosures.
Such a property can be purchased for a discount since the owner is in urgent need of cash.
The redeeming entity in case of a foreclosure lets the public know through advertisements.
They can be very useful.
Rank the properties in order of your preference.
Soften the seller Since you want to get discounts on the bargain, when you find a prospective seller you should soften him a bit.
Ask him why he is selling the property.
This will relax him to a certain extent because the relationship between a buyer and a seller is not exactly cordial.
He may let you know about his financial problems or that he is going through a divorce or he might simply be shifting to another location because his workplace was very far.
There can be a number of valid reasons.
Remember, if you can understand his motivation for sale, it might give you an idea about his motivation level and how much discount he will be willing to make.
Never make the first offer Always ask the seller for the selling price.
Think about it in logical terms.
If the seller is ready to accept $10,000 for a property and you offer him $ 15,000, you will end up paying him $5,000 more than you must.
The first offer is the benchmark from where you start you negotiations.
It must come from the other party so that you have an idea about expectations of the seller.
A seasoned seller will never give you the selling price.
In that case you must ask indirectly.
For example you can ask his opinion regarding the price of property in his neighborhood.
Or you can ask him to speculate what amount he will finally accept for the property.
The idea is to give him an exit as well as giving you an opportunity to arrive at a price acceptable to both parties.
Once you have a figure from which to start, you can go forward with the negotiations.
In order to get the maximum possible discount from a seller you must be conversant with every aspect of the sale which includes the reasons and motivation of the seller as well the legal and financial sides of the deal.
First of all you must find someone who is willing to dispose of his property.
His reasons may vary from financial to personal causes but the situation may present opportunities for you to get serious discounts.
You have to find such sellers and make use of your negotiating skills.
Some of the steps that can be followed in order to get maximum discounts on a real estate deal are as under: Do some research Research is very important.
In case you are buying the property for personal use, keep in mind that it is purely a business transaction and not an emotional one.
You should take into account the following factors.
- The property is close to your workplace
- There must be a school in the proximity if you have kids?
- Is the locality suitable for you and your family?
Find a motivated seller Finding such a seller who will be willing to give discounts is the key.
A seller will usually advertise the sale through classified sections of a newspaper.
You can also find such deals on the internet and through word of mouth.
The idea is to keep your eyes open.
Also look out for foreclosure.
Sometimes people want to sell their property in order to avoid foreclosures.
Such a property can be purchased for a discount since the owner is in urgent need of cash.
The redeeming entity in case of a foreclosure lets the public know through advertisements.
They can be very useful.
Rank the properties in order of your preference.
Soften the seller Since you want to get discounts on the bargain, when you find a prospective seller you should soften him a bit.
Ask him why he is selling the property.
This will relax him to a certain extent because the relationship between a buyer and a seller is not exactly cordial.
He may let you know about his financial problems or that he is going through a divorce or he might simply be shifting to another location because his workplace was very far.
There can be a number of valid reasons.
Remember, if you can understand his motivation for sale, it might give you an idea about his motivation level and how much discount he will be willing to make.
Never make the first offer Always ask the seller for the selling price.
Think about it in logical terms.
If the seller is ready to accept $10,000 for a property and you offer him $ 15,000, you will end up paying him $5,000 more than you must.
The first offer is the benchmark from where you start you negotiations.
It must come from the other party so that you have an idea about expectations of the seller.
A seasoned seller will never give you the selling price.
In that case you must ask indirectly.
For example you can ask his opinion regarding the price of property in his neighborhood.
Or you can ask him to speculate what amount he will finally accept for the property.
The idea is to give him an exit as well as giving you an opportunity to arrive at a price acceptable to both parties.
Once you have a figure from which to start, you can go forward with the negotiations.
In order to get the maximum possible discount from a seller you must be conversant with every aspect of the sale which includes the reasons and motivation of the seller as well the legal and financial sides of the deal.
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