Just got a call from a potential seller out of Houston Need help

Just got a call from a potential seller out of Houston Need help

Stafford, TX · Member since 2016 · 37 posts · 11 votes

Hey guys and gals. My phone rang for the first time and it was a woman interested in possibly selling her house. Her husband has been out of town and theyre planning on selling and moving out of state hopefully in the next 3-6 months.

She did give me some basic info on the house (bed, bath garage, Sq. Ft.) and what she thought it might be worth....Obviously what she thinks it might be worth and what its actually worth are 2 different things, but that is to be expected. Actually, she told me a realtor friend told her what she thinks the house would be worth, but when i asked the seller what she thinks she dropped $50k right out of the gate.

She was driving as we were speaking and arrived to work and had to cut our phone call short before i could really get into the call, but she did give me her cell phone and home phone numbers and told me to call back in a couple of days when her husband returns because he could answer all the questions she didnt know.

So my question is this:

What is the next step? Before I call the husband back, what tools and methods should i use to determine a value for the house? What should i do to prepare for the call? What information do i really need?

My intentions would be to assign the contract so i know i need to shoot for the 70% rule, minus the cost of repairs and subtract the amount i would like to make, but how do i get a good accurate base value for the home, the number I should work off off?

She says the house is in fairly good condition (she rated the interior a 8.5-9). 

Any help, any guidance would be greatly and massively appreciated.

Also just thought about contracts: where can i download an assignment contract?

Thanks in Advance,                                                                                                                              Mark

P.S. I'll be stepping away from my desk, so if i dont respond right away to any reply's dont think IM ignoring you. Ill have the mobile app with me but Im not sure if I've set up my alerts properly yet, thanks again.

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Investor · Houston, TX · Member since 2013 · 471 posts · 267 votes
10y

Agree with the pulling comps as all have rightly said. I would also recommend listening to BP Podcast episode 77.

https://www.biggerpockets.com/renewsblog/2014/07/03/bp-podcast-077-negotiating-way-1000-wholetail-deals-michael-quarles/

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  • Investor · Mckinney, TX · Member since 2016 · 26 posts · 8 votes
    10y

    Hi Mark. Did she give the address or do you know it? I would check out comps first and see what selling in the area and for how much. Then if you don't know the area I would drive it and drive by the property. Your not going to know how much it worth or what to offer until you are able to view the inside of the property and what condition it's really in.

  • Investor · Houston, TX · Member since 2015 · 29 posts · 18 votes
    10y

    As @Anthony Beckemeyer said, you should pull comps. If this is the first time you have done it, it may take a while to sift through all the information. If you're unsure of the value, ask a real estate agent or another investor to verify your numbers. You'll need access to the MLS to get the most accurate comps... don't rely on the tax appraisal values or Zillow, etc.

    I would also drive by the property if it isn't too far out of the way. You'll get an idea of the condition of the house.... chances are, if it looks rundown from the outside, the interior is just as bad (though you won't know for sure until you see the interior). You'll also want to get a feel for the neighborhood and the area.

    Also, don't forget to follow up! I know it sounds simple, but it is crazy how many people put out ads and never answer the phone or follow up when you call.

    Good luck and keep us updated!

  • Investor · Houston, TX · Member since 2013 · 471 posts · 267 votes
    10y

    Agree with the pulling comps as all have rightly said. I would also recommend listening to BP Podcast episode 77.

    https://www.biggerpockets.com/renewsblog/2014/07/03/bp-podcast-077-negotiating-way-1000-wholetail-deals-michael-quarles/

  • Stafford, TX · Member since 2016 · 37 posts · 11 votes
    10y

    @Anthony Beckemeyer sorry for the late reply, its been a loonngg day and tomorrow will be another long day. I do have the address and I can drive by it tomorrow afternoon, but my issue is where and how to pull comps.

    I dont have MLS access and i dont have an established relationship with an agent or broker yet. I've tried Zillow, HAR, Trulia and Realtor.com but none of them are really giving me anything solid to go off of.

    If anyone has any other method for pulling this info without MLS access I'd appreciate it.

    Thank you for the response

  • Stafford, TX · Member since 2016 · 37 posts · 11 votes
    10y

    @Mo Sheikh Thank you for the response too. I guess I'll just have to become BFF's with an agent within the next 48 hours lol.

    and hey if you dont mind, im gonna request to become colleagues with you and @Anthony Beckemeyer You're in Richmond, he's in Pearland and im smack dab in the middle of both you guys, who knows maybe we can become allies and take over the world together

  • Stafford, TX · Member since 2016 · 37 posts · 11 votes
    10y

    @Kevin Wood I did listen to the podcast (both podcasts) with @michaelQuarles , loved it and was so impressed that I immediately starting downloading his podcast's and daily deals. I really do look up to him as an investor, I like his technique, style and attitude toward buying and selling. And I appreciate the fact that he does give so much info away to the listeners.

    Again Thank you all for the responses and if there are any ideas on comps without MLS im all ears.

  • Investor · Houston, TX · Member since 2015 · 29 posts · 18 votes
    10y

    @Mark M. No problem, it looks like we work similar areas so I'm sure we can do some business together. I'll send you a PM with some info.

  • Stafford, TX · Member since 2016 · 37 posts · 11 votes
    10y

    @Mo Sheikh sounds good

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