Questions to ask the seller?

Question

So I found a Triplex which is in pretty bad shape. It is for sale by  owner and after searching for a few days, I was finally able to track  the owner down. The property is vacant and it's in an okay neighborhood, but needs a lot of work. And this that I've only seen it from the outside.  Now I have a meeting with the owner on Tuesday coming up. I was  wondering if any one has any suggestions on questions I should ask the seller and or how I should approach the subject of pricing. I am new to this and am a little insecure in my abilities to negotiate. Any help/input would be greatly appreciated. Thanks

Sean Brady · Answer

Get a good licensed contractor to be on your team for plumbing, electrical, hvac... that can also walk the house with you... Some good questions could be about updates to the house, hows the electrical, plumbing, whens the last time it was updated? If you have any construction or home remodeling experience that will definitely help....

Marco Padilla · Answer

Okay so I went on the walk through with the owner and his son, and the place is in total dismay to say the least. The property has been vacant for the past seven years, of course all the copper piping is gone there are heroin junkies camping out in the property, which the owner had to kick out as I was getting there. So just picture a complete gut job. Not to mention it looks like the people who used to live there also left all of their belongings in there. Oh yeah and someone died in one of the apartments. And there's signs of a previous fire in one of the second floor apartments.

So there's (3) one bedroom apartments on the first floor, (2) one bedroom apartments on the second floor, & (1) one bedroom apartment on the third floor. The owner has owned the property for the past 37 years and has just let it go downhill. He is also showing me comparable prices of other properties in the area that have recently sold on the market (which are habitable) and he's asking a similar price. Can anyone recommend a nice way to state the obvious, (he's asking too much) without insulting him. Any input would be greatly appreciated. Thanks

Marco Padilla · Answer

Wow great input Marian I will definitely let him tell me what is wrong with the property as well as finding out why it is vacant and how long it has been so. And pointing out the fact that he is no hurry seems to be very true. Again thanks a million and wish me luck. I will be meeting with the owner tomorrow afternoon. Jack that is also very true I will have to get my own estimates. I will keep you guys posted. Thanks!

Marco Padilla · Answer

Thanks Sean I will do that. I do have construction and home remodeling experience. However from the looks of it (from the outside) nothing has been updated. But I will see who I can get to go with me. Much appreciated!

Questions to ask the seller?

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