This would be my first time home purchase and I might have access to an off-market property through a family friend in Minnesota. I’ve got a call set up with the owner of the house who currently rents to tenants but wants to sell in May and seems motivated based of the brief email/text conversations we’ve had.
Does anyone have recommendations on some good question(s) to ask that might help me secure the deal or uncover more about why they’re selling, what price they’re looking to get, what’s “wrong” with the property, etc.
Any advice is appreciated - thank you!
I wouldn't start with "what's wrong with it", or ask that question at all if possible. I don't want a seller to be defending the condition of their property with me, but rather sharing about how it is and what they hope to do next.
- How long have you owned it?
- What improvement have you done to it?
- How long do tenants tend to stay? Where do you find the tenants? How has landlording been? Etc . . .
- What are you hoping to do after you sell this?
- Would you be offended if I asked you to finance the sale?
I want to walk away with as much of a picture as possible about their total experience, their hopes and aspirations afterwards, and how much latitude I have in negotiation if possible.
The more questions you ask about them, the better. Focus on the person as the conduit for the house. When did you buy it? Why did you buy it? Link in why you want to buy it to build some camaraderie. I would not ask if they would be offended if you asked them to finance, you have to ask around that. What are you planning to do with the proceeds from the sale? Do you have other properties? Get the lease status of the tenants and if they pay and always focus on the person, not the property.