I’m analyzing a deal and I have basic analysis questions ready but is there anything anybody would suggest to ask when dealing with the seller ?
@Jose Rincones Hello Jose. Ask why are they selling or what is motivating them to sell? Find the need them solve that need. Happy hunting
@Jose Rincones without your list it would be hard to offer specific suggestions but I have some general questioning guidelines.
First make sure you listen more than talk.
Do not follow a question with an answer for them or filling in the blanks for them.
One question I like to ask the seller or sellers agent is "what is there not to like about this deal?"
Last question to ask: "is there anything else I forgot to ask?
To go more on Chris Hunters answer which is 100% correct. Find out the situation as well. Once I found the need or motivation to sell, out of town owner, class D property, wanted funds to buy closer to purchase more property in there area. Then, I found out the situation, 2 brothers owned the apartments. one was the money man and the other ran the property from a far or tried to, property in the red, poorly managed, during the real estate crash, They had no day-to-day operator. This changed the whole deal. It went from 20% down/bank finance to 100% seller finance and a repair check at close. Took 3 months to deal, earn trust and close. Motivation & Situation equaled a very hard don't wanter. Find out the situation as well as the motivation.
@Christopher Hunter thank you Chris!
@Greg Dickerson thank u Greg !
@Dale Slater thank you Dale!
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