Collection of Seller Rebuttals, Answers and Strategies

6 Replies

Hello BP friends,

I thought it would be productive to collectively share common seller rebuttals and to see how different people handle such rebuttals.  I am hoping everyone can gain some type of knowledge from different experiences and perspectives.  I know I will. 


These are common rebuttals you hear when trying to buy a property from a potentual seller.  I will list a few.  If I am missing any, by all means, add rebuttals you have commonly come across.
After each rebuttal, give how you handle the rubuttal and if possible, the purpose (or psycological aspect, etc) of the answer.  Whatever you want to contribute; I am grateful for any contributions, short or long.  And if anything, let's have fun with it.

Here goes in no particular order:

R) "I need to talk to my wife, partner, dog, etc."

A) "By all means, I'm in no hurry."  (I admitt, this sucks and I haven't figured out a good one yet, hince, why I'm doing this)
A) "Is she on the same boat as you on selling the house?  Is this something you guys talked about and are in agreement?"  "Have you and your wife discussed what price you want to sell the house at?" (Basically, I'm trying to see if everything has been predetermined and if so, then I know there is more motivation.)

After trying to find out how much they want for the house.
R) "I don't know, I just want to see what you have to offer."

A) "Do you have a range in mind?" (I want them to anchor first)
R) "Your advertisement says you will make an offer, so make me an offer"

A) (At this point, I'll anchor with a low ball offer, but they have a point, my website and postcards says "Fair Cash Offer".)

R) "No way, that offer is too low."

A) "What do you have in mind?" (or some other variation)
A) "I understand you want the most out of your property; and I don't blame you.  You can probably get more if you fixed it up yourself and sell it retail."  (I'm trying to justify the offer buy getting them to think what all is involved in rehabbing)

R) "Another guy offered me... <some unreallistic number>."

A) "That's a great offer, you should take it."  (pretty much calling thier bluff) "I'm not able to match that offer, but I can close fast with cash."

Right off the bat on the first call

R) "If you're going to give me some low ball offer, then don't even bother."

I haven't figured out a good one for this, but I've used:
A) "Well what price do you have in mind?" (This usually leads to the previous dialog listed above)
A) "What do you consider a low ball offer?" (I'm trying to see how far apart my offer would be with thier expectations)

Phillip, 

Thsee are mostly easily handled up front with some qualifying questions or statements. 

First, before you set foot in the house, check that all the parties that need to make a decision will be there, because you want to make sure that everyone has the opportunity to hear you and ask questions so that everything is above board  ( or something equally as good ). You are a businessperson and don't want to waste anyones time. 

With regards to an offer, simply indicate that your offer could vary depending on what the needs of the seller are. Then go into the many options that you have available (with loads of qualifying  questions, whe all the decision makers are there, of course). Let them know that you are happy to make an all cash offer,  however without knowing what they really want, you cant help them. You want to help them and make sure they keep as much of their hard earned money as possible. 

There is always another guy. Indicate that you are ready to close whenever they like, and you are ready to write a contract now, with the full offer in escrow pending (whatever you want to have for contingencies). If not the full amount,  then some large chunk of cash, anything that says you are serious. Ask if the other guy was willing to do that "no?" Then they are just wasting your time, and you won't do that. You are a serious businessperson. 

Low ball? Qualify seller with question,  and ask what do you think is a lowball offer? Why? Or If I could meet your needs, why would I lowball you? I will show you exactly how I come up with my number. I don't lowball, I give fair market value based on known market pricing. (Any or all the above). You could ask if they are serious about selling now.

Also, realize that some folks are just wanting a million dollars for a doghouse in their fantasy and no matter how good you are, you won't get them.  Best thing put them into your CRM and keep following up. Then go get another appointment and find someone who wants to sell.

Hope that helps.

Good Luck, 

Jim 

Originally posted by @Phillip Lanier :

Hello BP friends,

I thought it would be productive to collectively share common seller rebuttals and to see how different people handle such rebuttals.  I am hoping everyone can gain some type of knowledge from different experiences and perspectives.  I know I will. 


These are common rebuttals you hear when trying to buy a property from a potentual seller.  I will list a few.  If I am missing any, by all means, add rebuttals you have commonly come across.
After each rebuttal, give how you handle the rubuttal and if possible, the purpose (or psycological aspect, etc) of the answer.  Whatever you want to contribute; I am grateful for any contributions, short or long.  And if anything, let's have fun with it.

Here goes in no particular order:

R) "I need to talk to my wife, partner, dog, etc."

A) "By all means, I'm in no hurry."  (I admitt, this sucks and I haven't figured out a good one yet, hince, why I'm doing this)
A) "Is she on the same boat as you on selling the house?  Is this something you guys talked about and are in agreement?"  "Have you and your wife discussed what price you want to sell the house at?" (Basically, I'm trying to see if everything has been predetermined and if so, then I know there is more motivation.)

After trying to find out how much they want for the house.
R) "I don't know, I just want to see what you have to offer."

A) "Do you have a range in mind?" (I want them to anchor first)
R) "Your advertisement says you will make an offer, so make me an offer"

A) (At this point, I'll anchor with a low ball offer, but they have a point, my website and postcards says "Fair Cash Offer".)

R) "No way, that offer is too low."

A) "What do you have in mind?" (or some other variation)
A) "I understand you want the most out of your property; and I don't blame you.  You can probably get more if you fixed it up yourself and sell it retail."  (I'm trying to justify the offer buy getting them to think what all is involved in rehabbing)

R) "Another guy offered me... <some unreallistic number>."

A) "That's a great offer, you should take it."  (pretty much calling thier bluff) "I'm not able to match that offer, but I can close fast with cash."

Right off the bat on the first call

R) "If you're going to give me some low ball offer, then don't even bother."

I haven't figured out a good one for this, but I've used:
A) "Well what price do you have in mind?" (This usually leads to the previous dialog listed above)
A) "What do you consider a low ball offer?" (I'm trying to see how far apart my offer would be with thier expectations)

I had a seller call me back from a letter I sent and was just trying to get an idea of what his house was worth and when I asked if hes interested in selling he said he has family staying there, so he isnt selling right now. I told him to keep me in mind if he does change his mind about selling

Was there something I could have said to get him to change his mind about not wanting to sell now?

Originally posted by @James C.:

Phillip, 

Thsee are mostly easily handled up front with some qualifying questions or statements. 

First, before you set foot in the house, check that all the parties that need to make a decision will be there, because you want to make sure that everyone has the opportunity to hear you and ask questions so that everything is above board  ( or something equally as good ). You are a businessperson and don't want to waste anyones time. 

With regards to an offer, simply indicate that your offer could vary depending on what the needs of the seller are. Then go into the many options that you have available (with loads of qualifying  questions, whe all the decision makers are there, of course). Let them know that you are happy to make an all cash offer,  however without knowing what they really want, you cant help them. You want to help them and make sure they keep as much of their hard earned money as possible. 

There is always another guy. Indicate that you are ready to close whenever they like, and you are ready to write a contract now, with the full offer in escrow pending (whatever you want to have for contingencies). If not the full amount,  then some large chunk of cash, anything that says you are serious. Ask if the other guy was willing to do that "no?" Then they are just wasting your time, and you won't do that. You are a serious businessperson. 

Low ball? Qualify seller with question,  and ask what do you think is a lowball offer? Why? Or If I could meet your needs, why would I lowball you? I will show you exactly how I come up with my number. I don't lowball, I give fair market value based on known market pricing. (Any or all the above). You could ask if they are serious about selling now.

Also, realize that some folks are just wanting a million dollars for a doghouse in their fantasy and no matter how good you are, you won't get them.  Best thing put them into your CRM and keep following up. Then go get another appointment and find someone who wants to sell.

Hope that helps.

Good Luck, 

Jim 

 Jim,

Those are awesome tips.  I agree with prequalifying.  A lot of times, I have a whole script or outline on what I want to say, but the conversation takes a totally different route and I end up adlibbing.  Knowing what common rejections or rebuttals from sellers ahead of time will at least not catch us off guard.  

I like your strategy on being "the professional" and showing the seller you are a serious investor and not just wasting anyones time.  I think you portray that well in your comment.

Your last paragraph is such a true statement; at least for me lately.  I've been getting a lot of people with unrealistic expectations on the value of thier house.  I think what it comes down to it, is that these people are not as motivated as our typical sellers we deal.  They are not a distressed seller.  

BTW, I see you are from Rockledge, FL.  My wife is from Rockledge.  We used to live in Palm Bay and ended up moving to Uvalde, TX.  Small world.

Thanks!

Phill

Originally posted by @Jake K. :

I had a seller call me back from a letter I sent and was just trying to get an idea of what his house was worth and when I asked if hes interested in selling he said he has family staying there, so he isnt selling right now. I told him to keep me in mind if he does change his mind about selling

Was there something I could have said to get him to change his mind about not wanting to sell now?

 Hi Jake,

I recently had the exact same scenario.  The seller was a husband and wife in which the wife inherited the house and had her brother living in the house.  The husband called me and told me the brother is leaching, not paying rent and was destroying the house.  We negotiated and came to an agreed price.  Then the wife decided to keep the house after they kicked the brother out.  In retrospect, I should have done what Jim from Rockledge said in the above comment about getting all decision makers in the same dialog.  I was only talking to the husband due to her schedule, but I'm sure I could have gotten her on the phone.  I call these things tuition.  I do plan on keeping them on my mailing list and follow up.

As far as your situation, I think asking questions like, "What made you call me?".  You can ask, "How long do you think your family member will stay at the house?"  Also, find out if that person is paying rent.  If so, you can find out if they want to sell the house and you will allow the family member to stay for a month or two until they find a new place.  I did this with a seller as part of the negotiation.  I allowed their parents to stay for 60 days rent free.  I got a killer deal so I didn't care.  

Maybe you can call back and say, "Hey Bob, this is Jake, I wanted to make sure I understand our last conversation and I may have a solution to your situation."  "It sounds like you want to sell, but you don't want to throw anyone out into the streets."  "Does your relative have any plans on moving in the near future?"  "If we were to come up with a price that works for you and work in the contract where your family member can stay for "X" amount of days, would you be happy with that scenario?"  If the family member is staying long term rent free, then you can work out a price and agree on a deducted amount for the time he is staying.  

Hope this is helpful.

Phill

Jake,

I would suggest that there isn't much you could have said to make the seller change his mind.  Oh sure you could have ground him down and beat him up and maybe gotten the sale, but not worth it in the long run. You aren't more important than family.

The better strategy is to do what you did, with one twist, keep in touch.  Sellers will forget you, but you don't forget them. It's what CRM databases are for. 

You spent a bunch of money to get them to can you. Now spend just a fraction of that to stay in touch.  Keep your message in front of them, contact them on a regular basis and always be willing to help. You might also ask if they know anyone else who wants to sell.

Remember,  "no" just means "not now" and as professionals, it's up to us to get them when they are ready.  A side tip, if they want or need full retail, you can either list it of you're a broker or create excellent goodwill (and maybe some cash, subject to laws) with another Real Estate agent.

Hope that helps. 

Good luck, 

Jim 

I would like to share my two cents but it might take me two hours to type. So if you want you can pm me, I do the phones all day 99.9% of my wholesale deals start with handling these rebuttals..

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here