should i contact the seller?

Question

I'm new and still gathering info. No properties yet as still stuck on where to start. My question is this:

My husband's coworker just expressed that he was having to move out of his rented home of several years because the owner wants to sell. Should we contact the seller and see what his story is? If so, how should I start this conversation and what should I ask other than, "why are you selling?"? I would love to take this over if possible and let the current renters stay.

Mike Cumbie · Answer

Hi @Viki Knowles,

I think on this one I disagree with @Jim Brown a bit.

I would call the owner "Oh Hi Mr Jones, My name is _________. I was having a conversation a couple days ago with someone and they mentioned you were thinking of selling your house on West Main street. I was curious if you already had a buyer lined up or were going to be putting it on the market"

Then let the conversation kind of flow from there. He could have someone setup to buy it already or could be giving it to a local church as a donation or tearing it down for a highway widening project. If it is already earmarked for something else you may end up doing a lot of research for no reason. I wouldn't make an offer on the initial conversation but it gets you a place to start. (If he wants 50 quadzillion dollars and first born royalty for a run down shack you are not in a hurry. But if he just wants it gone because he is going to Florida and is just sick of dealing with it, you know to get that research done now)

Just my thoughts and Good Luck!

Jim Brown · Answer

@Viki Knowles  I would try and find out as much info on the property as possible before making the call.     Know what the comps are to get a sense of what the property is worth.  Find out what the tenant is paying compared to what the market rents are.  Find out the age of the home and what repairs have done or will need to be done to get a sense of what expenses will be.  The more info you know, the better your barging position will be.