Real Estate Investor · Salisbury Mills, NY · Member since 2013 · 26 posts · 4 votes
I had some results from my direct mail letter campaign. I received some calls, attempted to discern it the lead was motivated or not. Most want mega bucks for their property. I told the "motivated" seller we would analyze the information that they provided and get back to them within 48 hours with an offer. The problem, I can not give them an offer.
Question: Do I follow up and give them a low ball offer (based on my comps and analysis), or do I not follow up, even though I told them I would? Should I follow up and just tell the seller we can not give an offer at this time?
Any advice, help, comments, thoughts or ideas? Thanks
Real Estate Entrepreneur · Winston-Salem, NC · Member since 2008 · 101 posts · 40 votes
13y
Hi Strat,
Definitely do what you say you're going to do. Or if you're not going to be able to do it, then follow up with them to let them know what's going on. Don't just leave them hanging. This is just part of being a responsible and professional adult. :-)
Why can't you give them an offer? Just because it's too low or you know that it will not work for them, does not mean you should not make an offer.
A wise investor once told me, the key to this business is making offers. Just make offers. Make offers. Make offers. You never know, they just might surprise you and take the offer.
Real Estate Entrepreneur · Winston-Salem, NC · Member since 2008 · 101 posts · 40 votes
13y
Hi Strat,
Definitely do what you say you're going to do. Or if you're not going to be able to do it, then follow up with them to let them know what's going on. Don't just leave them hanging. This is just part of being a responsible and professional adult. :-)
Why can't you give them an offer? Just because it's too low or you know that it will not work for them, does not mean you should not make an offer.
A wise investor once told me, the key to this business is making offers. Just make offers. Make offers. Make offers. You never know, they just might surprise you and take the offer.
Minneapolis, MN · Member since 2013 · 4 posts · 0 votes
13y
I agree with Blair. Even if you think your offer is a "lowball" offer you should still pitch it to them. As an investor you should get used to making "lowball" offers. I heard a well experienced investor say that if our not embarrassed about your offer then your offering too much! Besides sometimes sellers are not always straight forward with their real motivations or what their absolute bottom line is.. go ahead, if anything they will counter you back. As long as the numbers add up there is no refruting a deal. either they can or cant make it work but always follow up. You never know they can have a referral for you down the line and you never know when your paths may cross again. You don't want to be that guy who made promises and then disappeared.
Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
13y
I didn't want to make an offer on a house once because I didn't want it nor did I want to deal with wholesaling it. So, my partner tells me to offer something ridiculously low. I offered $3K. Seller accepted.
Real Estate Investor · Salisbury Mills, NY · Member since 2013 · 26 posts · 4 votes
13y
Thank you everybody for the comments. Yes, follow up is the "responsible adult" thing to do, and it is the ethical thing to do, I am just a bit nervous because they are not really motivated from what I can discern because the are emotionally attached to the property and believe it is worth tons of money. Sadly, the property is not worth any where what they think it is worth, based on my analysis. I will follow up and expect some hang ups...
Wholesaler · Bay Shore, NY · Member since 2009 · 359 posts · 199 votes
13y
Absolutely follow up... a) because you said you would b) because they may come back 1 week, 1 month, 6 months from now and say "we would like to accept your offer."
Some sellers are forever delusional and some not so much...