Questions to ask sellers before getting under contract

3 Replies

Hello! I am new to wholesaling and I am looking to start advertising to find motivated sellers soon but before I do that I m confused about what information you need from the seller to determine if it’s a viable option to wholesale. So far I understand that you should know why they are looking to sell, how fast they want to sell, how much they want to sell for, and if they have any mortgage/liens/back taxes on the property. Is there anything else that should be asked before offering them anything? 

Also if they inform you that there is a mortgage/lien/ back taxes on the house could it still be wholesaled if they accept the offer and agree to pay off the amounts owed?

Thanks in advance for taking the time to read and answer!!

hey @Bridget Vasquez I'm not a wholesaler, but I am an agent and if you do have mortgage/liens/back taxes, most of these things will come up in a title search when you work with your title/escrow company to close.  I could be wrong here, so do your own due diligence but in my experience whoever is doing that work for you should be dispersing the proceeds appropriately. So to address your question, yes you should still be able to wholesale it but the question becomes are you offering enough to pay off those liens and mortgages to still make it a good deal for the seller.

As far as extra questions to ask them for your marketing or selling on the back end its always a good deal to put your mind in the place where a buyer you are selling to would be.  So the numbers are key.  Anyone can wholesale as you know, but what makes a good wholesaler in my opinion is the quality of the numbers and data they supply.  If you are looking to sell to the end investor make sure you can defend and provide data to support your evaluations.  This seems pretty simply but you'd be surprised how many people can't defend their claims as to what the numbers on a deal are.  This is especially true when selling a tenant occupied property.  

Good Luck!

Hey Bridget,

I run a full-time wholesaling operation in Houston. 

Our script consists of the following questions:

  1. Condition of the property
  2. Timeframe of when they would like to sell
  3. Reason for selling (motivation)
  4. Asking price

The key is to listen to the homeowner and identify if they fit your criteria. Dont overcomplicate things and remember that you're simply having a conversation.

Best of luck.

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Originally posted by @Joe Gonzalez :

Hey Bridget,

I run a full-time wholesaling operation in Houston. 

Our script consists of the following questions:

  1. Condition of the property
  2. Timeframe of when they would like to sell
  3. Reason for selling (motivation)
  4. Asking price

The key is to listen to the homeowner and identify if they fit your criteria. Dont overcomplicate things and remember that you're simply having a conversation.

Best of luck.

 I'm also a full time wholesaler, out of California.  These are the exact criteria's we ask.  

1. Motivation is the most important factor: "What makes you want to sell a nice home like this?"

2. Timeline- what is there timeline for selling: "I'm looking to buy in the next month or two, how soon are you looking to sell?"

3. Condition: "If you had a extra $20,000 to spend on the property, what would you do to the property?"

4. Asking Price: "How much are you looking to get for the property?" "Do you have a Ballpark range you would want"

Of course these are just sample questions to get you thinking.  Good luck! Reach out anytime.