What questions should I ask during a wholesale deal.
Suffolk, VA · Member since 2017 · 12 posts · 1 vote
Hello Everyone,
I would like to develop a wholesaler questionairre for new leads. I am a newbie and seeking your feeback. What questions would be great to ask a new lead so I can have a bigger picture of the deal include ARV, rehab cost, purchase price etc... Thank you.
This will help you:
The 5 Must Ask Questions
The first five questions tell the story. Unless you are using multiple marketing media sources. If so, then your first question should be:
1. How did you happen to hear about us? Otherwise just ask the following.
2. Do you have a house you're wanting to sell? - Must be a Yes answer...
3. Is the house currently Listed with a Real Estate Professional? - Must be a No answer...
4. What do you think the house will be worth in today's market? - Must give a number...
5. What is your "Rock Bottom" price, the lowest amount you'll sell for FAST and FOR CASH? - Must be a number equal to or less than the worth value...
6. What is the address of the house?
Without the right answers to these five or Six questions I don't continue with the questions on the following seller questionnaire.
Call Date __________________________
Owner first and last name. (confirm spelling)______________________________________________
In case we get disconnected what is a good number to call you back on?_______________________________
Do you happen to have a cell number? _________________________
What is the best time to call you back? _________________________
Out of curiosity, why are you selling? __________________________________________________________
When do you want the house sold? _____________________________
On a scale of 1 to 10, 10 being highly motivated, how would you rank your motivation to sell? ___________
How did you happen to own the home? ____________________________________________________________
Is the Home Vacant or Occupied? Vacant Occupied
Occupants Name? ________________________________
Do You Know the Year Built? __________________
What is the approximate square footage? __________________
How Many Bedrooms? __________________ How Many Bathrooms? ______________ Size of the Garage? ___________
Knowing I buy "As Is" tell me a little about the condition of the property, does it need any repairs? Things like paint, carpet, roof repairs and such?
What do you think the repair costs are going to be? _______________________
Is that price "As Is" or fixed up? ___________________
Are your payments current or behind? Yes No A little In Foreclosure
If in foreclosure; You may owe more on your home than it is worth, would you agree?
Do you have an interest in NOT having a foreclosure on your record right?
Have you heard of a short sale? Yes No
Notes _________________________________________________________
Keep in mind that sellers will often ask for unrealistic numbers. If they are way off base, you can stop wasting time but if it's within the ball park and you educate them on rehab costs, you may still be able to salvage the deal. The more competitive your area, the more each lead should be fully processed.
Greetings
To get an understanding of ARV and as is values you must study your market and analyze deals. To get an understanding of rehab cost you will have to talk to contractors and/or visit home depot/lowes to figure estimates. You can also search the forums and/or ask questions here on the forums.
Here are the questions I ask prospects, in no particular order
What are your plans if you don’t sell the house?
Beds/Baths:
Sq footage:
Asking Price:
Why are you selling?
History of house
Current condition of:
Citations/Fines:
Mortgage: owe, mthly pmt, interest rate,
@Jackie Botham
Thank you for your insight. Would you be able to share a copy of your "seller lead sheet" with me. I would really appreciate it.
Robin
Thank you for this information. I am drafting a questionnaire in order to make sure I don't forget to ask the necessary questions during a deal. I will share once completed for your feedback.
This will help you:
The 5 Must Ask Questions
The first five questions tell the story. Unless you are using multiple marketing media sources. If so, then your first question should be:
1. How did you happen to hear about us? Otherwise just ask the following.
2. Do you have a house you're wanting to sell? - Must be a Yes answer...
3. Is the house currently Listed with a Real Estate Professional? - Must be a No answer...
4. What do you think the house will be worth in today's market? - Must give a number...
5. What is your "Rock Bottom" price, the lowest amount you'll sell for FAST and FOR CASH? - Must be a number equal to or less than the worth value...
6. What is the address of the house?
Without the right answers to these five or Six questions I don't continue with the questions on the following seller questionnaire.
Call Date __________________________
Owner first and last name. (confirm spelling)______________________________________________
In case we get disconnected what is a good number to call you back on?_______________________________
Do you happen to have a cell number? _________________________
What is the best time to call you back? _________________________
Out of curiosity, why are you selling? __________________________________________________________
When do you want the house sold? _____________________________
On a scale of 1 to 10, 10 being highly motivated, how would you rank your motivation to sell? ___________
How did you happen to own the home? ____________________________________________________________
Is the Home Vacant or Occupied? Vacant Occupied
Occupants Name? ________________________________
Do You Know the Year Built? __________________
What is the approximate square footage? __________________
How Many Bedrooms? __________________ How Many Bathrooms? ______________ Size of the Garage? ___________
Knowing I buy "As Is" tell me a little about the condition of the property, does it need any repairs? Things like paint, carpet, roof repairs and such?
What do you think the repair costs are going to be? _______________________
Is that price "As Is" or fixed up? ___________________
Are your payments current or behind? Yes No A little In Foreclosure
If in foreclosure; You may owe more on your home than it is worth, would you agree?
Do you have an interest in NOT having a foreclosure on your record right?
Have you heard of a short sale? Yes No
Notes _________________________________________________________
Keep in mind that sellers will often ask for unrealistic numbers. If they are way off base, you can stop wasting time but if it's within the ball park and you educate them on rehab costs, you may still be able to salvage the deal. The more competitive your area, the more each lead should be fully processed.
Hello Everyone,
I would like to develop a wholesaler questionairre for new leads. I am a newbie and seeking your feeback. What questions would be great to ask a new lead so I can have a bigger picture of the deal include ARV, rehab cost, purchase price etc... Thank you.
Before getting into that... question #1 is if it is even legal to wholesale where you are located.
@Ray Lai I know this post is old but I'm just looking into getting into direct mail and I have to say... that's a fantastic list of questions you posted. Greatly appreciated!