Wholesaling: Convincing seller to work with you versus an agent
Hey BP fam!
I just had a very successful cold call today with a lot of potential. I'm still fairly new to the process and I just started making calls last week.
To make a long story short, the seller is definitely motivated, however, he's considering working with an agent because the agent said that their property would be worth about 250k (definitely makes sense for the area), therefore, that's the least he's willing to expect from it. It may need about 20k in cosmetic repairs. He's also somewhat familiar with the wholesaling process (I didn't tell him that's what I do, but he knows I'm trying to get it for a discount). The thing is this: he wants as much money as he can get from it, but he's also worried about paying for realtor costs.
Has anyone experienced this type of situation? If so, what ways did you get the seller on your side?
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From a wholesalers perspective, you need to emphasize the repairs needed and costs that may come up if a buyer gets a home inspection. Breakdown the realtor fees and closing costs. Let the seller know that with you he doesn't have to pay either of those. So make a net sheet showing his bottomline for each option. Remind him that if he goes to market, he will have to deal with multiple showings, a 30 day escrow, the potential of a buyer backing out after inspections, financing that may fall through, appraisals, etc. Paint a picture that selling to you eliminates much of that headache. You will only have "contractors" coming through during your inspection period.