What questions should I ask on my first appointment?

Question

After months of gathering information I finally decided to take action. I found a highly motivated seller, she was so motivated she offered me another property alongside with the one I initially inquired about, so I locked her up for an appointment Tuesday. Considering this my first deal, I want to have a list of questions I should ask her about the property to make sure it’s a good deal and so I can’t get it for a good price.

Any tips to take into account while on the appointment would be very much appreciated.

Thank you in advance.

I’ll let you guys know how the appointment went!!

Any tips to take into account while on the appointment would be very much appreciated.

Thank you in advance.

I’ll let you guys know how the appointment went!!

Jason Boice · Answer

I am new to this too and only have had two appointments thus far. But based on what I have read, I would recommend finding out the following information:

1) Why she is selling the property and what she hopes to accomplish by selling. This will allow you to tailor your offer to help her meet her needs.

2) If she still has a mortgage on the property and how much she still owes if she does.

3) If she has any existing liens on the property. If she does, you will have to bring those liens current to complete the sale.

4) Walk the property and get a good idea of what the rehab costs would be.

Let us know how the meeting goes. My first two appointment so far crashed and burned. The first one needed $85k in renovations, so I could only offer $20k cash. The guy was offended and that was that.

The second one I decided to take a gentler approach and asked the guy what his goals were in selling the property. He responded by saying that his goals should have no impact on the value.

I am still trying to figure out how to have successful meetings and find out what people want so I can make an offer that attempts to meet their needs. From what I have heard on BP podcasts, making your offer based on what they are trying to accomplish will improve your success. However, I cannot confirm this as I have not completed it myself.