Can anyone tell me about what questions I need to ask seller?

General Real Estate Investing
1

What questions do I ask the seller, once I visit on the first
visit, should I make up some questions, or should I go
by a certain list of questions. Any help will be appreciated.
Thanks

2

A simple question of “Why he’s selling the house?”. This will give you an idea about the seller’s motivation. You will have better chance in getting a good deal in working with motivated seller.

Another good question is “If the property is free and clear”. If it is, you could even ask the seller if he’s willing to carry a note.

3

I would suggest that you search the forum for past posts. This question comes up quite a bit.

But here is a brief list of questions I ask.

Bedrooms, Baths?

Free & Clear?
Mortgage Loan Balance?

Payment [PITI] ?
Interest Rate %?
Assumable?

Type Of Mortgage?
Years Left On Mortgage?

Other Expenses?
Possible Rents?

Rough Estimate of Repairs?

The next set of questions allow the seller to open up and a conversation begins, where as the first questions are to figure out if the numbers on the property will work.

These questions will allow me to find out the sellers pain and if they really are motivated

  1. Why are you selling your house?

  2. Are you willing to hold any of the financing?

  3. Have you had any offers yet?

  4. How long have you been trying to sell?

  5. What will you do if you don’t sell the property?

  6. Do you have any other properties you would consider selling?

Enjoy!