I hope to have my 1st property under contract soon with a very motivated seller. The problem is, the seller still lives in the property. What do i do if my buyer wants to view the property with the seller there? :banghead
Call the seller, set a convenient time for all, and show the property. Ask the homeowner to keep a low profile or go for a walk for 15 minutes.
These are great ideas. If seller doesn’t wanna leave or can’t leave, make sure you go with the buyer & tell the seller you’re bringing over a contractor to help you check out the house, and ask your buyer to keep a low profile.
If you can’t show your property to the buyers do the following:
I would suggest you tell your buyers not to mention any price or anything like that to the seller. This will get you in trouble.
Also, make sure you tell the homeowner that you will have some investment partners/contractors view the property in the next couple of weeks that you have the property under contract.
Don’t get discouraged. Motivated sellers are hard to come by.
I’ll give you a scenario:
I had a property under contract that felt through (because of a lien, nothing do with the buyer).
I basically told my buyers everything I mentioned above, and I also let the homeowner know BEFOREHAND that I would be having investment partner/contractors view the property once we have every paper work in order, or under contract.
Good luck, and get this property sold!!
The first moment your sellers figure out that Mable and Herb are not “contractors” or “partners” of yours, but potential buyers instead, you’re unnecessarily screwing up your deal. Nothing makes the seller’s greed glands go into “what was I thinking” mode than to figure you’re gonna make an easy buck off of them.
Either wait until you’ve closed on the house, or be up front and honest with the seller by explaining that the only way you can give them the price you quoted was to immediately resell/rent the house asap. And you need the right to show the house, unoccupied (without them present) to potential clients of yours (regardless of whether they’re potential renters or buyers, etc.).
Once you’ve framed the reason(s) for needing access to show people the house, before you’ve closed on it, the sellers won’t start (hopefully) thinking what “suckers” they were in contracting with you for a giant discount.
Bottom line: Don’t lie to sellers. If the sellers won’t sell to you because you might make a profit, then don’t try to pre-sell the property and make a profit …until you first own and possess the house. Then it makes no difference.
In my sub2 and lease option business, you can imagine how important it is to get control of the property before I start pocketing chunks of cash that the seller left on the table. That’s why I explain to every seller exactly what I’m intending to do. Even with that, I don’t give the seller money until they’re out of the house, and I don’t step all over the seller’s toes by traipsing my clients, who are eager to pay more than I was, through their house!
Anyway make money, but don’t mislead sellers. It’s just bad business…and very short-sighted otherwise.
:beer