Seller objection

There’s just one seller objection that I get a lot when offering to take over payments or lease the house for which I haven’t been able to come up with a good answer.

How do you answer:
“If you’re serious about buying my house why don’t you just get a mortgage?”

Howdy Doug:

You will get a lot of this from sellers that are not motivated. I had one actually get foreclosed on instead of letting a buyer take it sub2. The house was not even worth the loan balance either.

My answer is that the points and expenses are way too much for a new loan and if you are serious about selling we can do it this way fast and a lot cheaper.

To be successful in sales, and you as an investor are in sales, the first thing you learn is overcoming objections. A few books on sales should become a part of your investing library. Without sales skills, it will be very difficult to become successful in this area.

tedjr, thanks. I’ve had that happen too (foreclosure rather than investor)

TNinvestor, I’ve been investing for over 5 years and I’m able to head off most objections before they come up or at least give a good quick answer, but this one has been a sticking point over the years. I’ve tried a variety of answers but nothing seems quite good enough.

I agree with DougOn and TNinvestor

1st ’ bring up the objection as part of your presentation, especially if you KNOW that it will come up.

2nd ’ learn sales skills, objections are handled’

1.confirming what they just asked.
2.repeat it back to them
3.answer the objection
4.ask if they understand your answer.

Also think about asking a question after their question.
For example they say why don’t you get a mortgage if you really want this?

you can answer with is getting a mortgage the only other reserve you have of selling this property?

thus, getting more information. always ask questions!

tell them you buy houses with either cash or terms and their house doesn’t qualify for a cash sale. Honestly, present them an offer that works for you and if they say no move on to the next deal.

Tell them you typically get at least a 2-1 return when you use your own money and lower your offer accordingly. Watch 'em come panting after your first offer. :wink:

Thanks for more great responses everybody.