How to Overcome Motivated Seller Objections in Real Estate Investing

In real estate investing, having all the numbers relating to a deal is important to make an offer that both gets accepted and makes you a profit. Most often when I talk to motivated sellers, I find they are not willing to provide some of the information I need to evaluate the deal accurately. Usually they do not want to discuss the mortgage balance among other issues.

So how do you overcome these objections and get all the information you need?

Over the years in my real estate investing business, I have come to learn to deal only with sellers who are really motivated.

By being motivated, they must be willing to provide most of the information I need without pressure. I am not interested with sellers who are testing the ground so they can consider if to sell their house to me.

Most deals from motivated sellers are submitted through my real estate investor website. In this case, I only need a few minutes to evaluate the deal and make an offer because my website does the job of pre-screening them and pre-negotiating with them.

Let us look at a few objections and how to overcome them:

Mortgage balance:

When you ask for the mortgage balance, a seller might tell you "that's none of your business" or "why do you want to know?". So I have come up with a simple statement:

"In order for me to able to evaluate the deal and make a fair offer that makes sense both to you and me and pay off the outstanding mortgage when I buy it, I must know the mortgage balance owed on it."

Then I say nothing… nothing!

Usually they will provide all the information you need.

You must let them know that without mortgage balance, you will be unable to make any offer. Motivated sellers will provide this information. If they do not provide it, you have no business talking to them.

A motivated seller will tell you anything in the world to sell you their house.

Repairs:

Repairs will always be estimated conservatively by the seller. I have learned t assume that I have to paint, replace carpet and fix kitchen and bathrooms.

This is how I direct my repair questions:

"How long have you lived in the house?"

"Have you done any remodeling on it?"

"So what repairs does the house need?"

Usually I will ask about carpet, paint, kitchen and bathrooms. If your line of questioning goes like this, the answers you get will be more reliable.

Asking price:

Asking price is the toughest and most important part of your conversation. Before you can ask this question, you must know the mortgage balance.

My question goes something like this:

"If I can buy your house all cash and close quickly, what is the least you can take for it?"

Usually the provide the answer, then I say "Hmm…".

Then I go silent.

Not a word until they speak.

Usually they will talk their way down without me saying anything.

Sometimes I will also ask them "is that the best you can do?

This technique usually works like a charm.

Good luck in your next real estate investing deal.

Simon Macharia - About Author:
Simon Macharia is a real estate investor in Dallas Texas, and uses an interactive real estate investor website to pre-screen and pre-negotiate with motivated sellers. Learn how you can close more deals using less money, time and effort with a website for real estate investing.

Article Source:
http://www.articleside.com/real-estate-articles/how-to-overcome-motivated-seller-objections-in-real-estate-investing.htm

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