Calling a FSBO

Pinky,

The first thing to remember is that you don't have to get all the info in just one call or be afraid of messing up. When you call, tell them that you saw their sign/ad/whatever and that you're a real estate investor. If you can, start the conversation focused on them. Try to ask them why they are selling, how long they've been in the home. You don't want to come across solely as a businessman. Once you've established something of a rapport with the owner, tell them you are interested in finding out about the home. Get the property specs (beds/baths square footage), then set up a time when you can call them back. Find out what time works best FOR THEM to have you call back. In the meantime, go to the public records and find out about any liens against the property. Call the advisory line and talk to them about the situation and get their advice and feedback. Get a few comps so you have an idea what the property is worth and what you want to offer. What's your exit strategy?

Vincent

Pandpvinc gave you some great advice.

Also, check out Elena's Journal, she has a questionnaire that can also guide you through you call.

Good Luck and keep us posted.

I will be attending one for the fist time tomorrow and I am actually looking forward to it.
Wish me luck.

... In the absence of your real name I too will call you Pinky!

In answer to your question here, this is the perfect forum topic:

http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...

Please let us know how it goes?

Angela

If you are going to your REI club, ask some of the seasoned investors on how to approach this FSBO. This will open doors for you and you can network for future deals. good move on your part joining the club...Jan

OK, unfortunately it is a little too late to wish you Good Luck, but at this point it is over and you should post about your experience.

So, did you meet any buyers to add to your list? I met one of my best contacts (rehabber/buyer) at my first REI club meeting

Angela

Hi! I also meet with an owner in acouple of days this is some good info thanks! I want to sell to an investor. My question is if my offer is accepted what contract do I need to sign with the owner? I know to assign the contract to the investor as an (assignment of contract) but what about the owner? And not sure how to fill the form. Thanks Mellena

Hey Mellena,

Do you have Dean's book Profit From Real Estate Right Now? On page 165-167, Matt Larson explains the process. Essentially, you fill out a regular purchase agreement with the owner, but you want to make sure of two things:

A) At the top of the agreement where you sign your name, make sure you put and/or assignee after your name, i.e. "Mellena and/or assignee"

2) Include your contingencies in the purchase agreement that allow you to pull out of the deal if it doesn't work out for you (always leave yourself an out)

Vincent