There are always people who just want to get rid of their homes. In every market, strong or weak, there is a special brand of extremely motivated seller called the \”Don\’t Wanter.\” They will almost always accept your terms, are ready to hand over the deed to the house, and will practically beg you to buy their house.
How do you find Don\’t Wanters?
1. A great way is to search through your local shopper classifieds and the local paper for ads that say things like \”Must Sell Now,\” \”Owner Desperate,\” \”Lost Job Must Sell,\” or \”Transferred Must Sell.\” You can get an idea of the sellers\’ motivation by the tone of the ad.
2. Sites like Craigslist, Backpage, and Kijiji provide space for For-Sale-By-Owner listings around the country. Search through these listings for words like \”Desperate,\” \”Foreclosure,\” etc. and give the owners a call.
3. Select a few specific neighborhoods that you would like to invest in, and do drive-arounds. You should look for homes that clearly need some maintenance, but are not vacant. The owners of these fixer-uppers are great targets for a postcard or letter campaign that states very clearly that you can buy their house quickly and that you buy in any condition. If they see you as someone who can solve their problem quickly, and you are consistently in front of them with your marketing, you will be the first one they call
4. Search your local newspaper\’s legal notices section for homes whose sale dates are getting close. The owners of these homes will be extremely motivated to solve their solution, and they will probably see a short sale as their best option.
5. Request lists of people who have not been able to refinance from mortgage brokers in your area. A mortgage crisis might be coming in the near future for these homeowners and they could be very motivated to sell.
6. Check the divorce filings in your area. Very frequently people who are in divorce are anxious to liquidate their holdings in order to split their assets.
If you are looking for motivated sellers of multi-unit properties, you should send letters or postcards to people who have owner their properties for over 10 or 20 years. These people might be looking to cash in their holdings and retire. You could also offer to buy the property on a contract for deed, which will still bring them in steady income, but frees them from the responsibilities of being a landlord.
Look for out-of-town owners, particularly of single family and small multi-family units. In many areas rents have fallen well below mortgages for these small-time investors, and they are losing money every month. In many cases these Investors are running low on funds and need to sell quickly in order to avoid foreclosure.
A lot of times, probate owners are very motivated to get sell the homes that they are left. It could take a lot of time and money that they don\’t have to get a house ready to sell, and many times they just don\’t have the vested interest in the property to bother. Often, heirs will settle for a lower quick sale price just to have the house sold.
Always inspect properties before you buy them. If you don\’t, you could accidentally be buying a money pit.
Look for the Don\’t Wanters in your community and you\’ll have a steady flow of business that is often fairly invisible to your competition.
Looking to find the best ways to get motivated sellers to come to you? Then visit www.REWealthCoach.com to find the best advice on how to find motivated sellers.
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