A standard seller or happy home owner - what you need to know when making an offer
Types of Sellers
All right. Let's talk about the different types of sellers. So when we're out there looking at properties and when we're negotiating and trying to write an offer, it's important that we can try to get into the mindset of the seller. That's going to make our job a little bit easier so we can know how to structure our deal. We know what kind of financing we can work with. We can also know what to expect in terms of timelines. So let's get into it.
We have three major types of sellers with a slight four or five, which I'll explain in a minute. So the three types. Number one is we have our happy homeowner. Now, our happy homeowner is what we normally work with. That is our standard seller. Previous to the market crashing, that's what we normally had was our happy homeowner. And really, we're kind of back into normally having a happy homeowner as well. It's really it was only about 2008 to 2016 or so that we had a lot of the other stuff.
Now, here's the good thing about happy homeowners. They want to sell. You want to buy. Let's try to make it work. That's the good thing. Now, the bad thing is maybe some emotional or psychological aspects. What do I mean by that? Well, maybe the seller was born there. Maybe they had their first kid there. Maybe they did all the work and they're very proud of it, but the work's not very good.
I'll give you a good example: let's say we walk into the home. We're like, "Okay, cool. Check out this." And they have that tile right at the front, like a little foyer area, and the tile work kind of sucks. And I'm like, "Hey, that tile work's not very good." And maybe the seller just happens to be home. And they're like, "Hey guys, welcome. Come on in. I did a lot of the stuff myself. I did all the tile work." And we're just like, yeah. Point is they may be in love with certain things or think there's a certain value to some of the stuff. But maybe to us, it's just not as good.
I've seen half million dollar deals where a seller was almost willing to blow up the deal over like a $200 to $400 problem because of some of the emotional aspects in there. Just know that. Again, that's just going to be how we can structure our deal and deal with stuff. So our first type is our happy homeowner.
Questions? Ready to get started?
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