Do anyone filter for the length of ownership? As I do more deals I’m trying to think of how to target my “ideal seller”. So far it appears to be people who have owned the property for an extended period of time. Do you guys filter for this or anything else?
I don’t filter for that but I pay attention to it. Sometimes I get an offer accepted and I look up the sold data and see that the seller just bought it 2 years ago. Hmmm. That makes me wonder- What would I miss if I filtered out all sales less than 5 years old. It doesn’t happen all the time, but I wouldn’t take those people out of the data. Just me.
Yeah, I’m doing a deal with someone who just inherited a property recently so it’s hard to flat out discriminate. I wish I could target only inheritances for recent owners but I don’t think this is possible, yet.
I know, you want to target those heirs because you think they will be easier deals — They are not usually easier. Trusts, Death Affidavits, Death Certs – these are things you will have to get from sellers to buy properties like this. Half of the heirs think they own property because it was in the will. But they never got the deed in their name. I don’t even do them anymore. If a seller says I want to sell my property and I discover he is not on the deed, I tell him to call me when he gets his name on the deed. I will suggest to him how to get this done, but I don’t do it. It chews up a lot of time and I move on to doing deals with real owners whose names are on the deed. You can specialize in this and get really good at it. Not me.