Wholesaling Homes: Why Homeowners Won’t Sell

Wholesaling Homes: Why Homeowners Won’t Sell

Real estate investors often find great potential deals or distressed properties and owners but they won’t sell, why?

It may not appear to make any sense to you and they may only be hurting themselves by refusing to sell their homes, and perhaps end up having to sell for less later or even losing their homes and still owing money on them for years. However, trying to hard sell them into it or pressure them or ridicule their decisions is not going to get them to budge. In fact it will probably just offend them and cause them to refuse to sell to you at any price, no matter how much they need to.

Instead, perhaps it is wiser to dig deep and uncover and at least try to understand why they are hesitant to sell. Then you can work to overcome those objections to create more opportunities for wholesaling homes easier and more profitably.

Why they don’t want to sell:

  • They think because they are in a negative equity situation that they can’t sell. It is amazing to see how many are unaware of the loan modification and short sale options available to them.
  • They are afraid because they don’t have money to move anywhere else.
  • They are desperate to stay in their family homes. Perhaps you can provide a solution?
  • They don’t really believe that the bank will take their homes or think they still have years before that happens.
  • They think that their credit is already so trashed it doesn’t matter.
  • They seriously underestimate the threats of foreclosure from other sources such as property taxes and homeowner’s associations.
  • They have been burned before.
  • They don’t know how much their homes are worth.
  • They hope they’ll get a better price later.
  • Pride.

Everyone has different reasons for not selling or bending to hard pitches and threats. Sometimes they will tell you, sometimes you can find out from an agent, neighbor or mutual contact and others you will just have to do a little research to figure out.

However, it doesn’t require a ton of creativity to come up with solutions for all of these objections. A little education, building trust, a helpful soft sale approach can all do wonders for writing more contracts that get signed and wholesaling more homes.

This can be done with the information and branding you put on your website and social media. Perhaps you can do better at it with your email, direct mail and print marketing. You can definitely nail this down better when making offers through agents and if you learn to read people well, even when knocking on doors and cold calling.

Get good at finding the real why, offering an attractive solution and you’ll be wholesaling more homes than ever before…

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