A desperate seller is a dangerous seller… so can you tell when a real estate seller is desperate to get rid of their property?
In this episode, Dan and Anthony will list the top red flags that you, a buyer, need to keep an eye out for when purchasing a property.
A desperate seller will do everything they can and pull out all of their tricks to offload their property onto an unsuspected buyer. Here’s what you need to look out for…
Keep an eye out for clingy sellers… if they’re giving you a call everyday checking in on your interest… there might be something up.
Watch out for super flexible sellers… if they’re flexible on the price and the timing… what motivation is there for them to sell?
There are many red flags that you need to keep watch for, so listen in and let us know if you’ve ever had a run in with a desperate seller.
Tweetable Quotes:
“I think one of my favorite quotes is that diversification is a hedge against ignorance.”– Anthony Vicino
“So you don’t want to get too hyper focused on one thing and just get too focused. You’ve gotta look at big picture and micro. . Look at it all.” – Dan Krueger
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*Transcripts*
How To Tell When A Seller Is Desperate
[00:00:00] Anthony: Hello and welcome to the podcast. Dan. What are we doing here today?
[00:00:05] Dan: I think we’re gonna cast some pods. Yeah. Do you remember what the
[00:00:08] Anthony: topic is? I do. Okay, cool. Okay. Cuz I just woke up from a nap, I think. Yeah. I’m not gonna say it. I didn’t actually
[00:00:15] Dan: wake up, but I let people try to figure it out, but they know it because they should.
We clicked on it probably. Should we just
[00:00:21] Anthony: start talking through the topic without explaining what it is and then you guys figure out, you could connect the dots. It depends on how well we, how well we draw those dots. The
[00:00:30] Dan: question is, can we transition from whatever we do at the beginning of the show to the topic without having the ti, because we always transition with the title.
That’s gonna be the weird part. One
[00:00:39] Anthony: of the things that we get the most feedback on from listeners is how well we segue. They’re like, it’s remarkable how smooth. Every time you guys are so creative in how you segue from topic to topic and never, we’ve literally never gotten this feedback. But if somebody would like to leave it, you can go leave a review and that would be [00:01:00] really neat.
Best segues. Best
[00:01:02] Dan: segues. Never. It’s a weird thing to
[00:01:03] Anthony: pick up on this . It’s never been said. Um, I wish I was good at segues. Different segue. Um, I, I feel like I’m usually really, really abrupt. Like, do you just wanna do your bad investing advice? Yeah. Okay. I do. Cool. Let’s do it. ,
[00:01:19] Dan: seamless . He’s coming at you to deal with it.
All right. If you wanna be good at investing, uh, you’ve gotta focus on one thing and get really good at it.
[00:01:28] Anthony: Double down, baby, triple down. Stay in your lane. That’s what we do, right?
[00:01:33] Dan: Yeah. Sounds good. Yeah. Um, however, um, The take I’m gonna take with this today is that you can’t just do that. You’ve gotta be looking at a lot of different things and see confluence between them to make sure that you’re not too focused on one thing and you’re missing the big picture.
And you could relate this to real estate, you could relate this to stocks. Um, let’s just say for example, that, uh, you wanna start getting into investing [00:02:00] in stocks, right? So you might say, oh, uh, you can go through and find the best companies with the best balance sheets. They pay a dividend, they’ve got sales increase, all this great, all this great stuff.
Um, you could find all these great companies, but the major trend in the market overall is down, right? So do you really wanna go and deploy capital? Now, my Facebook stock. . Yeah. Tell me how that’s going in three months. ,
[00:02:22] Anthony: I’m already out. Trust
[00:02:23] Dan: me. I’d short enough. I really do. Seriously. Um, But no, you, you don’t want to just get too hyperfocused on one thing because you might miss the big picture.
So for stocks it might be confluence between the general market trend, like what kind of cycle are we in, and then finding the best stocks. And in real estate, um, it’s gonna be, you know, a big delta between where rents are and where they could be. It’s gonna be location, it’s gonna be, it’s gonna be a whole bunch of different things.
So you don’t want to get too hyper focused on one thing and just get too focused. You’ve gotta look at big picture and micro. . Look at it all. Look at it all. Where do you recommend to go to look at stuff? The interwebs at Google . [00:03:00] Yeah. That depends what you’re trying to look at. ,
[00:03:02] Anthony: uh, you know, Stocks,
[00:03:07] Dan: stocks, uh, fin viz, if that’s a good screener.
Actually, if you wanna, uh, search for companies based on really specific criteria, there’s a website called Fin Viz. You can plug in all sorts of different either technical indicators like moving averages or, uh, like balance sheet metrics or, uh, sales growth or sales declines. Like you could plug all these different things in and it’ll just filter it all down to.
The few that actually meet all your criteria. Hmm, interesting. Check it out. It’s free, but if you wanna pay a couple bucks, you can actually get a lot more, A lot more data.
[00:03:38] Anthony: Yeah. I’m not gonna pay that. Um, but yeah, I agree. I think one of my favorite quotes is that diversification is a hedge against ignorance.
and this isn’t necessarily talking about what you’re talking about isn’t necessarily diversification, but I do think it’s, it’s to the idea of having a multifaceted viewpoint or perspective as much as possible, Hey,
[00:03:56] Dan: you gotta have a bunch of different variables. And they don’t always all have [00:04:00] to align, but like most of ’em should.
And if everything is aligning, then you know, it’s awesome. But if you only have one variable, like it’s not that hard for one thing, one box
[00:04:08] Anthony: get checked, I can check one box. It’s the second box I, I start to lose focus. . I get distracted real easy. So world
[00:04:17] Dan: talk. Yeah. I mean, how do you know? How do I do when I check the box?
No, we’re transitioning. Oh, this is another segue. Abruptly. All right. Oh, the topic which we are not gonna introduce.
[00:04:28] Anthony: No. How do you know? How do you know? . How do you Well, they’re thirsty. Like how do you, how do you know? Because they’re thirsty. That’s the careful, you’re really close to, what is that? It isn’t that?
[00:04:38] Dan: Okay, let’s just get past this point. Let’s just push through. I don’t know how to,
[00:04:42] Anthony: I know it’s weird. Almost the listeners are like, it’s weird what’s happening here, but how do you know? So I think the first one would be that they seem a little over. Like a little bit too interested. This has always been a red flag for me.
[00:05:00] Like when I was dating, like if they’re too into me, I’m like, okay, I’m great, but I’m not that great. Why? Like, why? Why are you that into me? You crazy. What’s wrong with me? I’m not into me. Why are you? Yeah, that’s a big red flag. It’s like the old, I don’t wanna be part of any club that would have a member like,
[00:05:14] Dan: Yeah. Was that Grouch or Marks? Something like that. Yeah. . That’s, that’s such a great line. Um, but no, I agree because I’ve, I’ve noticed this occasionally. It does not happen often, but it’s probably gonna start happening a lot more, uh, when something comes onto your desk. Um, it’s, it’s not uncommon for, uh, somebody to reach out to us that has a property and they wanna sell it, and there’s no broker, but it’s, I’ve noticed it happening more.
and when they call you back repeatedly Yeah. While you’re still looking into it, that’s probably one of the biggest ones. Totally. Um, cuz that’s typically been inverted for the last several
[00:05:50] Anthony: years. Yeah. And, and tied into that is if they want to move really, really fast, like again Yeah. When I’m, when I was dating, you know, if [00:06:00] somebody wanted to hop into bed or go home like day one, that’s usually a really big red flag that makes me go, there’s something wrong.
Um, I’m an old-fashioned boy that needs to be wind and dined. Mm-hmm. . So the same thing in, in this scenario, if you have a, a person you’re trying to purchase a building from, and they’re, they’re just like, I need to get this done. I, this deal needs to close in two weeks or three weeks. Like deals already closed really quickly.
Mm-hmm. . But if they’re trying to get it done really fast and they don’t have a great reason. , uh, it usually sets off my alarm bells and makes me think that there’s something that’s about to happen with the property that they just want to be done with as quickly as
[00:06:38] Dan: possible. Yeah. And another one that’s a little bit nor more nuanced, but came specifically from, um, the most recent, uh, guy that reached out to us that had a, a building he wanted to, uh, to get rid of is that, uh, this guy said something that I thought was really interesting, that he was flexible on price and he was flexible on.
If they’re
[00:06:59] Anthony: flexible on everything, [00:07:00] that’s, that’s scary. Yeah. Like, wait, so what’s your incentive? What, what are you out for here? Like, I just wanna be out of the deal. Like, okay. That’s weird, . Yeah. Well, I mean, that can be true. That can be the thing sometimes.
[00:07:12] Dan: Yeah, a hundred percent. I mean, you know, there’s, there’s plenty of reasons why something, uh, might make sense.
Maybe they found another opportunity that’s more aligned with their parameters. They want to get into and that there’s a, you know, I, there’s, there’s a bunch of reasons, but if you don’t have a good story behind why they’re trying to bend over backwards to accommodate you, then it’s
[00:07:32] Anthony: bad. Could be an issue.
Another one is, God, I keep relating these all back to my dating life. Um, because they’re the similarity similarities, it’s probably all the same. If they do not want to , I dunno how to say this, if they do not want to leave the lights, . Uh, so, so they don’t want to give you any details. They don’t want to give you any due diligence.
They don’t want to give you any documents. They just wanna say, here’s what it is. Trust me. [00:08:00] Like they never wanna, yeah, they never want to make out what? The lights on?
[00:08:05] Dan: That’s, well, no, let’s, no, I get the real estate one. Let’s, let’s dive into the dating one a little bit more here. So they opted out of lights.
They always, and you thought that was a sign of desperation?
[00:08:15] Anthony: Not a des, not a desperation, but it always makes me wonder, what are you hiding? Oh,
[00:08:19] Dan: right. What’s, that’s an insecurity’s.
[00:08:20] Anthony: Totally, totally get it. I’m not judging. I’ve been there too, because I would, I would, but after like five
[00:08:25] Dan: months, six months, what’s more as like a desperate person, like he just, everything’s out there.
It’s like, that, that’s
[00:08:32] Anthony: maybe true too. That’s maybe true. At least you know exactly what the bill of goods are. Yeah. So I don’t know. It’s kinda a tradeoff
[00:08:39] Dan: somewhere in the middle is probably where you wanna be actually. But, uh, on the real estate front, I do agree. That was the other thing I was kind of thinking about, uh, before, if, if they’re not forthcoming with information, Yes.
Uh, we’ve had sellers like this in the past where they don’t want to share, uh, rent roll T 12, really any data until there’s at least an loi, which [00:09:00] is stupid because lois are pointless. But I wanna say there’s been at least a handful of times where, uh, people have, have wanted to have a purchase agreement before they disclose information.
Mm-hmm. , which we’ve always just been like, Nope, we’re out. We’ve never actually gone down that road. But, um, yeah, if they don’t wanna share anything, Yep. And they, they want to get out and there’s something to hide. Totally. And they’re probably desperate because either they’re, they’re vacant, no one’s paying ’em or something, or the building’s about to fall apart.
I had a, I
[00:09:28] Anthony: had another one. Which was, and again, I can tie this back to dating, um, because that’s, I guess just the theme I’m gonna run with, you
[00:09:35] Dan: know, lean into you dated a lot of desperate, uh, individuals. It sounds like
[00:09:39] Anthony: it’s all the same person. Oh, . And I’m, it’s me. I’m that person. Like, uh, yeah, I’m the crazy one.
Yeah. Um, hate the lights. Anyway. Um, so I don’t know if this one ties directly, but if you’re dating somebody and. , they kind of ghost you for long periods of time where like they’re into you and then they’re not into you. [00:10:00] They’re not responding to your texts or your calls, or like I, I called you 22 times and you didn’t respond to any of them.
That’s a red flag for me and also probably a red flag for you because I called you 22 times. So as it pertains to a seller, . I would say this, this
[00:10:16] Dan: happens more often. I don’t, I don’t think anybody should be calling anybody 22 times. Um,
[00:10:21] Anthony: that’s a lot of things. I agree. I, I, you know. No, I’m guilty of it. I’ve done it.
Been there. Yeah. Not proud of it. Listen, listener, do not judge me. Do not judge us. You’ve done it. You’ve done it too. You have been that crazy person
[00:10:32] Dan: when texting was a thing. You’ve had one of these things where it’s. A bunch of little blue bubbles.
[00:10:39] Anthony: That’s all. It’s all your bubbles. Yeah. And then, and then you wake up in the morning and you, you scroll and you, you just delete it.
You cringe. You’re like, Ooh, okay. Yeah. She’s not responding ever again. So, but if it’s a seller, I would say maybe that’s not a red sign, a red flag actually. because sellers are really,
[00:10:57] Dan: yeah. I feel like if I get ghosted then um, that [00:11:00] probably means that either they sold it to somebody else or they don’t care about me.
But what if, what if they,
[00:11:04] Anthony: what if they’re really, really hot for a little bit, then they ghost us for six months and then they come back out? Cause we’ve had that too. And then it’s like, have they ghosted
[00:11:11] Dan: us or did they get an offer that fell through? Because that, that’s different. That’s, there you
[00:11:15] Anthony: go.
Yeah. I mean they probably, they always have a reason. Yeah. Like in their eyes, they’re ghosting for a reason. . But, um, I, I don’t think if we’re taking the dating two seller correlation, that one probably isn’t so much of a red flag when it comes to sellers. Probably a red flag when it comes to dating, and I’m just trying to j Peck as much value into this episode for you as possible.
So getting both your dating and your real estate advice, you’re welcome.
[00:11:39] Dan: Can we get some parenting advice as well?
[00:11:41] Anthony: I am the man for that, as you know, because I do not have children, therefore, I have no skin in the game and I can be purely objective .
[00:11:50] Dan: All right, I got another one. Okay. Um, and this has happened to us, uh, when the same property, uh, shows up in your desk.
Multiple times over the [00:12:00] course of, and we kind of, I already kind of talked about something similar to this where the, the same seller keeps coming back to you after you said no when
[00:12:06] Anthony: you swipe left on Tinder. And yet then they come back somehow and you’re like, is that a new account? You created a
[00:12:10] Dan: new profile,
Uh, no. It’s one thing for a seller to reach out. You tell ’em, Hey, I can’t, for whatever reason. Then they come back like a month later and say, Hey, just wanted to check in and see if, like that’s one thing, yes, that means they’re desperate, but when you have the same building show up in your desk multiple times over a year or more.
Mm-hmm. And this happened with that one in park? Definitely. Yep. Um, that’s like when something takes over a year to sell, um, that seller is, he is the guy’s not being outwardly desperate in his behavior. You know, he’s desperate. If he’s been trying to sell for a year and hasn’t done it, that’s, that’s not a good situation.
If, if
[00:12:44] Anthony: the deal can’t get closed in a year, the, the common denominator there is the seller. It’s probably the seller’s crazy. Yep. Just saying, just gonna
[00:12:51] Dan: put it out there crazy and, or desperate. So. So
[00:12:55] Anthony: those are those, that’s all I got. Really. I don’t know if I have any more dating advice or [00:13:00] real estate, whichever one you tuned in for.
I don’t know at this point.
[00:13:03] Dan: At this point it’s probably mostly
[00:13:04] Anthony: dating. Yeah. . I feel like you guys learned a lot more about me in my, my dating Yeah. Um, years. Luckily I haven’t been single in over half a decade, so, um, that’s a weird way of
[00:13:17] Dan: saying that, but , oh, I got one more. Uh, if a seller’s lying to you, there’s one thing to withhold information, but if you catch them outright presenting false information totally.
[00:13:32] Anthony: The, the one there is if they’re cheating on. if you catch them cheating on you, like you have it under contract attention. Yeah. If you have it under contract and then you find out that they’re bringing other people onto the property and touring and stuff like that. That’s a w Guys, you deserve better from your seller and from your Tinder date.
Don’t accept cheaters.
[00:13:54] Dan: Yeah. If you have it under contract and they’re actually showing it, then I mean you, that’d be crazy, right? You wanted to, you, I think you have some [00:14:00] pretty good recourse there to. , I dunno what you do reverse earnest money at, at least get your, earn money back. . But I mean that’s, you definitely get your earnest money.
That’s a, just a blatant breach of the
[00:14:09] Anthony: contract. Totally. Yeah. I’m sure that happens though when you think about like, and I know this does actually, cuz not to us, um, but maybe you get the deal under contract at a low number. The guy was an idiot, said yes too soon, gets another offer a month later or a couple weeks later and now he’s trying to back out.
Yeah. You know, now he’s trying to find ways to like break the deal Yeah. So that he can take the higher offer, like, can’t do it. That’s a red flag. Yeah.
[00:14:34] Dan: Be careful. So maybe instead of a book reco, since we’re fresh out, um, maybe you tell us a, a story from your dating. You’re dating like, oh, I mean, I feel like you got, I feel like you got a couple.
[00:14:46] Anthony: I don’t know if I have any interesting ones, honestly. Uh, none that are like, no, I didn’t date any
[00:14:52] Dan: crazy people. Sounds like you’re dead. I mean, unless you’re just projecting all your own
[00:14:57] Anthony: behavior. I mean, I’ve been the crazy one. Okay. That’s a [00:15:00] hundred percent true. Um, no, I, I don’t think I have any interesting dating stories and I will take that to the.
It’s false and gentleman, never
[00:15:09] Dan: next week, never tells. We’re gonna bust that bottle of whiskey open and we’re gonna get to the bottom of
[00:15:13] Anthony: this. Woo. I’ll be in Antarctica. Antarctica. You and Reid have
[00:15:18] Dan: a whole lot of fun, . All right, so while you’re in Antarctica, we’re gonna break into your apartment, steal your diary, and get to the bottom of this.
Reid, you with me? Reid said yes. Okay. Just
[00:15:27] Anthony: so you guys know, I write my diary. in kind of a weird style, so don’t, don’t, oh,
[00:15:33] Dan: I got, I got one. It’s not a book recommendation. Actually. Speaking of
[00:15:35] Anthony: diary, are, are you about to recommend my diary to, to poor people at home? Kind of. Um,
[00:15:40] Dan: I write it in third person, except it’s not, it’s not your diary.
It’s actually, uh, Pamela Anderson. So , um, stay with me. Stay with me. Okay. Uh, I’m with you actually watched a really good documentary. I was surprised. This actually was good. That was a sex.
[00:15:55] Anthony: No, just no one came out in the early two thousands. Netflix, .
[00:15:58] Dan: If Anthony could, he could [00:16:00] hush for just a moment here.
Sorry. This is actually a really good movie. I was surprised. But, uh, Pamela Anderson, a love story, a Netflix, it’s actually really interesting. There was a whole lot more to, there was a shot in there where she was in her bathtub, uh, like listening to . Listen, stay with me. Listen to audiobook. You know, what book was.
Of
[00:16:20] Anthony: Trump Book Art of the Deal Meditation. Oh, no, sh
[00:16:24] Dan: Really? She’s a lot
[00:16:25] Anthony: smarter than you think she is. I don’t think she’s stupid. I’ve never thought that. I,
[00:16:29] Dan: you said she had a Trump book and a sex tape. Okay, so give her some credit. She did have a sex tape. She’s really interesting person. So you guys check out the documentary.
It’s actually really interesting and you actually end up feeling pretty bad about her with the whole sex
[00:16:40] Anthony: tape thing. What is she doing nowadays with her life? No, and I, I’m not judging based on that or anything. I think that got stolen from her, like, but she’s been living What did you guys do with your own home?
Is like with uh,
[00:16:49] Dan: Tommy Lee Jones? No, they’re divorced, but she lives Tommy Lee Jones is not on a farm. Oh really? She’s kinda. .
[00:16:57] Anthony: Yeah. So I mean, after Baywatch all come downhill, [00:17:00] whatcha are you gonna do? You can’t top that Dave House David Hassel half tried. Look how that worked out for him. Not well. He had a sex.
No. He tried to top Baywatch. Everybody has a probably a sex tape top Baywatch. What did he do? That’s what celebrities do. I don’t know, like
[00:17:14] Dan: Oh, oh, oh, okay. I’m so confused. I thought I was picturing David Deney . I was like, what the fuck’s going on? .
[00:17:21] Anthony: It’s very clear to the listeners at this point that we, you and I, not cultured individuals that
[00:17:27] Dan: know very much about, and for the record, this episode was, um, how do you know when a seller’s desperate?
We should probably just tell what episode it was. Oh, that’s what it. . So if you’re still here, I’m really surprised. Okay. So when
[00:17:38] Anthony: I asked you at the beginning of this episode, what this one was about, I was asking seriously, and I’ve been floundering and that’s why I went
[00:17:44] Dan: to dinner. Yeah. You were talking, you were divulging all
[00:17:45] Anthony: sorts of secrets.
I thought we were talking some different topics, but hopefully this brought you guys some entertainment. Probably not a whole lot of value, but maybe some entertainment. Um, maybe it gave you a new documentary to, to watch, you know, with your family and loved ones, [00:18:00] uh, documentary. Yeah. With the read, with your quotes, air quotes,
Any, any last, any last words? David? I think I’ve
[00:18:08] Dan: said way too much. You’ve said
[00:18:10] Anthony: far too much, as have I. So as soon as you’re done with this episode, please delete it. Let’s not talk about this one ever again, and we’ll see you in the next episode.
