What Do You Give?
I talked to a seller last night and she was 4 months behind in payments, however, looking to make 12k from the sell of her house. She liked the sub to idea but she had to run it by her brother who is advising her....but he's on his sail boat right now and won't be back for a couple of weeks....must be nice.
Anyway, just by wagging my tounge, as Ron LeGrand likes to put it, she came down from 12k to 7500. for a person in foreclosure or about to be, what do you usually give them?
I told her my concern was only the back payments at this point and we can work out the rest. I know every situation is different, I just want to know what you guys are giving these need to sell sellers.
(I didn't do the deal if you were wondering...yet, she has to talk to her brother and he should be docking any day now. 
)[ Edited by nebulousd on Date 11/03/2003 ]
Sometimes it cracks me up. People who in arrears want money for their property.
If I were you, I would seriously give her information to what's going to happen to her if that property goes to foreclosure and how the lender will still come after her for the debts even after the sale and how her credit will be shot, etc.
Tell her you can possibly give her some moving money but nothing more than $1000, because she is 4 months in arrears and needs to get this taken care of. Tell her that her best bet is to let you take over the property and let her problem become yours, because if she doesn't it is going to become nasty for her.
Let her know that those are her choices and truthfully you are a saviour for wanting to step in and help out. Tell her that if she thinks she will be able to do better than you encourage her to try and call you if she isn't able to do anything or changes her mind.
Wish her the best of luck and say call me if you need help.
Christian "The Solutions Kid" Beebe
[addsig]
Hi nebulousd,
Realtors can do funny things to get a listing, especially suggesting to a homeowner a inflated list price. The interesting thing is now the homeowner tells every investor that their house is worth ________ (list price), because a realtor said so, and the homeowner will want you the investor to pay that amount.
With that scenario in mind, I always present the Real Life Story to the homeowner. Tell them that in reality, it would take 3-5 months to sell a house that is in this kind of condition. Based on previous sales, your property will most likely sell at a much lower price, and in addition you will pay your realtor many more thousands in fees. Chances are, you may not have time to sell it before the auction. Dont lose out, listen to what I can do for you ..........
Nebulousd, in your situation, I would make an offer like Christian suggested of maybe $1000 moving money, and if she still wanted more, tell her that you will give her a 2nd, and she will get that extra money when the property sells. Hope that helps!
Best of Success!
BAMZ
[addsig]
actually, that's what I told her. she agreed and I told she can get the rest of the money later. but until then here's 1000 and I'll make up the payments and you take over the payments.
So in the meantime, what is your plan for the property? What exit strategy will you follow? Marketing, closing date, etc. When this becomes a solid deal, you must put your machine in motion and act swiftly. Wasting time can be costly.
Eric & Rosa
[addsig]
My plan....go look for another house.
I'll call her in a couple of days to see if her brother docked yet, but I don't waste time .
She can decide what she wants to do, I only deal with those that want to deal with me. I don't beg for houses cause there are just toooooooo many of them. Orlando, like a lot of other cities around the coutry, is growing at a rapid pace.
The longer she waits, the less money she will get from me. The deal was actually brought to me by a birddog/new investor, so the money is coming out of his pocket anyway.