Posted by Brent_IL on December 02, 2000 at 11:07:06:
Ed is right. I am too insecure to do out of state deals, so all my offers are made in person. I make the expiration date ten minutes in the future and hand it to the seller. When I leave, the contract goes with me. The seller’s choice is either signed or unsigned. If wanted, I can always come back and we can try again.
2 Identical Stories (Need the Moral) - Posted by Bradley D
Posted by Bradley D on December 01, 2000 at 18:16:02:
This has happened TWICE in the last month and I am asking any of you who know Why? or What am I doing wrong.
Seller calls me with house and needs to sell. One of them is current with the payments and the other is just about to fall behind one payment. I talk with them a bit about different offers and they both agree on me taking title “Subject To”.
I get all of the purchase & sales agreements together along with the trust agreement, the assignment of beneficial interest, the “CYA” letter, the Warranty Deed to Trustee, and the release of personal information letter for the bank. They both call me back to verify when I am sending the paperwork because they are anxious to get this done!
I send the paperwork out to both of them (Both are out of state owners too by the way) and I have never heard a word from either of them since! I Emailed them addressing this issue and not even a return Email!
Why did they both have so much interest and suddenly drop me like a hot potato?
I drove by both houses and neither of them has sold! One is still current on payments but has been on the market since 2/2000 and the other is still not sold and just today went 2 months into default.
Can someone explain what’s happening here. I get so excited that I finally got my first deal (Maybe even 2) just to be let down like this.
Thanks for your help and understanding.
Bradley.
Re: You are not closing - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on December 02, 2000 at 07:38:17:
your offer to purchase. Your suspected sellers are shopping your offer (because you are allowing this). If I write an offer to purchase today, my offer will expire tonight at midnight. If the seller is serious they will fax me a signed accepted copy of my offer TONIGHT. The hard copies will fed-ex on monday. If they can’t make up thier mind now, my offer is withdrawn because they are not serious (they are just shopping). I am a buyer not a shopper, and there are plenty of other houses to look at for me.
Force them to decide today, do not ever leave your offer open for any length of time.
Re: 2 Identical Stories (Need the Moral) - Posted by B.L.Renfrow
Posted by B.L.Renfrow on December 01, 2000 at 21:51:35:
I agree with the posts below. Your stuff just won’t have the desired impact, showing up by mail like that.
Plus, you can be assured the sellers won’t understand all those fancy terms and documents. And it they seek advice from their lawyer, their Realtor, or their grandmother, NONE of them will understand either, and will undoubtedly advise them against accepting your subject-to offer.
With subject-tos in pre foreclosure, I’ve found the only times when I can consistently get the seller’s agreement are either when they are in that initial “panicky” mode which Bill mentioned, or right before the property goes to auction. In between, they will inevitably be in denial or be sure a miracle is just around the corner.
When they are willing to sign, I want to be able to do it IMMEDIATELY, if not sooner. I’ve even been known to call a friend who happens to be a notary to a seller’s house at 9 p.m. (only once, but I was afraid they’d change their minds by morning)!
In fact, I’ve heard of one investor who – if a deal is good enough – will jump on a plane across the country to meet with a seller in person, if they are motivated to sign right away. I guess his theory is, if you’re putting together a deal which will net you $15 or $20k, what’s a $500 airline ticket? Plus, it’s WAY harder for a seller to say no to someone sitting in front of them who has just flown in to offer a solution to their problem than to simply ignore contracts received in the mail which they don’t understand.
I would get on the phone with the sellers immediately. Find out what their objections are, and deal with them. Maybe they simply aren’t motivated. That happens, often. If so, give them your number and keep in touch regularly until they have sold you the house, it’s sold to someone else, or they’re dead.
Brian (NY)
Re: 2 Identical Stories (Need the Moral) - Posted by Bill Gatten
Posted by Bill Gatten on December 01, 2000 at 20:28:26:
Brad,
Anytime the ball is the other guy’s court, he’s in charge, and it is he who decides whether or not to shoot.
If you’re sending stuff by mail and e-mail and not talking personally, you just become another alternative for when all else fails. You truly do have to stay in personal contact with these people and call every 15 minutes if you have to get them off thier respective pots.
When someone’s house heads for foreclosure they get panicky at first, but after they’ve received ten letters from FC buyers and opportunitst and Realtors…they go into denial and figure someone is going to bail them out, and that they shouldn’t just accept the first offer that comes along.
You have to strike fast and with precision and get the ball back as soon as possible. Forget about this e-mail crap, and use overnight delivery, Fed Ex and UPS. An offer, if it has to be mailled, should always be sent by overnight certified mail.
Make sure they know you mean business and are not just another wannabe hoping to capitalize on their problem.
Bill Gatten
Re: 2 Identical Stories (Need the Moral) - Posted by Tom
Posted by Tom on December 01, 2000 at 18:35:02:
I’ve always heard that the best person to to talk to when there is a problem is the person that you’re dealing with. Pick up the phone, call them, find out what is going on. Why e-mail? This is a person to person business, live, one-on-one. Pick-up the phone!