Confusion...need answers - Posted by Jason

Posted by Jason on June 28, 2001 at 21:28:07:

Thanks Angel. I will keep you updated…

Confusion…need answers - Posted by Jason

Posted by Jason on June 28, 2001 at 13:42:05:

I spoke to a seller who was motivated but only a little. He has 220K left on the house (refinanced to go to medical school). Comps are ~300K. offered 248K. would give 100K from a first and seller would take 148K 2nd.
Seller was not in need of the 148K right away.( medical practice is doing great). He said the offer was good but he would check with his lawyer (I know, I know) of course he comes back with a lot of huffin’ and puffin’.
I could handle that (7 years outside sales helps in this situation), so I started throwing out ideas and what got me was his comment that he was told he could not do a L/O because of his existing mortgage. I am new to this so I have never heard this before…is this true???
Oh, I am in MI if you need to know

Re: Confusion…need answers - Posted by Angel Gutierrez

Posted by Angel Gutierrez on June 28, 2001 at 14:17:27:

I love these.
First- who was the expert consultant this guy was talking to?
Second- I have to talk to my lawyer?..I used to tell people, especially egomaniacs as doctors usually are,“that’s sounds good to me, it’s always wise to get your lawyers’ permission first.” That answer tended to make him pink in the face. He’d come back with something like,“I don’t need anyones’ permission to do anything,” So he’d fall into the trap and on we go…However, I got a better comeback that I recently picked up from Terry Vaughn.
Goes like this…“sounds good to me, so why don’t we write up like this, sale/agreement subject to sellers’ attorneys’ written disapproval of agreement.” They say ok. The thing about this clause is that NO right-minded attorney is going to disapprove of anything his client is trying to do. The client makes up his own mind and the counselor counsels…that’s it. Works beautifully!
As far as his property is concerned, can’t he rent it? Can he move out? Can he paint it a different color?
The bank doesn’t care what you do with the property as long as you keep insurance on it and keep up the payments. Have him transfer his house into a land trust and you can go from there. I’m not crazy about a L/O from a seller unless it’s in a land trust. I’ve been burned before on this, so look out. Anything and everything freaky happens to Angel, that’s the way it’s always been for me so I try to pass on the what-if’s to others so you know that this or that CAN and does happen.
Let me know how you make out on this one and by all means…stick with it until the very end.

Dallas, Tx