Interesting dilemma - Posted by Nate-WI

Posted by Michael(KCMO) on July 15, 2005 at 17:08:38:

I’ve learned over and over again (and sure I’ll have to learn it again at some point) that every time I get greedy, I lose.

If I were in your situation I would sell to the first one to put an acceptable down payment on the home. If #2 has a sure thing settlement could they possibly get an advance from their attorney? Their “documents” mean nothing to me b/c I’m not an attorney and it’s all mumbo-jumbo to me. THEIR attorney DOES know what’s going on and if it’s legit an advance may be a possiblity.

If not, I’ll go w/ #1 if she gets a downpayment together first.

Either way, DEFINITELY follow the bird/hand/bush wisdom.

Michael(KCMO)

Interesting dilemma - Posted by Nate-WI

Posted by Nate-WI on July 15, 2005 at 15:48:20:

Hi all,

I have a buyer for my tip top 1972 MH for 7500.00 that is pending park approval. She wants the home badly, can put down 1K, and can move in Aug 1st. Sounds great. Then out of the blue today the park manager showed the home to an interesting party (I like my PM) that said they are set to recieve a settlement and can pay me in full on Aug. 16th. I told her that she would be responsible for Aug. lot rent and I would need a deposit to hold the home for her. I have not signed any agreements or have a deposit with the other buyer but I also feel a little crummy about calling her up and telling her “Sorry but I have another person that’s giving me cash, take care.” I guess its just business.

Nate

Character First - Posted by Philip

Posted by Philip on July 18, 2005 at 13:30:49:

You should keep your word if it has been given…which I can’t judge without being close to the deal.

Also, the character of your settlement folks is all important.
If they received a legit settlement…fine.
But if they fudged to “make” a suit from nearly nothing…they will do it again.

Just went through this with a car wreck I was involved in and the plaintiff lied big to get his settlement.
When cross examined he started to unravel a bit and settled out of court.

If they will lie, perjure themselves, etc…you don’t want them.

If a REAL dog REALLY bit them and it was outside it’s legal limits (yard,pen, etc), and they weren’t taunting it now, or in the past (or anything else)…THEN it may be a real just case and they may be the salt of the earth.

Been there,

Philip

Re: Interesting dilemma - Posted by Lyal

Posted by Lyal on July 16, 2005 at 10:04:49:

Nate,
As Karl says, the settlements almost never appear. I’ve had at least a dozen of these over the years and NOT ONE has ever come through.
Lyal

Re: Interesting dilemma - Posted by JT

Posted by JT on July 15, 2005 at 22:14:24:

Either way, Congratulations! It sure is nice when they are fighting to get into one of your homes:D

Settlementers! - Posted by Marty (MO)

Posted by Marty (MO) on July 15, 2005 at 21:05:48:

it’s deja vu all over again! We’ve sold to people who’ve received settlements… the cash deals are usually fine, but our experience with financing settlementers has not been rosey… the settlementers we’ve been exposed to really liked their settlements, but they didn’t take care of them- they didn’t understand what a big deal they had, so they blew it on junk. After it was gone, they were looking for another settlement solution. Settlementers bought a home for cash from us, 3 months later called complaining about the “mold problem” and insinuating that they were ill and it was our fault… They were contacting insurance agents, talking to attorneys, all kinds of stuff. Well, it was “clean” mold and resulted from the knuckleheads ignoring a loose fitting on the water heater. We ended up buying them a water heater and having them sign a form acknowledging that we addressed their concerns and that we have no more responsibilities, etc…
Another settlementer put $8000 down on a $13,000 home, destroyed it in only a year and unloaded it for a fraction of what it was worth. We did not want this one back at any price…
I’m not saying I won’t do business with 'em, but I go into the deal with both eyes wide open… Like everyone else, I say go with your first buyer and find another home for dog bit victim…
Good luck,
Marty

A bird in the hand… - Posted by Karl (Oh)

Posted by Karl (Oh) on July 15, 2005 at 16:17:50:

Those oh so evasive settlements. I talk to buyers all the time who have money coming any day now, and want me to hold a home for them. The money usually never shows up, or it shows up six months later than they promised.

Don’t blow off the first buyer. The second buyer might not come through. Then on August 17th you’ll still have a home for sale, plus you’ll be all twisted about the business. Why don’t you sell the first home on payments, and hustle and find another nice home for your cash buyer?

Karl Kleiner

So far you have two in the bush, but… - Posted by TeddyB_SC

Posted by TeddyB_SC on July 15, 2005 at 16:16:03:

none in your hand. Investors on this site probably can’t count the number of times they heard people say they want such and such and have X amount of money.
Did you tell #1 that the home was hers if she was park approved? If you did then you should get a deposit and honor your word.
If you didn’t, then I would tell both of them that you need a deposit(at least a month’s lot rent), which will only be refunded if they are not approved by the park. Hopefully you can come up with another home if you believe you have two qualiifed buyers.
In the future, let people know that until you have a deposit, the home is still for sale. I believe I have even heard of people taking back-up deposits in the event their 1st buyer backed out.

Good Luck,
TeddyB_SC

Re: Interesting dilemma - Posted by Nate-WI

Posted by Nate-WI on July 16, 2005 at 10:57:30:

Interesting hearing everyones comments about settlements. Glad I posted about this subject. Its opened my eyes as to how I should conduct business with this deal and others if the situation arises again. I’m glad that I got two people “fighting” over it. Could be the opposite.

Nate-WI

Re: So far you have two in the bush, but… - Posted by Nate-WI

Posted by Nate-WI on July 15, 2005 at 16:57:55:

I told her that we would take about note payments if she was to be excepted. Qualified is the key. Obviously cash is king, but I want to sell it to the first person that’s qualified. My gut is telling me that if buyer #1 is qualified then I would sell it to her on a note and find a home for buyer #2. About the settlement…She has proof and docs that she is indeed being rewarded a settlement for a dog biting incident. I’ve always said the first one to get qualified get’s the home. We’ll see.

Nate-WI

Re: So far you have two in the bush, but… - Posted by RoyD (Al)

Posted by RoyD (Al) on July 15, 2005 at 18:47:12:

Just because you get a judgement or settlement (with docs) doesn’t mean you always get “the money”.