Posted by Mary on May 30, 2002 at 19:40:04:
You gotta kiss a lot of frogs before finding the prince. Your next deal has got to be better than this one. You have nowhere to go but up. Hang tough!
Motvtd. Seller Keeps Calling me! First Deal. Help! - Posted by Matt
Posted by Matt on May 30, 2002 at 15:15:53:
Ok, ill keep this as brief as i can. Im 19, just did the ron legrand l/o course, and i placed an ad which started yesterday. I have got 3 calls, all from the same seller! I finally agreed to see her house day this saturday. she is DESPERATE to sell. her exact words… “We just want out FAST. We have a new house and need to move.”
the house is about 50 yrs old but in good shape. (its a 2 bed 1 bath, new roof, new water heater) she said there has already been potential buyers who want to buy the house, but at that time the sellers wanted all cash ($80,000), and the buyers only wanted to pay about $65,000. therefore, i think i can take over the payments and (only $418 a month) and get a tenant/buyer in quick.
the one problem is that they are already leasing the home from an “older gentleman” as she put it. if he has the title, do i have to deal directly with him? they are pretty sure he will let me take over their payments or draw up a new lease.
Basically, Im a newbie in every sense of the word, and im scared to do this deal. any thoughts and/or advice would be GREATLY GREATLY APPRECIATED!
Re: Motvtd. Seller Keeps - Posted by Nate(DC)
Posted by Nate(DC) on May 30, 2002 at 16:15:42:
Sounds like they bought on a contract for deed. You will have to deal with the “older gentleman” since he has title.
NT
Re: Motvtd. Seller Keeps Calling me! First Deal. - Posted by Percy
Posted by Percy on May 30, 2002 at 16:05:28:
Sounds like they were buying on some form of Installment Contract or Lease Option. What is the payoff the contract they have? How does that compare to the market value of the property? How much can you get for rents on the property? What is the older gent’s situation? Is he truly the motivated seller that you should be dealing with?
Or better yet since this would be your first deal, find an experienced investor in your area to help analyze the deal.
DO THEY HAVE TITLE? - Posted by Talia (NY)
Posted by Talia (NY) on May 30, 2002 at 15:45:47:
If they are “leasing” from someone else, do they even have title? If not then they have no right of ownership to contract with you…
Anyone else with more experience care to help this newbie out?
-TAP
Re: DO THEY HAVE TITLE? - Posted by Kathi
Posted by Kathi on May 31, 2002 at 07:08:04:
Find out in whose name the title is held. Contact the county auditor’s office. They will be able to furnish this information, as will as the Tax valuation, and information about unpaid taxes, and mortgage information. Many auditors have this information available on their web sites.
Re: Motvtd. Seller Keeps… - Posted by Matt
Posted by Matt on May 30, 2002 at 17:35:59:
I just went to look at the property, its listed with a realtor (she said it wasnt), its in BAD condition (she said it was in GREAT condition), and the neighborhood is AWFUL. i, of course, cancelled for saturday. i guess this one wont be my first.
so thanks anyway for the help, guys.
Re: Motvtd. Seller Keeps… - Posted by Ellie
Posted by Ellie on June 04, 2002 at 12:33:30:
Matt,
Free lessons are the best kind. 
Thanks, b/c I got to learn that lesson with you and no one had to lose money in the process.
-Ellie (fellow newbie)
Re: Motvtd. Seller Keeps… - Posted by Nate(DC)
Posted by Nate(DC) on June 02, 2002 at 14:55:29:
Matt,
You should have a goal be that you know your area well enough, that when she gave you the address you would KNOW it was a bad area.
It would have saved you a lot of time and effort.
Just my inspirational thought for the day.
Good luck,
NT
Lesson #1…AND a GUARANTEE - Posted by ScottE
Posted by ScottE on May 30, 2002 at 20:13:26:
Matt, it MIGHT be in great condition for that area!
hahaha
Lesson #1 for Real Estate Transactions: SOMEBODY will lie to you about something…GUARANTEED
Lesson #2 for Real Estate Transactions: If the word or words “good Christian” come up in the course of your deal, Lesson #1 is increased by an order of magnitude!
No problem…go get another one!
Scott