PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by CURTIS

Posted by Curtis on April 11, 2005 at 09:50:23:

Stan,

Thats great information. Thanks for the response.

Curtis

PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by CURTIS

Posted by CURTIS on April 08, 2005 at 13:13:52:

hello all,

I’ve secured a pre-foreclosure contract to sell, also a signed and notarized deed, also a signed and nortarized power of attorney. I also have all of my CYA documents in place (signed ) by home owner. The owner is now getting cold feet and wants to keep her options open. The property is in Queens, NY with the following facts:

3 br rm
fmv= $325-350K
owes $285K
have a contract to short sale starting offer $115K (signed).
have offered owner Upto $10K to complete deal and let me market house.

What are other incentives other than more money??

Curtis

Emotion vs. Logic What Does the SELLER Need? - Posted by Randy (SD)

Posted by Randy (SD) on April 09, 2005 at 18:02:18:

You posted what you want and need (her to go along with your deal) but have you asked the seller what she needs? She wants to keep her options open? Open to what?

Does she think you?re a one man operation or a company? I recommend posturing as an employee with bosses, then say something like ?I understand you want to keep your options open, my BOSS has a signed contract and can block any other sales or loans? now I think I can keep him from doing that, but (here?s the key phrase) ?What would it take for you to THINK this is a good deal FOR YOU??

NOTE: Ask what they think ? you get what they feel. Ask what they feel ? you get what they think. You have to read both, but emotion is stronger than logic. Logically she knows she has few options, but emotionally she is involved. You have dealt with the logical part, she signed the contract. Now you have to deal with the emotional part. Ask a logical question, get an emotional response. Ask an emotional question, get a logical response. If you doubt this analogy, try it. Ask your significant other an emotional question like ?How do you feel about investing in Real Estate? His/her response ? ?I think?.

Try this little experiment in human nature; it?s really funny the 1st time you realize what just happened.

Re: PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by Fred

Posted by Fred on April 09, 2005 at 14:08:42:

The owner might be having sellers remorse something common on people that are either attached to the peoperty or that think (or hope) they can find other or better options. Just remind the owner the foreclosure clock is ticking and that soon it will tackle her and her credit. You can renegotiate if you want, that’s up to you since there is a signed contract already. However you aproach it, good luck.

Re: PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by Stan

Posted by Stan on April 08, 2005 at 13:54:50:

While I have done many short sales, I think you are going to have a hard time getting the bank to accept 40 cnets on the dollar. Is the house a real pig sty? In rough condition?

Re: Emotion vs. Logic What Does the SELLER Need? - Posted by CURTIS

Posted by CURTIS on April 11, 2005 at 09:39:34:

Excellent feedback Randy, just the kind I was looking for. Thanks a million. BTW where r you?.Email me please would like to keep you posted with follow up and glean more from your wisdom. Who knows I may just write you a check.

Curtis

Re: PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by Cletus

Posted by Cletus on April 11, 2005 at 10:31:52:

Fred you sly fox,

You might just have coined a new word that makes sense - “PEOPERTY” - a blending of ‘people’ and ‘property’ as in your statement…

“The owner might be having sellers remorse something common on people that are either attached to the peoperty or that think (or hope) they can find other or better options.”

Re: PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by Curtis

Posted by Curtis on April 11, 2005 at 09:44:30:

Thanks Fred for the response.

Curtis

Re: PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by Curtis

Posted by Curtis on April 08, 2005 at 14:03:53:

Stan,

I appreciate your feedback. The question though was additional incentives for the owner to deal not what the bank would accept. BTW the .40 cents is just a starting point in negotiations with the bank.

Thanks
Curtis

Re: PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by Fred

Posted by Fred on April 11, 2005 at 18:50:38:

Darn pills.

Re: PRE-FORECL. CONTRACT OWNER HAVING 2ND THOUGHTS - Posted by Stan

Posted by Stan on April 08, 2005 at 15:53:24:

Well, that aside, then have the owner abide by the contract. His time for negotiating was before he signed it. Remind him of the terms and that he acutally signed it. Ask him/her if he had concerns beofre, why did he not bring them up before he signed. Just remember, that people usually follows a pattern of behavior before leading up to forclosure and it very rarely involves logical thinking. If they are willing to go through with the forclosure and not follow through with their agreement, not much more than you can do. I would still take the contract to the bank.

Now having said all of this, if this is a deal that you want to do, you can always up the ante and tell him that you have reconsidered your offer and that if he would like to renegiate how much cash he will get, that now the most you can offer him is only $5,000 (if you want to be a harda$$) and with the forclosure quickly coming, you need an answer NOW; or you can tell him that after much soul-searching, you would be able to give him an extra $5,000.