Posted by Matt PA on July 09, 2002 at 14:36:47:
nt
Put a lease on this… - Posted by Matt PA
Posted by Matt PA on July 09, 2002 at 10:43:55:
Ok guys here’s the deal,
I have an appointment to meet with a seller in about 31 hours…She is open to the lease option but she doesn’t know I will be subleasing yet…How the hell do I break it to her?!? I was using the Conti/Finkel script and knowhere did I tell her that I am subleasing to one of my tenant/buyers. How would the pros handle this? I think it can fly with the right negotiations as this lady seems pretty open to me leasing her house…coupled with my devastating charm (haha) I think I can do it without scaring her away…Help Me please I need some ideas - Matt Hegedus
Re: Put a lease on this… - Posted by GL(ON)
Posted by GL(ON) on July 09, 2002 at 15:01:13:
If you stuck to the Conti/Finkel script you would have told her over the phone that you were an investor and in the same breath asked if it was a nice house in a nice neighborhood.
I would simply say I was an investor who buys, rents and sometimes sells houses. Ask if she is OK with that. If not, she is not a motivated seller.
Do this first before making your offer.
Re: Put a lease on this… - Posted by KC Questions
Posted by KC Questions on July 09, 2002 at 12:49:35:
You just have to stay calm when speaking to her. Speak to her as if this is just routine, “normal” company business.
My conversation with the seller goes something like this: “What our company does is help solve people’s real estate problems. We help sellers who are having difficulty selling their house and we help buyers who want to buy a home but can’t because of minor credit issues that should be solved within 6 to 12 months. We normally wouldn’t pick a buyer if it will take them over a couple years for them to qualify for a loan because our payday doesn’t come until they pay your old loan off. Regardless of whether they buy the house or not, our company is obligated to make those payments to you each month and we handle all of the normal day to day repair issues so that you can get on with your life…”
Treat it like it is standard operating procedure and the seller will too. If you start panicking or anxious, the seller will act that way too. Also remember that perception is more important than reality. The reality of the situation may be that you are getting a tremendous deal that you would never agree to if you were the seller, but make sure that the sellers perception of the situation is that you are solving all of their problems, addressing all of their concerns, and you are going to follow through with whatever promises you make.
Re: Put a lease on this… - Posted by WaynePa
Posted by WaynePa on July 09, 2002 at 12:42:05:
Matt,
What I would do is be up front about the whole situation. Just let her know that your tenant/buyer is not just someone looking for somewhere to live, the person that you put in the house has every intention on owning the house. A L/O is just an alternative means of financing the house.
If you are already past that point, as you are going over the lease with the owner point out in the contract that the lease is assignable and that you have the right to sublet. Hopefully you do have that in your lease/purchase contract. Everything should go well from there.
Wayne
P.S. Where in Pa. are you located?