Rare Oppotunity ?( Backwards Deal) - Posted by RJB_Ga

import · November 23, 1999, 8:47pm

Posted by Bassman on November 24, 1999 at 08:28:34:

Sounds more like your Buyer is an Investor.Who else would play hard ball with numbers.Ever hear the saying , he who speaks first loses?And most people I know that run that kind of AD , again , are investors. Sort of like the “Executive seeking Lease house” Ad- Investor. Ron Legrand students are taught this technique.Ask the person if they are an investor while you are on the phone with them , if they sound like they are smooth,or they are reading a script.She seems like a good negotiator, be careful.
Just my thoughts.
Scott

import · November 23, 1999, 8:47pm

Posted by RJB_Ga on November 23, 1999 at 21:47:27:

I found an add in our local FREE advertising paper, It said Wanted Home in County that
Owner will Finance, Have Downpayment
CallXXX-XXXX

I called the number trying to find out just what kind of cash they were sitting on, The woman on the other end was kinda playing hardball about the amount that she had to put down, I couldn’t get her to give me an amount so I said, Well I have a home that we may can look at it is priced at 68k, Is that out of your price range? She said “NO” I said would 10% down on this property be a problem she said “No that probably would be ok” So basically what I know is that she wants a 2-3BR 1-2 bath home, somewhere under 70k and she has about 6800(Or more)to put down, I want to take advantage of this, I did not get any credit info from her about why she is certain she can’t get a mortgage, But she did say that She would be fine with a Two year L/O. So I guess my question is what is the best way for me to end up with the buyers down payment, out of this, sandwhich l/o or find an owner willing to OF with say 2-3k down and I pocket the extra and possible structure a cash flow in there 2??

I have read all the postings on this site and I know that there are many many knowledgeable people here so please help stear me in the right direction, as I think this is a rare opportunity to find a buyer fall into your lap with a nice DP and want to work with you to find her a house.

Thanks in advance.

RJB_GA

import · November 26, 1999, 2:55am

Oppotunity ? Meet her on your terms - Posted by leslie

Posted by leslie on November 26, 1999 at 03:55:43:

i must agree with jim, lots of time has been spent chasing deals for a buyer. i’ve heard: we already found one, we rented instead, we changed our mind, we only like houses with yellow shutters do you have any of those ?

i ask people to tell me what they want and they love have someone to listen. interupt politely and ask to put it in writing for your computer to save, using the form i provide. its simple form. they will write down numbers like down payment amounts that they wont tell you when you are talking to them, its funny they just will. let her know you invest on a regular basis and want to call her if your or your partner’s next deal meets or exceeds her needs, at price she can easily afford. you need that data sheet filled out, ask to meet with her and bring a clipboard with some blank data sheets. every one likes to find a good deal with owner financing, so she should be interested in your skills. seh will ask: what rate do you charge? what dn or price will it be?
it depends on the deal, it depends on the existing loan when i find the deal…it all depends on what i find, on what you like and what you want to spend. lets get started, what do you like, and what dn is in your budget if i have your dream house up for sale tomorrow?

you then go about your business finding houses that are good deals for you and if one fits, you call her. you will get many buyers like her in the future, just catalog their needs. you can’t chase houses to please them, agents do that, don’t act like an agent, you might look like one without a license.

when you get good at listening to what people want, you can charge for it. your time is valuable and they will have lots of questions. they will pick you brain and want you to call them, i charge $49 to meet them, to teach them, and put them on my “call me” list. (not a mailing list, don’t confuse that issue).
you might even work with a realtor, or a lender, who needs potential buyers that think they can’t get a loan.

good luck

import · November 24, 1999, 2:21pm

Re: Rare Oppotunity ?( Backwards Deal) - Posted by Jim IL

Posted by Jim IL on November 24, 1999 at 15:21:58:

RGB (GA),
You know, we must get at least 3 of these calls every few weeks.
At first, I too got excited and started to look for homes for these callers.
Then, after some frustration and realizing that I was looking for the callers needs, and not my own, the deals seemed to not work out.
So, now when I get these calls, I tell them what I have available, if anything at all, and ask a few questions about what they want, and have to put into the deal. (get the numbers if possible.)
Then I file it and go back to looking for sellers for myself.
When I find a deal and get it signed, I call back these buyers and tell them what I found.
If my deal works for them, good, because we saved on advertising.
If not, we keep looking for deals.
I have never been good at finding a house with a buyers specific needs in mind, and found that it wastes my time and ruins my focus.

So, forget looking for a home for this lady, just keep her in mind.
Call her on occassions when you have a property available.

Hope this helps,
Jim IL