Posted by Ben (IN) on November 15, 1998 at 08:07:26:
Tom,
Do you have signs up? Not only at the house but around it with arrows pointing to it? Its amazing how many people drive by and just “check it out”. If you don’t, make some and get em up. Selling a house, provided the price and terms are right, is just a numbers game. Drive as many people to the place as possible to speed up the process. Signs, ads (obviously), flyers to mortgage brokers and banks (people they turn down are your ideal buyers), flyers to R/E agents (they have people who they can’t help too, and they will take your referral fee). I know this sounds like work but if you do all of these things you WILL get your house sold pretty quick.
Posted by The Baze on November 14, 1998 at 19:20:38:
If you remember, several weeks ago I made a post about how difficult I have been finding it to get tenant/buyers into my houses. I received some excellent advice from some of you folks that I put into use w/ some success. But the house I got a month ago is kicking my butt, and all I can think is “Here we go again.” The rent and down payment I’m looking for is in line with the neighborhood rents, and I’ve gotten a lot of calls. I’ve even had people say they wanted it, but then they backed out at the last minute. Now w/ the holidays right around the corner, I’m almost desparate w/ this one. I 've got 3 months of payments set aside, and my 1st payment isn’t due til Jan 1, so I’m not in any real trouble until April. But, man I want to get someone into that darn place before the holidays. I’d like to get the option money so I can buy my wife the engagement ring I wasn’t able to afford back then. I’ve even gone so far as to say that if someone moves in now, they can have the rest of November free. I’m really getting tired of having to go through this everytime I get a house. Thanks for listening.
Re: This one is kicking my butt! - Posted by Ray(OH)
Posted by Ray(OH) on November 17, 1998 at 19:03:32:
Hi Tom,
Something that I think is working in my area is putting financing information on your sign.
-----For Sale—Lease Option
$x,xxx down $xxx per month
I have not used this method yet, (If I don’t flip the property I’m working on in the next couple of weeks I will be using it) but, there is a company in my area that is having real success with it.
I’ve heard from other investors that they’ve sold houses to people who weren’t even looking to buy, because they didn’t think they could afford it. They have a toll free number on the sign that is answered by a mortgage broker who will try to pre-qualify the buyer before giving them your phone number. This company has professional looking signs that they offer to fsbo’s at no charge.(all they ask is that you go to them for your title work) It’s a great concept that you could adapt to your situation. Just make your own sign with your L/O numbers on it.
Just my 2cents thrown into the creative mix
if it makes you feel better, I have 5 of these, and some of my 1-st payments are coming due Dec. 1.
Anyway, try advertising a little bit differently. I use “$0 or small down, non-qualifying owner financing”. There are so many buzz words that lots of people are coming out of the woods. For the priviledge of ownership, as opposed to rent-to-own, (just a personal opinion) people pay a little more upfront and monthly. Depending on a price range, I can generally get $200+ more in monthly payments this way. This difference will quickly make up for the lack of upfront option money.
Re: Be a flexible problem solver - Posted by Millie I.
Posted by Millie I. on November 15, 1998 at 24:50:38:
Tom,
I can appreciate your position. I had a tenant/buyer moved out because he lost his job. I know well that it would be hard to rent/sell during the holidays. So I put an ad out to ‘Rent or Rent to Own’.
A family needed a house, would like to do a L/O, but didn’t have the $2500 option money to sign the contract. So I just charged a deposit, and rent it to them for $650 plus $100/mo extra to accumulate towards the Option money. They went for it. So I have my rent money to pay my mortgage while they save money to do the L/O. After they have the $2500, I’ll sign the L/O contract, and charge them $750/mo with $100 credit.
The trick is to be flexible. The tenant/buyer has a need, you have a need. Adjust your requirements to accomodate their needs so that you will have a tenant to pay your mortgage for you. It’a win-win situation. You don’t get everything you want right away, but your immediate needs are met, plus you are not giving anything away until they meet the requirements.
The top priority is to have a paying tenant, then L/O, then a sale. A 6 months lease will carry you till the summer if you don’t want them to tie up the property. Compromise a little, it’s better than out of pocket.
Re: This one is kicking my butt! - Posted by PBoone
Posted by PBoone on November 14, 1998 at 21:44:28:
Tom,
When we have an option property available we run an add stating RENT/RENT TO OWN The market tells us what people are looking for in the way of property.
I do not care which way it goes if someone wants to rent ok if they want an easy opportunity to own with very little down thats ok also.
One thing we have changed in our guidelines when someone says they want it we ask for a $100.00 non-refundable deposit just to see if what they say is really true. saves us a lot of backing out disappointments
Pat
Re: This one is kicking my butt! - Posted by Sandy FL
Posted by Sandy FL on November 14, 1998 at 20:59:58:
Tom, I truly know where you are coming from. Imagine having that same house that you do now, with the additional stress of large monthly hard money payments. But better not reveal that desperation to your TB’s, they can smell it on you! And if they sense your hurry, then they have some sort of intuition that makes them back off. They sense that maybe something is wrong.
This is what I tell myself. I did a good job. I have a nice product for sale here. This is the perfect home for someone. That someone will be coming along soon enough, I have faith in that. And then know that you have done (and are doing) your best, and relax.
Looking at this written here, it looks too simplistic. But that is really what I do. You have to have peace of mind that you have done your best and your buyer is out there, and then put the worry away. Making yourself nuts over it won’t hurry it up.
Regarding the ring you want to get for your wife, relax about that too. She will love it even if she doesn’t get it till Valentines Day! Unfortunately it is the artificial deadlines we put upon ourselves that stir us up.
Re: This one is kicking my butt! - Posted by eric b
Posted by eric b on November 18, 1998 at 22:24:31:
Great idea i am going to try it. i have a property which is a 3br. that i have been trying to get rid of . i had a realtor helping me but that person stinks so i will try this method thanks
Sandy