Honest Expression as a BUYER'S WEAPON!
Have you ever had problems asking the seller to stay on their mortgage for a few years?
Do you ever get the willys from the thought of saying: "Mr. Seller I would like buy you home for full asking price, if you can leave some your Equity in place and stay on the mortgage for say 2-3 years or so?
From time to time when I get a return call from these Home Sellers or their Realtor saying No Way!?and that they already got some really strong offers on the home and can I do any better or if they ask me to make a reasonable straight Cash Offer: I will normally ask them if they have a written purchase offer contract on the home yet?
If NO:
The Seller usually tells me they were trying to get the highest possible price and wanted to know what I planned to offer them.
For example:
I'd first explain what I mean by staying on the mortgage, then the part about leaving their Equity intact?also WHY WOULD THEY EVER WANT TO DO THIS????
Now we're getting down to the GOOD PART? that I like to call PAIN!
And remember that this PAIN is the home seller's PAIN, and NOT your OWN!!!
And it goes a little something like this: I explain FMV(Fair Mkt. Value) to them;
"Mrs. Seller in the marketplace a $100,000 home (like yours) is normally purchased @ 5-10% discount($5-$10K), then another 5%-7% ($5K-$7K) for Realtor Commissions, add to that 60-90 in mortgage payments awaiting a purchaser to contract, finally adding another 60 days for approval-closing on their Loan?this equals an average of 24%(or $76K net after costs) direct to YOU Mr. & Mrs. Seller. And if you continue rejecting terms such as selling to me using a Land Trust, You may miss the boat entirely."
"Now which is more important to you the Price you sell for ?or the Terms of the sale?"
Then follow up with: "I am probably the Most Serious Buyer You've talked to yet!"
This is TRUE because if it weren't they WOULDN'T BE CALLING YOU if it weren't!!!
Please notice that I have seriously offered their full asking price and have also gotten them answering questions as I am trying to build some repoire with them. And they will become completely relieved to learn that they can get the FULL ASKING PRICE USING MY TERMS, and I as an Investor may still end up with a profitable deal getting Cashflow and/or some future (if not immediate) Equity for myself!
Although you may not get every deal, you have given yourself a decent shot at it!
Much Success,
DERRICK ALI
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