Second Responce From Advertising.
I can't believe I received two responces in a week. I put an ad in the local pennysavers and on the fourth week got two responces. The guy I just got off the phone with is highly motivated. He is four payments behind on his double wide on a permanent foundation. 2.5 acres of land he says
the FMV is 85,000-90 I'm not sure yet. I didn't ask how much he owed. He says he don't want to move but I am his only option right now. Can u say motivated???!!!! Any thoughts guys??? Is four months too far behind?
Maybe I'm uninformed, but how can you do a deal if he doesn't plan to move?
If he can't pay his payments right now... than how's he going to pay you? I would personally pass on it unless he moves. I
If he can't pay his payments right now... than how's he going to pay you? I would personally pass on it unless he moves. I
Sounds to me like he is more motivated to get you to bail him out of his problem with the bank instead of motivated to sell. What type of scenario did you give him as to how you can help - what was your approach or did you just gather the info?
This will help to build a deal scenario, but you definitely need to get his mortgage information before you can make ANY informed decisions.
Go for it!
Nobody wants to sell until 30 minutes before the court takes it away. Get "face" time. Sit in front of him across a dinner table of his home, and work numbers backward for him. Explain to him his entire situations... ask for ALL numbers to aid you in this. How much does he make? Bills? Alimony? Taxes in arrears? etc etc etc. Show him, that if he won't sell to you, he'll lose it. And then either put in a good low ofeer right away, or walk away. DO NOT lease back to him. Most states are tenant-friendly in this scenario. HE WON'T PAY! Just get the home, and re-sell or rent off to someone else. Tell him that if he really wants to keep it, you will rent-to-own (L/O) it to his family member, provided that the family member actually LIVES on the property. If you come by, and the tenant is not present - you foreclose. Make them sign off on it. Non-promotional mail in the family member's name on the home's address or phone bill in their name is good proof too.
-Greg
I never intended to lease back to him. I'm a john locke student I know the presentation to give and I'm pretty confident that he is going to sell I'll keep you guys updated. Heres an update: I went to the recorders
and in 2000 he refinanced to 65000. I called a realtor she says the comps are 90-100K. I'm going to offer to pay his back payments and give him 500-1000 to walk.
I go visit with him sunday. Wish me luck!! This will be my first subto.
How did it turn out?
I went to his house and he said he already sold it. I think I waited too long to go out. It was an hour away so I had to set an appointment for the weekend. It was a bummer!! Oh well maybe next time.
Check back with him to make sure that the sale completes. If the buyer is an investor who does not know how to perform you may find the seller gets even more motivated.
John
[addsig]