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Anatomy of a deal.. and uh.. sign here please - http://www.dealmakerscafe.com Forums

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dealmaker
Moderator

32.102.65.168

"Anatomy of a deal.. and uh.. sign here please" , Sat 29 Jul 21:45

I mentioned this in another post. My realtor call me and gave me the key to a house that a truck driver just purchased 3 months ago.

He called and spoke w/ while on the road. He stated he had $12K invested, however, he would take $5K or $6K and his mortgage balance.

I go and see. The $12K was HIGHLY overstated.. He meant he spent that money to move, closing and payments!! I had previously looked at the same house before he purchased it, there was no improvements!

Knowing he was a paym't or two behind. I met w/ him this evening..

A little chat when I arrive and I tell him, "I can't give you what you want. However, I can get you out of here FAST." He's listening. "How many payments do you owe?"

He says "I'm 2 behind".. He's already stated he needs help to move and store his furniture. I tell him I'll give $500 (not the $5K he wanted) and I'll take over the payments."

I explain the mortgage will remain in his name and he's says....

"wait a minute.. it (mortgage) stays in my name and I get credit for it?" I said, "The mortgage will and the deed will be transferred to me"

"Wow.. I get credit for you making the payements though..right?"
"Of course" I say!!

He loves it!!!

LESSONS FOR NEW INVESTORS:

1. Regardless of what the seller wants sometimes.. make your offer with confidence.
2. Don't ASSUME what the seller will say.. A lot of new investors are embrassed to offer the "subject-to" approach..they think the seller will balk..

BALK??? My seller LOVED IT!! He gets the credit.. I get the house!!

This guy would not stop thanking me about this wonderful idea I had..

"ah shucks..wern't nothin' to it" I said.. except.. "sign here"

Dealmaker

Replies:

Doug Pretorius

24.112.158.242

"Re(1):Anatomy of a deal.. and uh.. sign here " , Sun 30 Jul 08:58

What a GREAT story! I never would have thought to point out that they get credit when you make their payments.

Thanks a lot for this post Matt!

Doug

tyc00

63.10.1.168

"Re(1):Anatomy of a deal.. and uh.. sign here " , Sun 30 Jul 02:04

Thanks for the post Matt. That was exactly what I needed to hear.

May god keep you safe!

lynnhahn

216.78.33.184

"You Go Matt!" , Sat 29 Jul 21:49:

Great example!

Lynn

[this message was edited by lynnhahn on Sun 30 Jul 11:45]