My deal has taken detour!!!!!!! - http://www.dealmakerscafe.com Forums


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RobertNM



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"My deal has taken detour!!!!!!!" , Fri 2 Feb 22:58 post reply


THIS IS LONG CAUSE I CANT EXPLAIN IT IN JUST A FEW WORDS.
Kind of amusing though. Definately get a cup of java before you start reading this one!

I just accomplished my first subject to, so I thought, This how it all went down. I received a lead from a Realtor that had a listing expire. She explained to me that this guy went through a nasty divorce, 25 yrs old, and had gotten behind in some payments. Well I told her I would call him and help him out of the house. He lives in California now witha new family and tells me he will do the subject to, and that he understands the risks. He was going to let it go anyway. Well, in the mean time the Realtor puts a tenant in the house to pay the payments. Let me get to the meat. We agree to do the deal subject to, I will make up the back payments for the deed. I tell him I will go and get the key from the Realtor so I can show it right away to find a buyer. He agrees, I go to the house, get the key from the tenant with the Realtor, everything looks great. I market the house, and here is where it starts getting funny. The Seller is telling me everything is great. The Realtor is telling me that the seller is feeling pushed. So I call the seller and he assures me that the Realtor misunderstood him and that everything is fine. So I explain to the seller that we are going to send docs that he will need to sign. The Realtor calls me the next day and says that I need to slow down that the seller is nervous. So, again, I call the seller and ask if he wants me to lay off and he says no, I just want to make sure we get the deal done on time I only have 13 more days. I tell him that there is no problem, I have a buyer and all we need to do is sign the docs. He then brings up the issue of the tenant. I tell him that the Realtor says the tenant understands that the tenancy is temporary and needs to be out when we close. That I will take care of the tenant. He says great! The next day, Today, I hear from the stupid Realtor again, "The seller is unsure of the deal, he is being advised to just let it go." So, again, I call the seller, he says, he doesnt care what happens but he would like to se the docs faxed before he signs the originals. so I faxed over the docs. He now wants a call of 3 years, so I tell him no problem, I will send the money when I have the tenant out and the docs signed. He says OK. Tonight I get a call from the Tenant stating that I need to bring him the key that The seller thinks I am too pushy and is irritated that I have a sign at the property. I tell him to get a life, no key until I hear from the seller. I call the agent that referred theis deal to me and she says "ignore the tenant he is scared he is gonna have to move right away, and I told her Duhhhhh he is!

Roberts Final thought: No Deal? What do I do. The real estate agent does not know creative real estate. I think she has nowhere to put this tenant now. I have a signed offer to sell it with a deposit. Do I tell my buyer no deal or do I wait?

Totally tweaked in NM

Robert in NM


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Terry (Houston)



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"Re(1):My deal has taken detour!!!!!!!" , Sat 3 Feb 08:24 post reply


Dear Tweaked in NM.

All is not lost just a little wayward, Oh wait this is not Dear Abby.

Robert get control of the deal now. The docs should have been signed a long time ago. It sounds as if you are having a good conversation with the seller. You should have set up a meeting a long time ago. Get in front of him, contract on one side , check to the mtg. company on the other.

SHOW HIM THE MONEY!

Say "As I see it you now have 10 to bring this current. I have the means right now. Here are the terms. There seems to be some misunderstandings with the realtor and this will clarify everything. Here is the contract. What can I explain that needs to be clarified." You can add "I have several deals I have to complete by the foreclosure sale and if this is one of them great. If we cannot come to an agreement then I have only so many I can do by then because of time restraints."

You now will know if you have a deal.

Sign in the front yard is when you have a contract saying so and it is OK to do so. If you have that then tell the tennant to take a hike.

...There is no chance no destiny no fate
that can circumvent or hinder or control
the firm resolve of a determined soul...

Ella Wheeler Wilcox

Terry (Houston)

 

Al Jordan



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"Re(2):My deal has taken detour!!!!!!!" , Sat 3 Feb 11:04 post reply


Good advice here. First, only deal with the owner. The Realtor is most likely confused. Once you have a signature the game is over!
Al

"Nothing in the world can take the place of perseverance...
Persistence and determination alone are omnipotent" -Calvin Coolidge

 

Dealmaker
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"Re(2):My deal has taken detour!!!!!!!" , Sat 3 Feb 09:08 post reply


Ditto!! Ignore the Realtor and get the contracts signed!! Ask the Seller "is the Realtor going to make your payments or just give you bad advice??" Okay the bad advice part you may want to leave out.. but you get the picture.

Work the Deal!! You're almost there!

Dealmaker

 

Lynn
Moderator


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"Re(2):My deal has taken detour!!!!!!!" , Sat 3 Feb 08:44 post reply


I agree with Terry. Get the contract signed immediatly upon striking a deal! If you are dealing directly with the Seller then ignore the realtor.

We do not spend one-minute marketing a property until we have a signed contract. We learned this one the hard way ourselves.

Happy Investing!
Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?




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