So I sent out a test mailer about three weeks ago to a tax default list to see what response I would get. Needless to say my response was good but the leads were not. The last lady I talked to every thing was going good. I got the estimated repairs, the general idea of the layout. I then follow up with I would like to see the house and that when it hit a snag. Her response was I would drive down there and show you the house if I had a signed deal. Well ma’am I can’t really give you a price if I don’t know the actual repairs it needs. You can send me the keys via mail or I can meet you half way I can work with you on it. That was the last I’ve heard from the seller. I called back twice and no response. I have to say when the tax man is about to take your house you would expect a bit more urgency than I have received.
Don’t dig in your heels. Work with the stupid and give in to their demands.
If you can estimate repairs and do comps, why not negotiate a tentative price (tentative for you) based on what the seller tells you? Assume the house needs everything the seller says, if not worse.
Meantime, your purchase agreement is essentially an option agreement, contingent upon a look-see.
So, give the seller what she wants and take everything else. You don’t even have to put up an earnest deposit.
Notwithstanding, it’s standard operating procedure for many investors to contract on the property, and then renegotiate the price after seeing the property. That’s why many banks won’t accept offers on REO’s unless the buyer has seen the house first.
In this case, the seller is an ignorant, lying suspicious housewife. So, why not give her what she wants and lock up the deal (so nobody else can have it) and then again, take everything else, including renegotiating the price after finding out the seller lied about there being a roof and windows, and that no animals whatsoever were rotting in the crawlspaces.
See how this works. All sellers lie. And so what better opportunity to take advantage of a seller’s lie then to renegotiate the deal (or not, and lien the property for the entire period of your due diligence period, so she cant sell to anyone else until your due diligence period is over)?
[ If this ignorant, suspicious housewife knew better, she’d advertise like crazy and offer an open house auction, so that she had to make fewer trips to the property, and deal with just the buyers willing to bid on her hell hole. ]
Thanks for the advice. I honestly was thinking that exact thing. After the conversation I realized my error and that I probably should have just offered a deal. She said what she wanted and I didn’t listen. Honestly what you just said was a light bulb moment for me. This will be corrected.
[quote author=javipa link=topic=63128.msg291086#msg291086 date=1525318812]
Don’t dig in your heels. Work with the stupid and give in to their demands.
Work with the stupid … :biggrin Hilarious.
Great tips to work with them. Get in the door. Be friendly. Earn trust. Then, make an offer that works for you.