Re: 2 Identical Stories (Need the Moral) - Posted by B.L.Renfrow
Posted by B.L.Renfrow on December 01, 2000 at 21:51:35:
I agree with the posts below. Your stuff just won’t have the desired impact, showing up by mail like that.
Plus, you can be assured the sellers won’t understand all those fancy terms and documents. And it they seek advice from their lawyer, their Realtor, or their grandmother, NONE of them will understand either, and will undoubtedly advise them against accepting your subject-to offer.
With subject-tos in pre foreclosure, I’ve found the only times when I can consistently get the seller’s agreement are either when they are in that initial “panicky” mode which Bill mentioned, or right before the property goes to auction. In between, they will inevitably be in denial or be sure a miracle is just around the corner.
When they are willing to sign, I want to be able to do it IMMEDIATELY, if not sooner. I’ve even been known to call a friend who happens to be a notary to a seller’s house at 9 p.m. (only once, but I was afraid they’d change their minds by morning)!
In fact, I’ve heard of one investor who – if a deal is good enough – will jump on a plane across the country to meet with a seller in person, if they are motivated to sign right away. I guess his theory is, if you’re putting together a deal which will net you $15 or $20k, what’s a $500 airline ticket? Plus, it’s WAY harder for a seller to say no to someone sitting in front of them who has just flown in to offer a solution to their problem than to simply ignore contracts received in the mail which they don’t understand.
I would get on the phone with the sellers immediately. Find out what their objections are, and deal with them. Maybe they simply aren’t motivated. That happens, often. If so, give them your number and keep in touch regularly until they have sold you the house, it’s sold to someone else, or they’re dead.