Anyone else buying and selling in a small town? - Posted by d.henderson

Posted by d.henderson on January 18, 2000 at 13:38:51:

That’s the one that I am using, it’s slow in this little town. I don’t have as many people to pick from. I like Marks answer and will try a variation.
Thanks for answering,

Anyone else buying and selling in a small town? - Posted by d.henderson

Posted by d.henderson on January 18, 2000 at 08:47:22:

I have Joe L/O course, I am trying to have everyone that calls fill out an application with $20.00 for credit check, BEFORE I show them the house. I was showing the house after I TALKED to them and was running all night long back and forth. I live in a town of 8K, so now I have NO ONE that has filled out an application after 1 week to 10 days. Anyone else have this problem in a small town? How long do you have to hold your houses before you can L/O them? Any ideas?
Thanks for your time,

Re: Anyone else buying and selling in a small town? - Posted by B.L.Renfrow

Posted by B.L.Renfrow on January 18, 2000 at 19:47:59:

Hi Dee,

I am also in a town of 8000, so believe me, I feel your pain!

I have tried the Kaiser method, but the problem with that is all the papers tend to disappear in about a day or less, probably due to neighborhood kids.

I do pretty much as Mark described. It seems to be a reasonable middle ground between scaring T/Bers off too early, and running back and forth constantly. I do try to do a fair amount of screening on the phone, but I’ll admit that varies tremendously, depending on how badly I need a deal, what the prospective T/Bers story is, and just on gut instinct after speaking with them for a couple minutes.

One good thing about a small town: I’ve lived here long enough now I know many of the names, if not personally, at least by reputation, so there are plenty of times when I know as soon as they identify themselves that they won’t be living in any of MY houses:-)

As Mark mentioned, many prospects don’t want to pay an application fee because they just ASSUME they won’t qualify, so they don’t want to bother. So, I don’t charge one. If they get far enough that I pull a credit report, it’s likely I’ve already decided they’d be OK. And if they do the deal, I make enough that it doesn’t bother me to eat the cost of the credit report.

Regarding how long I hold an L/O, I average around 45 days. Don’t know whether that’s typical of the small town, but it’s par for the course here. Of course, it tends to be less in the summer and longer in the winter; right now I’ve got one coming up on 60 days:-(

Brian (NY)

Thanks, I can always count on this board for answers. (nt) - Posted by d.henderson

Posted by d.henderson on January 18, 2000 at 13:40:32:

Re: Anyone else buying and selling in a small town? - Posted by Mark-NC

Posted by Mark-NC on January 18, 2000 at 12:47:55:

I went through that same problem and this is what I figured out. A lot of people are not sure if they are going to qualify so they won’t pay you the money or won’t even bother. I know the theory is, you don’t want your time wasted, but You will loose many potential buyers because of the $20.00 charge.
This is what I did that seems to work pretty well. I put together my own application that asks alot of pertinent questions as to what there situation is like.
This way before I spend to much time with them I can review it and get an idea of exactly what they are all about without pulling credit right away. I will ask Questions Like.
*How much do they have available for a down payment.
*What is the maximum comfortable amount they can they afford for a monthly payment.
*Do you have any positive credit within the last two years,If so with whom?
*Do you have any negative credit within the last two years such as late pays, Repos, forclosures or collections. If so explain.
*How long were you in your last residence?
*How much was your rent/Mortgage?
*How long have you been at your current job?
*Have you ever applied for a mortgage?____ what was the results?

These are just some of the important questions I use along with the standard information needed. Once you have this info you can quickly see without pulling credit if they are a worthwhile candidate. If they do look good, I would tell them they look good but I will need a credit report just to verify the information. Then I may or may not charge them for a credit ap depending on how strong they are, and if I think I can slide them into one of my deals.

With these forms you can also keep a data base of your buyers for your future deals.

Hope this helps good luck!


Doesn’t Kaiser have a system for this…??? - Posted by Jim-WI

Posted by Jim-WI on January 18, 2000 at 11:24:19:

I think it’s called the bingo bango bongo system.

  1. Set up a voicemail explaining the property, location and terms.
  2. have them drive by the place and have apps stapled to the door.
  3. if they are interested have them fill out an app and fax it to you.

At least I thought I read about it at one time.

Re: Anyone else buying and selling in a small town? - Posted by chris

Posted by chris on January 18, 2000 at 09:00:22:

Maybe continue the screening and have an open house arrangement. Set aside a block of time on the weekend or nightly (whatever is convenient) and let these people who have a genuine interest come to you. Try to get a holding deposit from the interested parties to help set in their minds that they are committed. If they do not pass screening the deposit is returned, but of course any credit check fee is not.