Do not try to explain it. - Posted by Bud Branstetter
Posted by Bud Branstetter on April 15, 2002 at 21:45:37:
“how I should explain this to them if they are interested in terms instead of cash deals”
Everyone wants cash instead of terms. If they want relief from the monthly payment then you can help them. Treat it like a L/O that you switch to a subject to deal. Joe Kaiser had a good way of phrasing it when dealing with preforeclosures. You will use something similar to find out their needs. Things like "What are you going to do if you don’t sell by the time you leave? Have you investigated the high cost of vacancy insurance? How long can you afford to make two house payments?
These questions are designed to make them feel the pain. From their answers you suggest that you might be able to insure the payments get made, the house is maintained and they get cash out in the future. You will also need to ask if they can make any of the payments until you get someone in there. You also will need to find out if they must have a certain amount of their equity now.
When you start hearing the answers you want, come back and post here or on Gatten’s site. The next step is easy. Getting the right answers isn’t always as easy.