Did I blow this offer? - Posted by Maria (FL*)

Posted by Mike Conilogue on September 15, 2003 at 18:40:55:

Good idea. Thanks so much for sharing your information.

Good luck in your future transactions.

Did I blow this offer? - Posted by Maria (FL*)

Posted by Maria (FL*) on September 15, 2003 at 09:37:03:

Hi. I went to meet with the elderly lady who had the duplex in fc on saturday. Looked at her papers and it turns out she only owed $70,000 not the $80-90,000 she thought.
Anyway I wanted to work a forebearance with the lender then take it sub2. She wanted to stay so I offered her a discounted rent ( she is on a fixed income and scared) the other side is rented.
She wanted me to right down what I planned to do so she could show her older son and lawyer who told her not to sign or agree to anything first. So I briefly wrote down what I said. When I left she was going to call her lawyer this morning to talk to him about it.This morning I called to ask her a ? and she said she already has it sold. Ouch.

rent-900 a month
loan bal - 70-72,000

Did I handle this wrong? I could have taken out a loan for it but didnt want to part with the down payment at this time. I guess it takes money to make money huh?
I feel kinda bad that I may have blown it. Was there another obvious way to handle that I missed?
Thanks so much :slight_smile: Maria

You did fine; don’t sweat it… - Posted by JT-IN

Posted by JT-IN on September 15, 2003 at 17:43:43:


Don’t sweat the small stuff; and it’s all small stuff…

Let’s look at a few things here… This wasn’t the greatest deal out there to begin with, as you first believed the deal to be… anyway. then even with the back payments added on, (and I forget how much it actually was), even with the 70K bal, it’s just an OK deal…

Another thing to consider is this… she contacted the Atty, and what the Atty may have told her, (not understanding a Subj To deal himself)… is: “Don’t Do It”… So odds are good that she really hasn’t sold the house anyway. Try this… have someone else call here and ask about the house, and have them tell her that they are CASH buyes… See what she says… It would be interesting to say the least.

Folks in distress are simply a ball of human emotions, and many times you must learn to read between the lines. What I see in the tea leaves is that she isn’t telling you straight… You may get another slug at this one anyway.

If not, no big deal, there are lots of other deals. What you have gained from this deal are some valuable lessons, some of which you haven’t even thought of yet. When it all sinks in, and as you play this back in your mind… Think about what you would be doing differently, if you just met Mrs. Seller today. What you should arrive at is… that you need to ask many more questions, and learn what it is that is truly trouobling her, and what she will do… as opposed to letting her brush you aside with the ole Atty objection. Not saying that it couldn’t be so, but really she probably didn’t consult with her Atty about getting into such a mess… and is only saying so now because she isn’t sure that you have the solution for her.

Hope this helps in some way, if not on this deal, maybe the next one.


Re: Did I blow this offer? - Posted by Paul-FL

Posted by Paul-FL on September 15, 2003 at 11:25:57:

Was she late on her payments and that is why you wanted to get a forebearance from the lender?

On a personal note, I don’t see any reason to let someone stay in a house if they can’t meet their current payments. How many times might you get called and they say " I can’t make the rent can you extend me?" Just my personal thought. Remember this is your business and not a charity and you need to stay focused about making a profit.

Don’t dwell on this deal, get to the next one and try to make it.

Re: Thank you. - Posted by Maria (FL)

Posted by Maria (FL) on September 15, 2003 at 23:49:18:

I really appreciate your insight and advice. I think you are right. I am not sure she is on the up and up. Kinda lets these things happen then complains. Her answer for everything was" Oh I dont understand any of that." I didnt think she was out of it at all but more of didnt want to deal with it. Anyway- I just needed a little confirmation that I didnt blow it. I was feeling frustrated the last few sellers I have dealt with I put in the time then they go a different way. I guess thats the nature of the beast sometimes. This did confirm that I have to build up my reserves.And I got some experience talking to another seller.Thanks for both your responses. :slight_smile: Maria

Re: Did I blow this offer? - Posted by Maria Falvo

Posted by Maria Falvo on September 15, 2003 at 14:49:54:

Actually her son was on the loan also and ran up a home equity loan which was supposed to only be for her emergencies without her knowledge then stopped making the payments.(49,000 worth and has nothing to show for it)She couldnt afford to rent anywhere else (a 1/1 home or apt rent for 450 plus around here) so I was able to come up with 380-400 for rent and still cashflow. But in the end I guess someone else must have offered to buy it outright. Is that what I should have done?? Thanks!

Re: Did I blow this offer? - Posted by Mike Conilogue

Posted by Mike Conilogue on September 15, 2003 at 12:04:18:

Excuse my ignorance, but what exactly is a “forebearance” ?


Re: Did I blow this offer? - Posted by Maria (FL*)

Posted by Maria (FL*) on September 15, 2003 at 14:52:28:

I was going to try to get the lender to put the past due payments and fees at the end of the loan with a down payment of no more then $1000 to bring it current again. No saying it would have worked but I was hoping to play the age card for her and swing it.