Re: first call on first ad - Posted by Bill Gatten
Posted by Bill Gatten on April 18, 1999 at 13:52:42:
Good point (OK, excellent!); however, the key element (for me) in the post was the query (as it were): “How can I get him to take less money?”
I have to admit, your advice on this one was the best of all, assuming this buyer has the wherewithall to do what you say, without the seller’s involvement. I didn’t get that feeling, and was merely trying to point out another (albeit, 2nd best) alternative.
I’ll admit, my second paragraph was purely a PFA.* However, on the issue of the PACTrust, you must remember that I teach it, write about it, eat it, drink it, sleep it, live it, dream it and roll in it naked on weekends when no one is looking (somewhat less than a pretty sight). I could see a Guppie trying to pass a cork, and find a PACTrust in there somewhere.
I have used the PACTrust so many times on otherwise impossible deals, that someone could walk up and hand me the Grant Deed to the Golden Gate Bridge for free, and I’d immediately try to fit it into a PACTrust somehow.
Some may call this single minded, opinionated, one-track, unilateral, closed off compartmentalized thinking. However, Jim, I prefer to think of it as being… um… well… “The best dad-blamed Chili at the Cook-Off (so to speak).” Sure… some Chili might be tastier, but too hot; others might be more savory, but too chunky, or not chunky enough; and still others, perhaps “USED TO BE” championship conconctions–until the day my own mouth watering, uvula twitching, Mother of all Chilis Con Carne was introduced. [Did you mention “stretching”?]
OK, so you’re right on this one; however, I must say that I haven’t had trouble getting OTB* sellers to refinance prior to entering a seller carry deal with me. That’s because I know that its a seller-carry before I start, and I don’t suggest that they do it for MY benefit… (I bring it up solely as a solution to THEIR problem, not mine) I suggest that since we are going to do the deal anyway, that they might as well refinance for the maximum (Since I’m the one paying for it all)… before I take over.
*OTB: “Over the Barrel”
*PFA: "Plucked from Air