Hold on a minute . . . - Posted by JoeKaiser
Posted by JoeKaiser on June 05, 2000 at 22:52:50:
Anthony, you need to understand that “all screwed up” is a GOOD THING! All screwed up is the reason real estate investor drive nice cars.
The key is, you want to make sure that when things are all screwed up, it’s the OTHER GUY who’s got the problem.
Problems are good.
Get it signed off, right now, subject to your due diligence.
Then, go on a fact finding mission and gather up all the information about the situation. Me, I’d go knock on the door and ask them what’s up.
Once you’ve got a clear picture, you brainstorm for a solution where you can see a payday.
Here’s how your deal works in my town. Land Contract is a conveyance. Your guy assigns me his interest in the property by way of a “seller’s assignment of interest.” Now, I can foreclose away that owner contract and end up owning. I may have to bring the payments current on the first mortgage, but I’m in the game.
If the buyer is financable, I’d sit down with him and discuss the options. I’d start the conversation with, “look, I’d rather work with you than against you . . . lets see if there’s room to put something together here,” and then find a solution.
Remember, it’s the problems that allow us to get paid. No problems, and we’re all selling amway.