Re: HELP!!!I just WANT out from under it - Posted by Jim IL
Posted by Jim IL on May 27, 1999 at 12:41:52:
You say that you have talked to many FSBO’s and they simply, “want out from under it”.
The key word here is , “Want”.
It is your job, as a “Creative Real Estate Investor”, to find out what the seller “needs”, not “wants”.
Every seller I call “wants” ALL CASH, FULL Market price, and a closing tommorrow.
But, if you listen to them and ask the right questions, you will soon find a different story behind some. Let the seller do the talking.
We called a FSBO ad, maybe 2 months ago.
The woman stated that she was single, and did not like living in her TH any longer. She WANTED to sell it, and CASH OUT, then buy another home near her family.
I explained that “yes” we do buy for cash, but at a substantial discount, because this was how we made our profit. I further explained that we could offer her an all cash offer, but that she owed too much on the home for that to be a feasable.
She said she understood.
I then explained our L/O program to her, and let her “think about it”.
Well, I am meeting with her tommorrow to go over the “details” of L/O’ing her home.
She has not been able to sell on her own, and has now found another home. She already has the cash to put down, is approved for the new loan, and simply cannot afford double house payments.
So, we may get this one.
You see, NOW she NEEDS, not WANTS, to cover her payments and that is all.
WE got to this point by listening, and then offering her alternatives to a traditional sale.
We explained “how” the L/O works to her benefit, and left it at that.
So, do not call the FSBO’s and see what the seller WANTS, determine the sellers NEEDS and then try to formulate a way to meet the needs and make a profit.
If you cannot do that now, keep the sellers contact info and do followup. They may call you, but calling them back a few weeks later never hurts.
Luckily, this one called me before I called her. (I had planned on calling her soon anyway)
Good luck to you,