How do you convince the buyer that you are the lender? - Posted by d.henderson

Posted by Dee-Texas on April 19, 2000 at 07:29:16:

Yes, we are the sellers. We are paying all utilites for the month of move in for them and the insurance plus we paid all closing cost so that they could afford the home.

How do you convince the buyer that you are the lender? - Posted by d.henderson

Posted by d.henderson on April 18, 2000 at 22:04:56:

About a month ago, financed a house. Partner had the money, did a little clean up on it and we will split about 20K plus interest. They have a balloon in 5 years (Thanks Steve Cook, Phil Fernandaz, B.L.Renfrow for helping me get this straight)
These people have been renting for 13 years! They’ve looked at everything that I’ve had to offer for a year, finally get them to sign on the dotted line.
They are ready to move in and find that the shower leaks and needs to be replaced, it’s getting the sheetrock wet and soggy. I had plumbers, electricians, and air condition men look the house over when I bought it and we didn’t find anything really bad not this at all. Painted the outside, put in a new dishwasher and that’s it. Buyer looked at it, took the key for a day brought it back and then papers were signed through a title company and attorneys. All legal.
Now he’s saying that we should fix his shower!
I don’t want this to be a big fight, my partner can get pretty hot and this guy can too. Trying to keep them apart because I feel that it’s a small thing to have hard feelings about,BUT…the question is anyone have a diplomatic way of getting through this guys head that we don’t own the house were just the lender? I’ve told him and we’ve really bent over backwards for him. I feel like if we do this there will always be more things that he will find.
Now what? Thanks for listening. smile It’s been the day from…well you know. He came to my office mad.
Always learning,

Re: How do you convince the buyer that you are the lender? - Posted by Vic

Posted by Vic on April 19, 2000 at 22:19:44:

Perhaps you could offer them a small amount of cash for the shower & make it clear to them that that is all they’re getting. Have them sign something that indicates that this cash is all they will get. If they don’t like it - good bye!


Fix it. - Posted by Rick V

Posted by Rick V on April 19, 2000 at 10:05:40:

Terry has the right answer - look to your contract. surely it states whether or not the preoprty is warranted or whether it is sold as is.

But either way, if you exepect to be in this business, you should fix it. Unless you sold it as a fixer upper, the buyer has an expectation (whether rightly or wrongly) that the property will be in reasonable living conditions when thy move in. That means they expect that the plumbing, electrical, heat, etc will all being in reasonable working order.

If you can get them to agree to add the repairs on to the balance, great, but in my opinion, If you exepct to stay in this business long, my advice is to fix it

Re: How do you convince the buyer that you are the lender? - Posted by Terry (Dallas)

Posted by Terry (Dallas) on April 19, 2000 at 07:34:11:

Hey Dee,
Sorry to hear about your tenant.

  1. How long has it been since he signed the contract?
  2. Did you give any warranty on the property at all, either implied or documented?
  3. Did the plumber do any work when they looked at the house and if so do they have a warranty?

One ‘Guru’ says that to keep the peace you should give a thrity day warranty, whether that be from you ot the original seller.
How big is the payoff at the end that you may risk if he walks?
Lotta questions with no answers I know but I think you see where I’m going.
I would look at Tape Recording your closing to ensure that when topics such as
You as a home buyer are responsible for ALL REPAIRS since this is YOUR HOUSE NOW are documented.
Gotta stop them from coming to your business as well, Get one of your beautiful labs to act as a mean watch dog hahahahaah or if like the puppy I got from you they can lick them to death.
Best of luck

Re: How do you convince the buyer that you are the lender? - Posted by JohnBoy

Posted by JohnBoy on April 19, 2000 at 24:33:58:

Your the lender, but aren’t you also the seller?