Posted by Brad on June 11, 2000 at 16:27:21:
Could I please get a list of those benefits? Please! Ms. Samson
How should I pitch the seller on a lease option when I meet them In person - Posted by James
Posted by James on June 07, 2000 at 13:55:47:
I have just located three sellers who are open to a rent to own situation. I have not mentioned anything about lease options at all. The only ground we have covered over the phone is a rent to own situation where the sellers will be given a few thousand dollars upfront. No specific amount was given and a portion of the rent will apply to the purchase price; again no specific amount was given. We also talked about the purchase of the property which will take place a few years down the road.
I also have two willing and able tenant/buyers ready and waiting.
My questions regarding the above are: 1) how do I pitch the sellers on a lease option when in person, and 2) what is the ground that needs to be coverd and in what order should I cover it.
Thanks.
James
Re: Pitch the advantages - Posted by Lori Samson
Posted by Lori Samson on June 08, 2000 at 24:17:47:
One of the first things I learned in doing options is that you have to know the benefits to both buyers and sellers so that you recite them in your sleep! One of my famous lines is " every objection is a fear and if you can educate them about the thing they fear you won’t have an objection". I couldn’t figure out how to cut and paste the benefits of both sides so I will e-mail you the ones I use. Learn, learn, learn them so you don’t even hesitate when you have an objection and your knowledge will strengthen your credibility.(did I spell that right? I can’t figure out how to do spell checks while posting either!) Lori
Let your contracts do it - Posted by Monique
Posted by Monique on June 07, 2000 at 16:56:25:
James,
I’m still new at this myself, but I can definitely tell you that you’re in a great position with two T/Bs already lined up!
It sounds like your Seller is already in the boat with you. When you visit the house and meet the Seller in person, nail down the specifics of what the Seller is looking for – such as monthly lease payment; rent credit they are willing to provide; term of the lease; purchase price at the end of the term; any upfront money required, if any.
I recommend that you be upfront with the Seller about your intentions and that there has to be a reason for you to get involved – either they ask you or you offer it. Either way, let them know that you are not intending to live in the house yourself (assuming that this is not for your own personal residence), but intend to find a tenant who will want to buy from you, but needs time to qualify for a loan. JohnBoy described this extremely well in a post on June 6 called “Re: Another L/O question.” The link is: www.creonline.com/wwwboard/messages/75737.html
As for explaining your plan for a Lease/Option instead of Lease/Purchase, let your contracts spell that out when you make your final offer to the Seller. If you’ve nailed down the specifics on the money, let the contracts speak for themselves.
Monique