How to Write Subject To Offer with No Info? - Posted by RR in CA

Posted by RR in CA on April 24, 2002 at 16:56:09:

Thanks for you and Joe’s responses. I totally agree with you and Joe that you can’t make a good offer without all the vital info, such as what seller needs. When I was writing up the offer, I was GUESSING and felt silly and totally in the dark. I don’t think it’s the way to do it and you just confirm my doubt. Thanks.

RR in CA

How to Write Subject To Offer with No Info? - Posted by RR in CA

Posted by RR in CA on April 24, 2002 at 14:58:58:

How do you “find out the numbers” when writing the offer “subject to” or “seller financing” on the properties listed in MLS when you don’t have the seller’s financial info?

I am looking at one vacant property that’s been on the market for 120 days. It’s asking $160,000. The remark says the seller is motivated and it was fell out of escrow.

I want to write an offer as subject to the existing loan. Maybe give selle a few thousands for their equity, if there is any. The agent doesn’t want to tell me the loan amount. I am thinking of offering 70% of the asking price, which is $112,000 and then if the existing loan is under $112,000, I will pay cash up to $112,000; if the loan is above $112,000, then I will to re-write the offer… I can even talk to the seller to fine tune the offer.

I am also afraid the agent might kill the deal.

What do you suggest?

RR in CA

Re: How to Write Subject To Offer with No Info? - Posted by Matthew

Posted by Matthew on April 24, 2002 at 17:37:47:

RR-
What about your own buyers agent?!what about the last tax assement? what about the online county property appraisers office?

Re: How to Write Subject To Offer with No Info? - Posted by Brent_IL

Posted by Brent_IL on April 24, 2002 at 16:49:24:

Good offers are developed from good information. Bad offers are the result of knowledge gaps.

Your approach is similar to shadow-boxing. You’re the only one in the ring. What if the loan balance was $10,000 on a $160K house? Do you think “a few thousands for their equity” will fly?

Many of the catch-phrases that I use effectively are picked up from movies, plays, and T.V. and modified to CRE.

Two days ago, on the WB’s show “Angel,” Angel, a vampire, was trying to convince a demon to cancel a contract he had with one of his friends. The demon commented, “I don’t deal with wants. I deal with needs. The kind of needs that you’ll die if you don’t have them now.” Address the seller’s needs. You can’t do that if you don’t know what they are.

You can always stop by the seller’s house early one evening and wander around his backyard. When he wants to know what you’re doing, tell him that you’re trying to convince yourself to make an offer because you’re unsure whether to proceed without all the facts. When he asks what you want to know, ask away.

"Please give me a call . . . - Posted by JoeKaiser

Posted by JoeKaiser on April 24, 2002 at 16:09:06:

Drop him a note . . .

“Please give me a call once the listing has expired.”

Joe