L/O: Overcoming Objection from High Equity Seller - Posted by Monique

Posted by Bill K. - FL on May 25, 2000 at 16:57:38:

Monique,
This is a numbers game. Out of about 25 Fsbos you will get one or two that will seriously consider your offer. Find out up front if they are interested, before you start crunching numbers. If they have moved and are making two payments they are excellent candidates. I always ask when they are moving or plan to. If in the initial convwersation they are not sure or even if they say forget it I always follow up in 2-4 weeks. Develop your system and work it religiously, it will pay off. And remember some will, some won’t, so what?, next!

L/O: Overcoming Objection from High Equity Seller - Posted by Monique

Posted by Monique on May 25, 2000 at 07:33:43:

I met with a seller yesterday where I positioned a L/O offer. Admittedly, she probably needed to be on the market a while longer before she’d be willing to consider something other than a traditional sale.

With the price that she and I were both comfortable with, she had $70,000 in equity. However, she didn’t like the idea of leaving $70,000 in the house, earning “nothing”. The price (and her $70,000) was fine to her if we paid cash today. It looked unappealing to her to get $70,000 18 - 24 months from now.

How do everyone else respond to this kind of seller objection?
Or was I just barking up the wrong tree?

Monique

Re: L/O: Overcoming Objection from High Equity Seller - Posted by Matt

Posted by Matt on May 25, 2000 at 19:51:05:

Have her refinance then you lease-option for the loan amount “if it works for you”. This gets her cash out and you get in for less than market value.

Re: L/O: Overcoming Objection from High Equity Seller - Posted by Steve(NC)

Posted by Steve(NC) on May 25, 2000 at 10:24:57:

Wrong tree?? As discussed below…she wants to have her cake and eat it too! I would put an offer on the table that is good for YOU…and if she takes it fine, if not, fine. You still give her your card and follow-up, follow up, follow up! Let it sit on the market a while…if she isnt motivated she isnt motivated. SOmeone else is though…so dont WASTE to much time with her now…just offer…follow up.

Hope this helps.

Steve (NC)