Posted by chris_wa on December 18, 1999 at 24:22:59:
i think i can help answer a few quetions.
first. you can “set” all the numbers you want…but essentially you are making on offer on a property and in the end…the seller will make the call. so to answer your question, “yes” the seller will have a sale. you are in no means a position to dictate terms to anyone.
second…title doesnt transfer till the option is exercised. and from what i understand…with you in a sandwich position, you will never have your mits on the title in the first place. also, you won’t have ultimate responsibility for closing costs!
last…take your chances with using your money that will eventually be reimbursed from the option consideration that you get from your tenant buyer. yeah you could offer a premium to get their attention. but why? if they are truly motivated, that wont be a major point of contention, will it? read joe kaisers book. the first section talks about how he wanted to kick himself for all the deals he let ride the “same way” you just described. in fact he went on to say how he had wished so many times he would have only offered a buck for consideration. ask the question. the worst you can get is a “no” response. and dont “assume” their needs. PERIOD.
hope this is helpful…i’m in the same newbie state here as well with this part of the biz…
ps-thanks joe for the absolutely stellar material…i can’t believe i learned a real life technique in the first sentence of the darn introduction! POWERFUL!!!