Lease Options, Seller wants references? - Posted by Jim IL
Posted by Jim IL on May 17, 1999 at 23:57:46:
I have what may seem to some to be a silly question, but am kind of stumped.
I have a very motivated seller on my hands and am trying to L/O his home from him.
We discussed the L/O sceanrio today, and did as Legrand suggests, leaving a blank L/O contract with him for review.
This should go quick, since the seller has a job transfer and starts the new job out of state next week. (he leaves Thursday!!, but will leave the wife behind to move everything and sell the home if needed)
Tonight, the seller sent me an e-mail requesting reference info from other deals we have done.
He wants to speak with the other sellers and buyers.
We have only got Three deals completed, and have several “pending”. (trying to get T/B’ers as we speak).
The problem I’m having is that in my 3 completed deals, all three of the sellers are out of state and I only have addresses for them, not phone numbers.(they are REALY new deals, and the final info is coming, heck, we haven’t even sent our first payments out yet!!)
Contacting them for permission to release info will be difficult and take too much time.
I contacted two of my buyers tonight, and they stated that they’d “Rather I not release thier info, as they feel “how” they bought the homes is personal”. (okay?!!?)
I’m confused by that, I figured they’d be happy to tell how well it is working out.
The third buyer was not home, and I left a message on thier phone. (I need to act fast, and so does the seller, but I need references or a way around it if possible. I will not mislead this guy, but I want him to feel comfortable doing business with me)
Since we basically just started the L/O routine, we do not have any others to contact, and also the ones we do have are brand new, so the history is short.(REAL short!, as in weeks)
The Seller in this possible deal states that his concern is whether or not he will actually receive his payments in the out of state location. He does not want to come back and deal with it. (which I understand completely.)
I have already explained that the contract is legally binding and he has the security of still owning the home. Also, I told him, “we are just renters and easy to evict”. (as per Legrand).
Any other ideas as to “how” to put this sellers mind at ease?
I am open to any and all ideas.
We have been opened and honest in all our dealings, so the integrity part is solid, but proving seems to be difficult.
Frankly, not one single other seller has even asked for this type of info, so we do not have a reference list.
Although, we will soon, after this experience.
I have explained that primarily, to date, we have done other types of REI, and offered documentation and references from those, but he declined.
This will be a GREAT deal, if we can get it signed!!
Good cash flow, will fill with a buyer fast (HOT area!!), and the price is $15k below FMV!! (so GREAT back end too!!)
Thanks in advance,