Re: Made first call…need advice please!! - Posted by eric
Posted by eric on April 18, 2000 at 21:57:59:
Ok, but what is it worth? How do the comps look? If it’s worth 150k, this is a good deal. If it’s worth 100, which I suspect is a lot closer to reality, then it’s not. It troubles me that the seller isn’t willing to talk about creative financing. Is he willing to be flexible on price then? If he’s flexible on neither price nor terms, then he is what we call an unmotivated seller, or a timewaster. Great job makin’ the call, but you probably have about 99 more to go before you find a deal. It’s a hard lesson: - NEVER, EVER, deal with an unmotivated seller. Period. No exceptions. Take it from someone who has wasted a LOT of time coming up with creative offers, that solved everyone’s problems, only to have them rejected. Not countered, mind you - Rejected. Since the seller is moving, and looking at double payments, he has every reason in the world to be motivated - but just because he has reason to be, doesn’t mean he IS. I just walked away from a deal, in fact, where I was offering FULL MARKET VALUE, per appraisal, new financing. (It was for a residence, not an investment.) I was going to cash them out for 160,000 dollars, just becuause I liked the neighborhood so much. A home inspection revealed that the roof was shot. I live in Florida. That’s ok, it’s really hot here, roofs rot all the time. But they refused to replace it for $4500, instead they wanted to “re-roof” it for about half that price. Since I was basically offering full price, cash, (once again, this was for living, not investment), I basically told them to kiss my you-know-what. Fix the roof, and do it right, or say goodbye to $160,000 dollars, cash. They walked, over a $2000 difference in a repair bill. No one could believe it - not my agent, not the listing agent, not the mortgage broker, not the home inspector. I believed it. Because I know, to never, ever, deal with an unmotivated seller. BTW, I am now looking at buying a brand new home, nearing completion (sellers have to walk), in the same neighborhood, for $20,000 less. Lesson learned.