Re: Motivated? How Motivated? - Posted by GL - ON
Posted by GL - ON on July 19, 2003 at 14:39:27:
You may have confused them by trying to explain too much. This sometimes starts a long rambling conversation and causes them to think up all kinds of questions. You have to keep to the point.
So, is someone else offering them full price all cash?
I didn’t think so.
They are lucky to have you, I wouldn’t offer them as much. And I have gotten my share of deals too.
1)Why would I want to stay on a loan when I am trying to buy another home?
Like they have a choice
2)Won’t that cause the bank to say I am over-extended?
They tell the bank the house is rented on a long lease (to you). The bank adds 75% of the rent to their income so what they are paying out vs. what you are paying in cancels out. Their ability to borrow is not affected.
- How do I know the people you Mr. Buyer; are renting to, won’t “de-value” my property?
Because you are a professional. You take full responsibility so they don’t have to worry.
You carefully check out and qualify your tenants. You don’t rent to bad tenants.
You also get a large deposit which covers any damage. And in the case of severe damage like fire, you are covered by insurance.
- If you decide NOT to buy, then I have to re-list etc and try to sell the house again!
That’s right so what have they got to lose?
I have been very straight forward with these answers so there will be no misunderstanding. You can possibly put them in a more diplomatic way. But you may find that being honest is the best tactic. A straight answer often satisfies a questioner when some half baked weasel answer only makes them more suspicious.
I would say they are not motivated if they are sniffing at a full price offer like that. I would answer their questions and basically say take it or leave it. (in a nice way). I wouldn’t fool around. If they are not ready to deal, fine. Here’s my card, give me a call if there is anything I can do for you.
Then if they call in a few weeks or months you KNOW they are motivated. Offer them a deal only not as good as the first one.