Question About Back Payments - Posted by Joe

Posted by Joe on September 18, 2004 at 10:50:27:

Thanks, I appreciate your input.

Question About Back Payments - Posted by Joe

Posted by Joe on September 17, 2004 at 11:49:06:

I want to put a property under contract , and then market it wholesale and/ or retail.

The sellers are two payments behind, for about $4000 total. I won’t be making up those payments, so whoever I assign the contract to will need to make these up, of course.

Will people consider this a negative, or could it actually be a positive (as an indication that it’s headed for foreclosure, and thus a good deal)? Could it actually be a selling point, or would it be more likely to turn people away?

It will be a good, under-the-market price I’ll be reselling for, in any event. Please advices, thanks.

This is my pet peeve. - Posted by Jack

Posted by Jack on September 17, 2004 at 12:06:37:

Make sure you tell these people that there is a possibility that you will NOT be able to find a buyer in time to save their house from foreclosure. People in pre-foreclosure need to find a solution. They have precious little time to do this. If you tie-up their property with a contract, you take away their ability to find another solution.

You should let them know that if you don’t find a buyer, they will go into foreclosure. You should also promise them that if they find someone else who is willing to solve their problem, you will cancel your contract and let them get the help they need.

If you can’t make their payments current, you really have no business making a deal with them.

Re: And this is MY pet peeve. - Posted by Joe

Posted by Joe on September 17, 2004 at 14:33:49:

It so happens that I’m using an OPTION TO PURCHASE, which is exactly that, and the people know that I may or may not buy.

“People in pre-foreclosure need to find a solution. They have precious little time to do this. If you tie-up their property with a contract, you take away their ability to find another solution.”

I’m not tying up their property, and they’re not in foreclosure yet. Their second late pay is today or tomorrow. Part of the terms of the Option to Purchase is that they can also sell it themselves, or use the services of a Realtor, while I am trying to sell it. It just so happens I think I can sell it first, as the aforementioned latter two alternatives failed to produce the last times they tried, whereas I have a buyers list, am willing to do some aggressive marketing, and so and and so on.

“If you can’t make their payments current, you really have no business making a deal with them.”

I’d like to market this property as a foreclosure for a quick sale, and there may be PLENTY of people looking for a good deal, and willing to make their couple of payments current. I would like some opinions of other people.

Jack, to me, your judgmental tone is a real drag, and I’m being very polite in accordance with the rules. Perhaps you would prefer to visit Realtor.com, or a board where they don’t have us sleezy investor sorts.

Re: And this is MY pet peeve. - Posted by Stewart

Posted by Stewart on September 17, 2004 at 23:11:51:

Just an observation, but in your original post you did say you wanted to put it under contract, in which case I can see why he might be hard on a perceived newbie who may not have known what they were doing. Had you explained in the original post what you did in the reply post, you wouldn’t have gotten that reaction.

Re: And this is MY pet peeve. - Posted by Joe

Posted by Joe on September 18, 2004 at 05:01:20:

Stewart, with all due respect, you are completely, totally out of order and WRONG for defending the other poster, and wrong on your own merit as well.

Yes, I did say I wanted to put it under contract, and I put it under an Option to Purchase CONTRACT. Even if I had used a Standard Purchase and Sale Agreement, I could have spelled out the exact same terms.

“Had you explained in the original post what you did in the reply post, you wouldn’t have gotten that reaction.”

I’m sure. However, I had no responsibility, or duty to post anything more than what I presented, which was an honest question for my honest problem, concerning my honest endeavor.

The poster ADMITTEDLY had a “pet peeve,” judgment, or stereotype about investors, and then he apparently saw a newbie he could pick on, or home in on to vent his pet peeve. No matter what facts he was aware of or wasn’t aware of, it’s as though he was saying that I didn’t have a right to try to “pull off” this sort of a “deal” in principle, and he presumed that I was guilty until proven innocent, in a manner of speaking.

He was the one who had the false judgment in his mind, and basically, he walked right into this punch.

Please understand that recently, I allowed myself to be influenced out of doing my first deal by people on here who scolded me for not knowing anything, and they suggested that I “wasn’t ready, whose material was I studying,” ect. I came to find out later that this deal would have actually been GREAT. This is why I’ve become a bit hard-boiled against people that I sense really don’t want to help me, but rather are on here to judge or tear me down somehow. I learned my lesson, I learned it well, and I’ll never forget it.

Re: And this is MY pet peeve. - Posted by Stewart

Posted by Stewart on September 18, 2004 at 10:23:50:

I can understand, but I wasn’t defending him. Just pointing out that is all to cool things. No one has a duty to do anything here other than what they want to (unless Terry jumps on them then there is a legitimate complaint) but if one is looking for help or wants to bounce things off of people then clarification at the start is good.

You are definitely right about bad influences here. I have seen too many people pounce on good intended investors and those that just are looking for a little bit of help need encouragement instead of being berated. Lots of pet peeves of course and we all have them.

For your original post, not that I know much about preforeclosures, but I would think being behind would not be a negative. A deal is a deal if someone can step up, why would they care if someone is behind or not. Would be good to hear how it works out for you :slight_smile: