Posted by GL - ON on July 08, 2003 at 12:45:04:
I would say, write the deal up and get it signed as quickly as possible. Go over there tonight if you can.
Set the closing for 40 days or whatever they need. This gives you time to arrange financing etc. 40 days isn’t very long to search title, arranged financing and get all the details squared away.
I would also like to congratulate you. You are at a point now that some of us only reached after 10 years or more of floundering.
Results after 20 - Posted by John
Posted by John on July 08, 2003 at 11:19:03:
Things are looking up, I actually presented an offer to a pre-foreclosure on the morning of the fourth of July! We are $20K apart, but it is possible they will come back to me in the end. There is 90 days to go on this one. (I truly had a superior understanding of the lien amounts and overall condition and needed repairs on this home, then the seller or their attorney.) Truth is almost always stranger then fiction
So Sunday, I drive out to 2 pre-foreclosures that I am working. One is a new one with a some what limited time to go. I have never meet the seller until now and my conversation was mostly listening and understanding their situation. Since I am in sales, I could really feel that I was very close to making a deal with them, but I am not going to be pushy. (I have their unlisted telephone number now ). The numbers on this deal would be so ridiculously and ludicrously in my favor, that I can’t even talk about it. Well lets say 45% LTV after all hard money fees and costs and maybe 6 months of prepaid interest. But, I am feeling the real KEY is not about the numbers, it is about helping a home owner solve a problem. This business is kind of a reverse sale?
Question: should I follow up one time a week with them, just to let them know that I am here. I would sure hate to hear the words we did the deal with someone else, which at this point is not likely. They are kind of my friends now, maybe I should send a follow up letter? Or just call one time a week. The end is about 40 days away.
Thanks again for all the great advice and help in here, this site is wonderful :).
John Sterling
Re: Results after 20 - Posted by Dan-Fl
Posted by Dan-Fl on July 08, 2003 at 14:59:17:
Don’t you just love those 45% LTV deals.When I first started all I wanted was 70 LTV,but now I need 45 Ltv to make me jump out of bed.The two I’m still singing about,I picked up for next to nothing in good areas.The first one was 1% LTV and the other one was 12% LTV.I agree with GL,sign that puppy up fast.