Posted by rm on October 18, 2003 at 15:16:51:
I use terms such as:
“take over payments”
“make your payments for your”
“pay the loan off for you”
“cut your payments in half” (for those carrying two homes)
“take you from two payments each month down to one”
“pay you $X/month”
When
you brainstorm a little, you’ll come up with even more derivatives- ones that suit you even better.
Seller wants References on first Deal - Posted by Alan
Posted by Alan on October 17, 2003 at 22:37:26:
Just wanted to get everyones opinion on this. What is the best way to handle questions when you are talking to a seller about taking their property on a subject to or Land Contract if they inquire about references from other deals you have done. If this is your first one, what do you feel is the best way to sidestep that issue.
I know how you present yourself is a major factor on “if” that question comes up and I feel confident with that. Also if the seller is extemely motivated, it is not likely you come up. I do want to be prepared however to address that concern and I don’t want to be making up answers on the fly in their living room.
What are some of the best ideas you have heard or used in regard to “reference” type questions?
Re: Seller wants References on first Deal - Posted by Jim N
Posted by Jim N on October 20, 2003 at 15:16:45:
Normally i don’t trouble my Sellers for references and I won’t trouble you either if you decide to sell me your home. Frankly if you’re uncomfortable with that I recommend that you don’t do this. This take away works every time. EVERY TIME.
Words to eliminate from your vocabulary - Posted by rm
Posted by rm on October 18, 2003 at 09:06:37:
>
Be watchful when talking to sellers that you’re not using the following terms:
-subject to
-land contract
-“take” [their] property
On another note, when someone asks for references, the implicit assumption is that they have time to evaluate their options.
To me, this indicates that they’re not motivated enough. I’ve gotten to the point where I’d rather not deal with someone if they have more than one or two questions. I just don’t feel like dealing with it.
Fortunately, I rarely have to.
Re: Seller wants References on first Deal - Posted by Ben (NJ)
Posted by Ben (NJ) on October 18, 2003 at 07:45:09:
What if you said, “As I’m sure you’re aware, many people in your situation want to avoid embarassment
and wouldn’t want me touting their financial problems to strangers. Rest assured I would treat you with the same courtesy and confidentiality”. Can’t hurt.
Re: Seller wants References on first Deal - Posted by Redline
Posted by Redline on October 18, 2003 at 24:13:25:
Maybe they are asking you for references because you suggested a “land contract” or that you could buy their house “subject to”. They think you’re some kind of Russian Spy and they don’t trust you. You might as well be speaking Swahili.
This has never happened to me, and if it did I’d probably be asking myself what I didn’t do to gain their trust to begin with.
What do you think?
RL
Re: Seller wants References on first Deal - Posted by Tom-FL
Posted by Tom-FL on October 17, 2003 at 22:43:57:
Ummmmmmm, you could simply “reassure” them that you would never divulge their information as a distressed seller to third parties in the future.
Question re: words to eliminate from your voc - Posted by Ken (in Iowa)
Posted by Ken (in Iowa) on October 18, 2003 at 12:58:34:
Hey, rm,
What words do you use to avoid using the term “subject to?” Does your written purchase agreement use “subject to,” or do you address it in some other way?
Thanks,
Ken (in Iowa)
Oh- I like that. - Posted by Julia (NJ)
Posted by Julia (NJ) on October 18, 2003 at 13:25:10:
Doesn’t actually say you’ve DONE a deal 