stumbling blocks - Posted by Rudi in SC

Posted by dealmaker on March 09, 2006 at 14:39:23:

The only “mistakes” that I can see are like many people you think that “selling” (and trust me, you were there to “sell”) is about TALKING, and it’s not, it’s about LISTENING. By listening you would have found out what they were interested in and adjusted your “offer” accordingly. Instead of going in with the assumption that you were going to do a “subject to”.

“Mistake” number two, looking at deals that are awfully thin, unless you had good reason to believe they would come down another $30K.

Mistake number 3, not going out and talking to enough people, you’ve been looking and thinking long enough. Go do it.


stumbling blocks - Posted by Rudi in SC

Posted by Rudi in SC on March 09, 2006 at 11:43:20:

Hey all, today I met with my first homeowner. The house was about 2400 SF, 4 bedrooms, 2 1/2 bath, appraised at $156,000 but selling for $148,000. The couple selling the property was an elderly couple, owning the home free and clear, except for a $20K equity loan. The man was disabled, and his wife was also unemployed/retired, so they weren’t recieving any income save for social security. I wanted to talk them into buying the property subject to the financing. However, they weren’t interested, due to the fact that they had an adjustable rate loan, and were worried about rising interest rates. My question is, did I try this out without knowing enough? Is that a usual problem? Do you normally just look for properties with fixed rate mortgages only? Or do I just need to learn a lot more. I have been reading everything real estate related that I can find for almost a year now, and have spent this past year scoping out the properties around town. Was I ready? Or do I need to learn some more? I’d appreciate any imput I could get.


Keep at it - Posted by Gene

Posted by Gene on March 09, 2006 at 14:48:28:

As far as the deal that you listed…if you can figure out a win/win, go for it. Otherwise move onto your next property.

Its ok to slow things down when making a deal. Talk to the seller/owner about thier needs and then spend a day or so trying to come up with a few solutions/offers. You don’t need to do everything “on the spot”.