Posted by Jim IL on February 15, 2001 at 14:54:25:
I’ve handled it a couple of different ways.
But, the most common way I deal with it is to not handle it at all.
The sellers generally do not ask about it.
When they do, I explain to them that on some occassions I will run accross a buyer who looks as though they will be able to get a loan soon, but may not qualify for the higher price that I need to sell to them with.
So, in that event, I will offer to “Assign” the agreement between myself and the seller, so that the buyer can get a loan for that lower amount instead.
I also have told sellers in the past, if for some reason we have trouble moving a home due to my higher rent and higher price, we may need to lower my numbers to the ones that I am paying the seller in order to sell the home faster.
IF I need to do this, then I need to be able to assign my deal to a buyer.
Since I am a full time proffessional investor, I am better equipted to tell whether or not the buyer is a good one and qualified than most people, so it is easier for me to handle all that.
The whole idea behind selling a L/O to a seller is that I take away as many of the possible headaches from the seller, and this allows just that.
And if an attorney or seller is stuck on changing my agreement, then I tell them this;
"If we do not change this, does this mean we cannot come to an agreement?"
And if they say “yes”, then I say…“NEXT!”
Either sell to me on your terms and MY PRICE or with MY TERMS and a mutually agreeable price.
I do not NEED to buy anyones home, they NEED me to buy them.
Keep that attitude and you’ll make more deals.