Shar NJ

How did you find the TB? Or I guess the better question is how did the TB become aware of the property? I put it on my Facebook wall. I have been building it up in an effort to attract buyers. So far so good! http://www.facebook.com/pages/Equity-Home-...203738819674647 MC, if the link is not allowed please let me know and I will take it down asap.

Yes, everything happened in only a few days. The seller signed with me last Monday, I showed it that night, the TB said they wanted it. I screened them and signed the paperwork with them Thursday. The seller sent the agency a letter and now the agent is livid. Michael, that is exactly the case, the agent is peeved that there is no commission for him. The house was on the market for a year before I sold it to the TB in one day.

Shar, Are you receiving a threat of being sued, or just the seller? I'm very interested in hearing responses from others since this was a listed property. I haven't heard a peep from the agent. He told the seller he wants commission.

I'll keep you all updated how things turn out. The agent is upset since "his sign" was still on the lawn. Also, the TB's were there on Sunday, an agent went to show it and the TB'ers turned them away.

I successfully found a TB for a seller last week and all has gone smoothly. However, today I got a call from a panicked seller that heard from the agent they had the property listed with. Agent tells them they are being sued for the commission. How can that be if they house is not recorded as sold and the agent never had it listed as a rental? Any info? Thanks

WooHoo! Just in time for Christmas, Shar. I have my list and sizes in a PDF file. Shall I email it over? Lol, please do!

Great, thanks guys. It looks like everything is going to be finalized tomorrow. The buyer wanted to run the docs by her attorney as she is in the midst of a divorce and doesn't want this to affect her alimony. If not I have seven more people that want to look at it! Thanks again, S

Great, I was just checking that out. Do you charge an app fee to cover the cost? Its between $30 and $70 per applicant from aaacredit. Also really bummed because I have an appointment to meet a T/B at 1:30 to sign docs and pick up a certified check and they seem to have disappeared! I have not heard back from them since yesterday. I called the seller and he is understandable but I am wondering....should I have collected at least a deposit when they came to see the house and said they wanted it? They took an app and faxed it back to me right away, have been on board all week while I had my mortgage guy check credit, until yesterday...

Where is the best place from which to pull credit reports? Do you usually do a tri merge or single file? Thanks!

Why say "blah, blah, blah" when all you need is "blah".

I was marketing to Realtors representing the properties I found in the MLS. It didn't get me anywhere, nowhere near the response I get with CL emails and direct mail to listed properties. Many of the agents simply said "I don't think they would interested in that" without running it by the sellers. Most never got back to me. In this market direct mail has been working best.

Ditto

Tim, Great wording on your initial letter! I actually just revamped mine to add some of your phrases. Also good work on the marketing, the more contacts you make the more leads and then, the more contracts you will have. To answer your questions: For the first phone call I have a Seller Call Sheet in front of me to remind me of key points and I keep it short and simple. My main objective is to get their email address and send a Seller Price Sheet. This is what I have on my Seller Call Sheet and I say it almost verbatim. "Why don't you tell me a little about your situation and we'll see if our program can work for you. (They may go on and on at this point so I direct the conversation to find out if their payments are current and what their motivation is. If all is good I proceed with the following) I work with buyers looking for a rent-to-own scenario and am paid by the buyer, there is no cost to you. We do all marketing at our own expense, professionally put together the transaction using my specialized knowledge, and I have all the paperwork necessary to fully execute the transaction. The benefits to you are: 1. No real estate commission and no cost to you. 2. Better than average Tenants and higher than market rent. <explain rent credits> 3. Full price for your house, our buyers don’t negotiate. 4. Buyers pay all maintenance are repairs after 30 days. Does this sound like something you would be interested in? YES--Great, typically what we do is collect some information about the house, and then I can go ahead and get together a Seller Price Sheet for you. I can email it over in a couple of hours and it will let you know what we can market the house for for sale, for rent, and what your bottom line at closing will be. NO—Do you mind if I email you some information and that way if you change your mind or know anyone else that can benefit from our program you will have all the facts right there in front of you? The format I use for the Short Offer is: Attached is the Seller Price Sheet showing for which price we can sell and rent your house. We can charge a bit more for monthly rent because of the "rent credits". These are applied towards the sale price and do not have to be escrowed. They are non refundable if the option is not excersied and there is no rent credit if the Tenant/Buyer doesn't pay by the first of every month. Therefore, you will be getting a high quality Tenant/Buyer that will be responsible for all maintenance and repairs after the first 30 days (with the exception of major systems), is highly motivated to pay the rent on the 1st each month, and who will pay higher than market rent. Due to the fact that we are offering the option we can sell the property at a slightly higher price so I worked our profit into the price making this a win/win for everyone involved. We will do all marketing, showings, open houses, advertising, collect financial documents, pull credit, explain and sign the lease and option, provide the Tenant/Buyer with docs required by law, final walk-through, and we have them fill out and sign a punchlist regarding the condition of the property at the time of move-in. You are free to continue to market your house conventionally and I urge you to do so. We are marketing on multiple levels and too a much larger crowd with a lease option so often once we get involved the activity really pops. If you sell or rent on your own there is no obligation to me, I just hope that you would refer me in the future to other home sellers that want to sell asap. We can get your house on our website and out to our buyers list as soon as we get the go ahead from you. We can also do an open house this coming Saturday, the 5th. The process is simple, I will email you the lease and option with the same numbers on the Seller Price Sheet, you will sign both and I will assign the contract to the Tenant/Buyer. Please let me know if you have any questions and if you are ready to get started! Thank you, Sharyn" Good luck Tim!

Ooooh, good. Thanks guys!

Well...you ARE one of those sneaky underhanded predatory 'investors' aren't you? Ha! Ruining peoples lives by helping them get out of their predicaments and this is how I'm treated. Hmmmfff.

I got one today that just said "Nice try." Whatever that means....

My two most common objections are: From Sellers: You said there was no cost to me, obviously there is since you are taking your profit from my sales price. From Buyers: Why is the listed price (for sale with an agent) less than the lease option price? How does everyone else handle these objections? Thanks! Shar

Any info on doing a SLO on a multiple unit? I have been doing well with CA's on single family and condos, it would be great if I could incorporate multiple units as well. Contacts=leads=contracts=SUCCESS!

I learned it all here! Thank YOU

Erik, We use VistaPrint for biz cards and postcards. We mail to currently listed and expired within past 30 days from the MLS. My agent friend gives me the listings, find a friend like that Good luck! Sharyn Sharyn, When you mail to currently listed properties, what do you send them? Do you have an example? If it is listed with a realtor, have you received any objections about soliciting their client, or do you work with the realtor in some way? Erik I have not received any objections from agents. I do work with agents, I tell them if they have a listing that is talking about renting or a L/O to refer it to me and I will pay them $500 commission as well as whatever they negotiate with the homeowner. I tell them I will do all the work, just send me the name and number and set the sellers expectations that I will be calling. Here is an example of the text I use on the postcard: Postcard Front Text with pic of house or logo How long can you afford for your house to stay on the market? With lenders being more strict, and more houses coming on the market, it’s going to take LONGER and LONGER to sell your house! Here is a solution you may not know about: LEASE PURCHASING! Stop the worry, stop the anguish, and contact us online or by phone today! 215-802-7776 www.EquityHomeSolutions.net Back Benefits of Lease Purchase No Haggling! Get Top Dollar! Get Your Payments Covered! No Fees or Commissions! No Maintenance Worries! A Lease Purchase Simply Allows the Buyer to Make Payments To YOU While They are Working on Financing! 215-802-7776 www.EquityHomeSolutions.net

Erik, We use VistaPrint for biz cards and postcards. We mail to currently listed and expired within past 30 days from the MLS. My agent friend gives me the listings, find a friend like that Good luck! Sharyn

Hi Michael & others, What would be some good simple ideas to put on the card besides my name and contact information? What wording should be put on the card explaining the services I would be providing? Would I describe myself as "Investor", or maybe "Difference Maker" ? Looking forward to the materials arriving tomorrow Erik Mine have the name of my company with a tagline of Lease Option Specialists. I have my name, position (Lead Consultant), phone number, fax number, email address, and website. Vistaprint.com rules. Good luck! Shar

Ha! Me too. FYI---attorney says it absolutely is legal.

Is it illegal for an unlicensed person to give a referral fee for a LO seller to another unlicensed person? I'm in PA.

I'm in too, just let me know what time.