Unusual Experience L O L

[jtlab 0]

But after that I ALWAYS have the tenant/buyer leave when I do my assignment with the seller.

 

You have the seller sign the assignment after the buyer signs the assignment? Is that what you mean? If so, then the t/b leaves w/ out a copy of their assignment?. If you can just give me some details on your process and the different ways of structuring the deals such as closing with the tenant first then the seller I would appreciate it. Thx!

 

Jacin L.

Edited November 27, 2005 by jtlab

[Adam King (MI) 1]

Jacin,

Wow, I must have said something wrong!

 

You don't assign to the buyer and seller ever. I close with the tenant/buyer with my company as the landlord. (Rental agreement and option to purchase agreement) I then have them sign the "Letter of assignment" agreement. They leave. I then close with the seller. I then exercise my Cooperative Option agreement by assigning my interest (The rental and option with the tenant/buyer) back to them. Then they also sign the letter of assignment. We ALL sign the letter of assignment. If there's three of us, then there's three signatures.

Hope that explains it.

Adam

[jtlab 0]

Jacin,

Wow, I must have said something wrong!

 

You don't assign to the buyer and seller ever. I close with the tenant/buyer with my company as the landlord. (Rental agreement and option to purchase agreement) I then have them sign the "Letter of assignment" agreement. They leave. I then close with the seller. I then exercise my Cooperative Option agreement by assigning my interest (The rental and option with the tenant/buyer) back to them. Then they also sign the letter of assignment. We ALL sign the letter of assignment. If there's three of us, then there's three signatures.

Hope that explains it.

Adam

 

 

Ok, I am just trying to figure out the difference as far as the way you do it as opposed to that in MC''s manual.

 

The way I am doing my current CA is

1.) Close with seller(sign all agreements)

2.) find t/b

3.) assign my interest(lease and option) to the t/b

 

 

Jacin L.

Edited November 27, 2005 by jtlab

[Adam King (MI) 1]

Jacin,

You got it.

Adam

[BEV! 0]

Last night I put a house under contract and I had the corniest experience with this couple homeowners.

 

It was already dark by the time I got to their empty brand new property (the property is locally but the homeowners live 2 hours away), the owner of the house realized he brought the wrong key to open the house. It was very dark outside. Him and his wife felt bad for me because we had an appt and they brought the wrong key for the house (yes, they're the owners ).

Anyway, I needed to go over the agreements with them so they could sign, so I proposed to them for all of us to go to a restaurant and chat and sign the agreements.

The husband and wife have a very hard time verbally communicating with me (Asian) so I showed them the agreements in the dark and was telling them to follow me in their car to a restaurant so we could talk about it.

So the husband immediately took the agreements from me and just signed all the papers and had his wife signed all the papers too without even reading them (it was very dark and we did it in the back of my car). After they signed they shook my hand and left right away..

 

- They did not read the agreements and they both signed (it was so dark u couldn't see the palm of your hand)

- They didn't even take their copy of the agreements

- I am stuck with all these signed agreements in my hands

 

Do they have any idea what they just signed?

 

Ironically this is my "second" experience like this one... I had another one like this (Asian) with the very identical situation, he just signed without reading and did not wanted his copy (Realtor/Investor)

[Doug Pretorius (ON) 9]

(it was very dark and we did it in the back of my car)

You did what in the back of your car???

 

LOL how's that for taking a comment out of context? Seriously, I wish seller's would sign my contracts without reading them or taking them to their lawyer/broker/cousin/therapist/minister.

[BEV! 0]

You did what in the back of your car???

Doug, I own a Mitsubishi Eclipse, not a VAN! (u must be a Russian boy )

 

Seriously, I wish seller's would sign my contracts without reading them or taking them to their lawyer/broker/cousin/therapist/minister.

I can't stop laughing, Doug!! Hahaha!! The Minister????

 

Here's a good experience I had today..

I called a FRBO ad on an area where I like a lot, a lady picks up the phone, so I asked if the property was available, her reply was " I am the realtor of this house" ...We had the most difficult time communicating (Asian) she sounded very polite so I went and tested her to see how far I could get with her (as I do NOT like to deal with realtors/agents/investors etc) she was insisting for me to make an appt and come and see this house, I refused cause I felt I was wasting my time not talking to the owner of the house and because we were having a hard time communicating.

I told her I was interesting in renting to own that property (just testing her of course), she said " no understand"... I explained that I wanted to rent it for one yr and buy it after that. She said oh, sure yes come come see the house. I said.." please give me the ph number of the owner of that house ".. I was shocked! She gave it to me right away wow! That's it? That was easy!

I thanked her and was getting ready to hang up.. but she kept telling me "no hang up, no hang up!!" Come we talk".. I politely told her I couldn't understand what she was trying to tell me and told her good bye. But again she said no plz, plz wait.. she puts the ph down and I can hear her in the background talking to a young teen ager (her son), her son takes the ph and starts translating to me what she wanted to tell me.

The son said " My mom want to talk to u, she have a new house she owns where u live and she wants you to help her do renting and then buying home (RTO) right away".. Ooohh now I get it. She wants me to put her house under contract, sure, tell her I'll meet her tomorrow.. so we hang up.

I admire the effort this lady did to get her msg accross! I can't believe I was turning my back to a very good deal.. the house is almost 4K sqf very beautiful 4bd with office and loft home and very close to the golf course, she's so cute.. I'll be meeting her tomorrow and see what happens

I under-rated realtors/agents but I'm learning that I was the problem not them, I never gave them a chance but now I realize that most of the agents/realtors here NEED my services like any other FRBO.. I'll never see realtors / agents the same way ever again

 

Feels good to be needed!

[Doug Pretorius (ON) 9]

Feels good to have people throw their houses at you too I'll bet! I'm not there yet but I'm getting close. I tried a new approach this evening that got 2 positive responses in a row, the second one went like this:

 

First I talked to a guy but the cordless he was on was dying so he got a woman (significant other?) to pick up on another phone. Instead of my usual "would you rent to own?" I said:

 

"Hi I saw you house on fsbos-waste-your-money.com. I'm a rent to own specialist and I'm looking for homes for qualified pre-buyers who are looking to lease with the option to buy within 1 or 2 years. Is that something you would be willing to consider?"

 

Seller: "You have people who are interested in my home?"

Me: "Yes!"

Seller: "...on a rent to own?"

Me: "Yes!"

Seller: "What's tomorrow? Saturday? No... Sunday, are you available on sundays?"

Me: "Yes!"

 

She said they need to discuss it, but by the tone in her voice she was on the verge of inviting me over right then and there to sign, so hopefully they won't talk themselves out of it

[jtlab 0]

Feels good to have people throw their houses at you too I'll bet! I'm not there yet but I'm getting close. I tried a new approach this evening that got 2 positive responses in a row, the second one went like this:

 

First I talked to a guy but the cordless he was on was dying so he got a woman (significant other?) to pick up on another phone. Instead of my usual "would you rent to own?" I said:

 

"Hi I saw you house on fsbos-waste-your-money.com. I'm a rent to own specialist and I'm looking for homes for qualified pre-buyers who are looking to lease with the option to buy within 1 or 2 years. Is that something you would be willing to consider?"

 

Seller: "You have people who are interested in my home?"

Me: "Yes!"

Seller: "...on a rent to own?"

Me: "Yes!"

Seller: "What's tomorrow? Saturday? No... Sunday, are you available on sundays?"

Me: "Yes!"

 

She said they need to discuss it, but by the tone in her voice she was on the verge of inviting me over right then and there to sign, so hopefully they won't talk themselves out of it

 

Nice! I would of said no I am available only tommorrow night unfortunately. The less time the better.;p

[BEV! 0]

Feels good to have people throw their houses at you too I'll bet!

Come to think of it that's what it was huh? .. well, I met with the cute couple and got the house under contract last night.... I'm on my way to meet with another FRBO tomorrow (today I go to Chriropractor and )

 

"Hi I saw you house on fsbos-waste-your-money.com. I'm a rent to own specialist and I'm looking for homes for qualified pre-buyers who are looking to lease with the option to buy within 1 or 2 years. Is that something you would be willing to consider?"

SWEET, Doug.. those are very attractive words, they're my favorite!! (RTO Specialist - Qualified Pre-Buyers).... yum, yum, gimme sum

[jtlab 0]

Feels good to have people throw their houses at you too I'll bet! I'm not there yet but I'm getting close. I tried a new approach this evening that got 2 positive responses in a row, the second one went like this:

 

First I talked to a guy but the cordless he was on was dying so he got a woman (significant other?) to pick up on another phone. Instead of my usual "would you rent to own?" I said:

 

"Hi I saw you house on fsbos-waste-your-money.com. I'm a rent to own specialist and I'm looking for homes for qualified pre-buyers who are looking to lease with the option to buy within 1 or 2 years. Is that something you would be willing to consider?"

 

Seller: "You have people who are interested in my home?"

Me: "Yes!"

Seller: "...on a rent to own?"

Me: "Yes!"

Seller: "What's tomorrow? Saturday? No... Sunday, are you available on sundays?"

Me: "Yes!"

 

She said they need to discuss it, but by the tone in her voice she was on the verge of inviting me over right then and there to sign, so hopefully they won't talk themselves out of it smile.gif

 

Doug I just had a similar experience. A just finished giving someone the terms of the agreement over the phone. He was like I wish I saw your signs before I signed up with this Realtor! He is breaking his contract today or tomorrow with the Realtor to sign with me on Wednesday. Ya MC were back in business;p

[Krusty 0]

Doug...just curious...you said

 

""Hi I saw you house on fsbos-waste-your-money.com. I'm a rent to own specialist and I'm looking for homes for qualified pre-buyers who are looking to lease with the option to buy within 1 or 2 years. Is that something you would be willing to consider?"

 

Does this mean that you have changed from using your Agreement for Sale contract?

[Doug Pretorius (ON) 9]

jt, now that's cool! I haven't had a seller decide to cancel their listing yet, looking forward

 

Krusty, It means that sellers understand the words lease and option to buy. They do not understand "agreement for sale of land and improvements with extended settlement, delayed title transfer and installment payment occupancy rights"

 

It's the same with buyers. I use the term "rent to own" because that's what people understand, even though I'm using an installment sale contract. I don't want to go around explaining what an installment sale is to every tire-kicking loser who happens across my phone number.

[JerseyJeff 0]

I do them the same way. Except I close with the tenant/buyer first and then assign my interest to the seller.

They don't need to both be present. It just saves time getting the contracts done all at once while giving the tenant/buyer a reality check on what's really going on. (Me not being their landlord) Also, I have them all sign a "Letter of assignment" in the company of each other. It's a document that I created that tells everyone what I'm doing and that they all agree with it. But after that I ALWAYS have the tenant/buyer leave when I do my assignment with the seller. I stand up, shake their hand and thank them for coming. I then hand them the keys and tell them to have a nice life. They usually get the picture without me having to ask them to leave.

Adam,

 

You're speaking of closing with the seller and the TB separately, and wishing the TB goodbye before you close with the seller, and contracts, and well, I'm confused...

 

In MC's manual, he uses three contracts for the CA. Two, the lease agreement and option to purchase, are signed between me and the seller and are tucked away until I find a TB and at that point, they just get a copy of them, they do not sign it. The third contract is the assignment contract that is signed by everyone. If you close with the TB and wish him good luck/goodbye before you close with the seller, then he doesn't get a copy of this agreement.

 

Are you using different contracts then what MC uses?

 

Jeff