First meeting with a seller for a CA

[Steve Morton 0]

Well I had my first meeting with a seller for a possible Cooperative Assignment over the weekend.

 

I found this guy by simply using the email marketing campaign techniques I read about in the old posts here.

 

I got three solid leads just by sending out emails to FSBO's and FRBO's. It's very effective.

 

Anyway,after I got some interest from this seller, I did some research on his house and we came to an agreement on the price and terms.

 

M.C. I noticed in one of your old posts that your approach to a CA is a casual one, and that you don't bother sending out a short offer to the seller to sign first in order to get a commitment. So this is what I chose to do as well.

 

However, when I arrived at the house the guy was not willing to sign the paperwork on the spot, telling me he needs 2 or 3 days to make a decision.

 

Then, when I was about to leave, the guys friend shows up who also happens to be a Realtor.

 

No doubt, this "friend" will advise him against this deal because he will not understand it, and the seller will probably take his opinion above all others, thinking he's an "expert".

 

My question is, did I handle this the best way I could have?

 

Maybe I should have sent him the short offer form, and then let him think about the deal for a few days before he gets talked out of it from his Realtor buddy (which is the most likely scenario), before I wasted part of a beautiful weekend at his house for no reason?

 

P.S. I really hate Reators!

[Jason (AL) 1]

Nothing like taking action, Steve.

 

As far as the realtor/friend being the "expert", this will show if he can

come up with a better solution.

Something weird here...IF he is the expert in the seller's mind, why

hasn't he listed with him??

 

If what you offer benefits the seller better than a realtor stabbing the

ground with his sign, and if he's a true friend, then he won't shoot

your ideas or offers down.

 

Given that there's no $ in it for the realtor/friend and he may not

can wrap his simple mind around the CA concept, don't hold

your breath.

 

Shoot, why doesn't the seller list it with his friend and you sign it up as a CA?

This way, the seller has 2 people working for him.

May the best man win.

[<Steve> 82]

Steve-

 

I don't think you wasted your time. You went out and took a look at a property and spoke with a seller. At the very least you got some first hand experience trying to put together a CA with the seller and to see how he reacts.

 

I think in the future emailing a seller the short offer and then touching base the next day or so will save time in the long run.

[Doug Pretorius (ON) 9]

Steve N, like the other Steve said, no reason to look at this as a waste of time. Meeting with sellers and making presentations is what it's all about.

 

I hope your remembered to write down any other FS/FRBO signs you drove by! I almost always forget and kick myself afterwards

 

P.S. I really hate Reators!

My experience has been that the more creative deals you try to do the more you end up hating realtors If you do pure options then realtors can be your friend, unfortunately they're a lot harder to sell.

[MichaelC 160]

No doubt, this "friend" will advise him against this deal because he will not understand it, and the seller will probably take his opinion above all others, thinking he's an "expert".

Steve, this is probably what is going down. There is nothing you can do about it, and nothing you could have said that will change the outcome. . .for now. On the other hand, if the house doesn't sell in a month or two, you may very well find yourself getting a phone call from the homeowner. Part of the process.

My question is, did I handle this the best way I could have?

Yes.

Maybe I should have sent him the short offer form, and then let him think about the deal for a few days before he gets talked out of it from his Realtor buddy (which is the most likely scenario), before I wasted part of a beautiful weekend at his house for no reason?

I don't think sending your offer via mail or email would have made any difference in this case. The Realtor buddy would have still been consulted and voted thumbs down. On the other hand, as has already been pointed out, you gained some needed experience of meeting the seller face to face, and discussing The Lease Purchase Advantage. Not a waste of time at all, as others here have already said.

Follow up in a day or two. In the meantime, keep talking with sellers. There are thousands more who need you, BigGuy.

[Steve Morton 0]

Well guess what?

 

This guy still can't sell his house.

 

I guess his Realtor buddy wasn't such an expert after all, and it's still listed FSBO.

 

I sent him an email telling him I'm still interested in his house and that he can contact me with any questions or concerns he may have.

 

Does anyone have any other tips for following up with a seller after a few weeks?

[Jason (AL) 1]

This guy still can't sell his house.

 

I guess his Realtor buddy wasn't such an expert after all, and it's still listed FSBO.

Go figure.

 

 

Does anyone have any other tips for following up with a seller after a few weeks?

 

I see you're following up.

Time has a good way of making non & semi - motivated

sellers willing to get creative...or at least realize they

need help.

 

The seller has the problem.

You're the solution.

Taking this attitude and approach goes a long way.

[Doug Pretorius (ON) 9]

Steve, I find that sellers around here just get pissed off if you follow up, even months later. There have been more than a few times when I "accidentally" followed up 6 or 9 months later on an FSBO. By "accidentally" I mean that I had FORGOTTEN that I called them before and their house is still on the market. The response goes something like this:

 

Me: "Hi I'm calling about the house for sale, would you be interested in selling on a lease purchase?"

Seller: "Doug? Is that you? I ALREADY TOLD YOU NO!!!! Don't call me again!!! And tell Steve to stop calling me too!"