dan332 0 Report post Posted October 10, 2007 Hi, I have a CA that I have been unable to move, in my opinion because its priced too high. I had a couple of offers below my asking price which I passed on to the owner, but she was not willing to accept because it would not cover what she owed. She just called me and asked me to call back a prospect that made an offer earlier, and offer a price that would be about 10-15K below what she owes. She said if she needs to come out of pocket when the time comes, she would. Should I try to do something with this? I dont know how the T/B can be protected here. I hate to walk away when the owner is willing to deal, but I certainly dont want problems later on. Any way to make this work? Dan Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted October 10, 2007 Easy. Have seller and buyer go to lawyer and open an Escrow account, and have them make a deposit in the amout of WHAT EVER the number is. Then have escrow instructions on what would happen when the tenant buyer buys the home and what happens if the tenant buyer doesn't buy the home. Any lawyer will do this for a couple hundred dollars. I would make Tenant Buyer pay it. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 10, 2007 Dan, is this that homeowner with the Hollywood property? Time always proves to be a great motivator. Do as Rex said and go for it. You just have to hope the t/b is still interested. Share this post Link to post Share on other sites
dan332 0 Report post Posted October 10, 2007 Dan, is this that homeowner with the Hollywood property? Time always proves to be a great motivator. Do as Rex said and go for it. You just have to hope the t/b is still interested. Jonathan, thank you.. I will try this! Michael, this is still it.. I had almost given up on this but she called me today. I'll call the prospect again. I think the issue will be whether the seller has any money on hand to put in escrow. Again, Thank you both, especially for the quick response. -Dan Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 10, 2007 I wonder if the deal can fly without the seller putting down the $15K? Perhaps something in writing will satisfy the t/b? Share this post Link to post Share on other sites
dan332 0 Report post Posted October 10, 2007 I wonder if the deal can fly without the seller putting down the $15K? Perhaps something in writing will satisfy the t/b? Michael,T/B will look at the numbers again and promised to call me back tomorrow. But she is pretty sharp. If it looks like there is an agreement on numbers, then we'll see if the seller really has $$ to put into escrow. If she doesnt have it now, she probably wont have it 12 months from now either! Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 11, 2007 Hello my peeps! Long time no talk! The ONLY way to do this is to set up escrow, but in Texas you can't LO a house for less than the owed amount just for this reason. If the owner doesn't have the $$ to pay the difference, there will be hell to pay when the TB tries to purchase. That hell could come as a Petition to the Court with your name on it as a defendant. If it were me, I wouldn't lo a house for less than what is owed. That is called delayed pandimonium. I wonder if the deal can fly without the seller putting down the $15K? Perhaps something in writing will satisfy the t/b? Michael,T/B will look at the numbers again and promised to call me back tomorrow. But she is pretty sharp. If it looks like there is an agreement on numbers, then we'll see if the seller really has $$ to put into escrow. If she doesnt have it now, she probably wont have it 12 months from now either! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 11, 2007 JJ, long time, indeed! Where you been? I heard rumors to the effect that you were doing hard time in lease option prison. Gotta love those good behavior-early release programs. That is called delayed pandimonium.I thought that was referring to marriage after the honeymoon? Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 11, 2007 Birth Control is delayed pandemonium. We recently got Wi-Fi here in LO prison. Miss the commorad....commoradorie.....commoradory....chatting here.Things are quite busy here with the market and mtg. issues. Now I can barely keep up with the selllers calling. We may actually run some radio ads to help move the inventory. I gotta tell you though, 4 years of this and I'm ready to find easier work!! It can really be a BEATING! Non stop calls, managing people, blah blah blah blah. I'm going to write an e-book on business, and maybe I'll sneak in here and sell copies to your members! Hope all is well with you sir. E-mail me if you ever put together a class or seminar on CA's. I'd be more than happy to show up and discuss the good, the bad, and the ugly...and the disasterous! JJ, long time, indeed! Where you been? I heard rumors to the effect that you were doing hard time in lease option prison. Gotta love those good behavior-early release programs. That is called delayed pandimonium.I thought that was referring to marriage after the honeymoon? Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted October 11, 2007 Hey pilot! Long time, no chat. Why don't ya share a lil' of the good, bad, and the ugly here? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 11, 2007 Hey pilot! Long time, no chat. Why don't ya share a lil' of the good, bad, and the ugly here?I'm the good, Jason. You're the bad. Who's left for ugly?? Leave Adam out of this, please! Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 11, 2007 Well, I guess I could be ugly, but really, I think ugly is best defined as an Italian sitting in a dark closet in a bathrobe playing with lasagne noodles overseeing an online forum. I would be more than happy to discuss my adventures in real estate with all here. It would take up an entire web site though! Seriously, I would be more than happy to discuss the events I've seen over 4 years with who knows how many CA's under the belt. 300? 400? We have 70 properties on the site now. So it's quite a few. I would think that we approach it differently than some here, as we are really working the file till finance. It makes a good track record, and makes it a good sell to sellers, but it can be a whipping. So much of what I have learned was about business, not just lease options. I'm not sure of the best way to expose what I have learned, but I'll put it together and share it with you all. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 11, 2007 Well, I guess I could be ugly, but really, I think ugly is best defined as an Italian sitting in a dark closet in a bathrobe playing with lasagne noodles overseeing an online forum.Actually, I use a flashlight and I'm not wearing any stinking robe! Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 11, 2007 Who needs Syrup of Ipecac with that visual?And you wonder why I haven't been here in several months!! HA! And for those of you NEW to the site, remember, Michael offers face to face tutoring AT YOUR HOME! Yes sir, for only $3500, you too can have a naked Italian show up at your house with a flashlight and a handful of D cells. Yikes! Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted October 12, 2007 We have 70 properties on the site now. HOLY CRAP. MAN YOU MUST HAVE A NICE BUSINESS MODEL PUT TOGETHER. What is our website? Share this post Link to post Share on other sites
