dionwisn 0 Report post Posted September 18, 2009 How are you guys handling the old "I want to let my attorney view the documents?" I really beleive these people are really not motivated. I've been getting a few of these lately and wanted to see other ways of handling. I sure dont want my docs to be used without me making bread out of it. This particular person has 5 other proepries i.e. hes a landlord. I cant judge if hes up to something though. Im thinking of saying the hell with this one and move on. Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 19, 2009 Im thinking of saying the hell with this one and move on.You know what...I think that's perfectly reasonable an legitimate. From now on if ANYONE doesn't trust me and respect my experience enough to believe that I'm telling them the truth and looking out for their interests as well as my own...forgetaboutit. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 19, 2009 Dion, I always go with the assumption that I'm being played when that issue comes up. My reply is straightforward: Our agreements are copyrighted and our attorney will not allow us to leave them with anyone. However, I would welcome the chance to contact your attorney directly so he can review the paperwork. Give me his name and number and I will set up a time for us to meet.Something along those lines keeps you in control and will let you know if someone is attempting to scam you for your contracts. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted September 19, 2009 THEM: I need to have my attorney to review these documents.YOU: Great idea, as I pull out my cell phone. What is his number so we can set an appointment.THEM: UHHHHH, I want him to review them with us.YOU: I totally understand how you feel. These are scary looking documents. But these documets were prepared by legal staff already. Intpretation is pretty easy. But I need to be sure your attorney understands them. Very few attorney's have done lease option agreements. Let me ask you a question. Do you know how many investment properties your attorney owns?THEM: NOPE.YOU: Okay. What is his number. The attorney thing is a bluff in most cases that they don't trust you or they don't understand. It is a very valid objection. To handel the objection ask the question what is there in these documents you don't understand.If there is nothing then YOU did a bad job building repoire with the seller. Plain and simple. Motivation is one thing but trust is another. Just because someone is motivated or not motivated doesn't mean they will not do a deal with you. Share this post Link to post Share on other sites
Guest jvmccall Report post Posted September 19, 2009 MichaelC & Jonathan, you guys are AWESOME! In all my years of doing this biz, and in all the courses I have bought, I have NEVER heard what you guys just said! That is so cool. I usually just gulp and say, "That's fine. Go ahead and let your attorney review them. I will not change anything in my contract. But if you want to spend all that money, go ahead." One additional thing I do sometimes when they bring up the attorney thing is say, "Great. Let's still go ahead and sign this today & I will give you a 7 day clause for you to review and cancel this contract after you review it with your attorney." But I love what you guys say above so much better. I love this board! Share this post Link to post Share on other sites
dionwisn 0 Report post Posted September 19, 2009 MichaelC & Jonathan, you guys are AWESOME! In all my years of doing this biz, and in all the courses I have bought, I have NEVER heard what you guys just said! That is so cool. I usually just gulp and say, "That's fine. Go ahead and let your attorney review them. I will not change anything in my contract. But if you want to spend all that money, go ahead."That they are! One additional thing I do sometimes when they bring up the attorney thing is say, "Great. Let's still go ahead and sign this today & I will give you a 7 day clause for you to review and cancel this contract after you review it with your attorney." But I love what you guys say above so much better. I love this board!I like this idea. It turns the table around to see if this is even the real issue and not some bluff. Share this post Link to post Share on other sites
dionwisn 0 Report post Posted September 19, 2009 Heres the follow up email I received after I asked for his attrnys contact:Dion,Nice meeting you yesterday, and thanks for the response.My attorney is John DOE , ( XXX-XXX-XXXX) e-mail – XXXXX@LAW.com I don’t believe his office is open on Saturday or Sunday. I have a couple questions:The 50% credit – Is that non-refundable if the option is not exercised?That credit ($5100) would be deducted from the net at closing bring the net down to 106 and change?In either the self managed or FCM managed option: do the rent payments come to me while you are marketing the property? What are my obligations as far as the property is concerned when you begin marketing?These questions probably are answered in the contract. However this is all moot if you need my commitment by 5pm today.Hopefully we will be able to work together in some manner to move this property.RegardsJOHN DOE I thinks its time to move on. Why do attorneys not like our contracts?Evertime the attorney card is pulled I never purue furhter.Should I call his attorney on Monday? Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 20, 2009 Dion, are those questions from your seller or their lawyer? If a seller asked me all of that I'd say: "Wow you know more than me, when is your book coming out?" I'm guessing he's getting most of this from you, in which case, you are totally overloading your sellers with too much information. They really only need to know a handful of things:1. Rent amount2. NET price3. Length of lease4. Where to sign Share this post Link to post Share on other sites
<Steve> 82 Report post Posted September 20, 2009 Here would be my email responce... Hi Mr. Seller and thank you for your emial. I have answered you questions below in "BLUE" Please let me know if you have any additional questions. I don't mind. I have a couple questions:The 50% credit – Is that non-refundable if the option is not exercised? Yes, the rent credits and option consideration is non-refundable.That credit ($5100) would be deducted from the net at closing bring the net down to 106 and change? No, you receive your full 'net' at close. The rent credits are deducted from the price to the tenant/buyer not from the price we are offering you. We also arrange to have the tenant/buyer pay all closing cost too.In either the self managed or FCM managed option: do the rent payments come to me while you are marketing the property? The rent payments start when we place a tenant/buyer. Our marking time is 60 days and typically we can place a tenant/buyer who is seriously interested in purchasing your house in 4 to 6 weeks.What are my obligations as far as the property is concerned when you begin marketing? Nothing. We handle all aspects of placing a qualified tenant/buyer. We handle all the paper work, showings and screening of any potential tenant/buyer. I also keep you updated with weekly emails as to the progress of marketing your house.These questions probably are answered in the contract. No problem. I don't mind questions. Please ask away.However this is all moot if you need my commitment by 5pm today. Let me know when you are ready and we'll get to work!Hopefully we will be able to work together in some manner to move this property. Yes! and thank you for your interest!RegardsJOHN DOE Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 20, 2009 THEM: I need to have my attorney to review these documents.YOU: Great idea, as I pull out my cell phone. What is his number so we can set an appointment.THEM: UHHHHH, I want him to review them with us.YOU: I totally understand how you feel. These are scary looking documents. But these documets were prepared by legal staff already. Intpretation is pretty easy. But I need to be sure your attorney understands them. Very few attorney's have done lease option agreements. Let me ask you a question. Do you know how many investment properties your attorney owns?THEM: NOPE.YOU: Okay. What is his number.Great stuff, Rex. Share this post Link to post Share on other sites
aaronj231 0 Report post Posted September 21, 2009 I agree with everyone above, however rather then walking away I have let some sellers take the contracts totheir lawyer's. The results have ranged from a few minor changes, to my last deal where the sellers lawyerrewrote the entire contract and charged his client $1200.00. But in the end I could live with changes, it wasa hassle but I had a tenant/buyer ready for the house and I will make probaly $40,000 on it ovea couple years. So I would let the lawyer look at it and see what happens, I have had somelawyers ok the docs "as is" Share this post Link to post Share on other sites
<Steve> 82 Report post Posted September 21, 2009 . . .good point 4 out of 5 are bluffing when wanting to check with their attorney. I would answer their questions so they clearly understand so no attorney is needed. I sure as hell don't want to contact their attorney, and the only reason I would ask for the attorneys number is to call the seller's bluff and get on with the deal. Share this post Link to post Share on other sites
dionwisn 0 Report post Posted October 16, 2009 One additional thing I do sometimes when they bring up the attorney thing is say, "Great. Let's still go ahead and sign this today & I will give you a 7 day clause for you to review and cancel this contract after you review it with your attorney." I love this board!How could I word this clause in a contract? Share this post Link to post Share on other sites
