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skalember

I'm getting so good at this

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Seller: Yes, I'd be open to a LO if the price is right and it's an exceptional deal (strike 1)

 

Me: Have you had any recent appraisal or sales comps on your home?

 

Seller: Yes, I was given an estimate of $420k based on a recent financing I was seeking. But that was before putting in

50K worth of improvements. Additionally, there were our prior closing costs

and the time value of the $93,000 we have already paid. (strike 2)

 

Me: Sir could you hold please? (uncontrollable laughter) This guy wants $600k for his place when all others in the area are going for under mid 400k?

 

Seller: You have option premium,rental income, and net purchase price to make the numbers be a good deal at this end. You could stretch out the length of the lease so most of this increase is born by the tenant / buyer, but obviously the option premium

would go up too. (Strike 3)

 

Me: Sure, how does a 20 year lease option sound? I'll have my buddy over at fantasyland bank do the mortgage for the T/B as well.

 

 

The joys of a down market :huh:

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I just love these sellers, don't you? They know just enough to think they know it all...

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Seller: Yes, I'd be open to a LO if the price is right and it's an exceptional deal (strike 1)

 

Me: Have you had any recent appraisal or sales comps on your home?

 

Seller: Yes, I was given an estimate of $420k based on a recent financing I was seeking. But that was before putting in

50K worth of improvements. Additionally, there were our prior closing costs

and the time value of the $93,000 we have already paid. (strike 2)

 

Me: Sir could you hold please? (uncontrollable laughter) This guy wants $600k for his place when all others in the area are going for under mid 400k?

 

Seller: You have option premium,rental income, and net purchase price to make the numbers be a good deal at this end. You could stretch out the length of the lease so most of this increase is born by the tenant / buyer, but obviously the option premium

would go up too. (Strike 3)

 

Me: Sure, how does a 20 year lease option sound? I'll have my buddy over at fantasyland bank do the mortgage for the T/B as well.

 

 

The joys of a down market :huh:

:D Classic, Steve. It sounds like that guy also has a property here by me, because I just had a similar conversation. All you can do is laugh and move on.

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