lhenley 8 Report post Posted March 10, 2010 I had talked with husband on Thursday, and the wife on Friday. Both had told me they would do a Lease Purchase, and they gave me the terms they wanted. I called and talked to the wife tonight to set up a time to see the property and them sign the agreements. She told me they haven't fully decided to do a LP, but was thinking about relisting with a Realtor. It had been listed before with NO traffic. Matter of fact, I found them because they were on the expired MLS list from my Realtor. I felt bummed, but tried not to show it. I wished her well and told her to let me know if things don't work out. Does this type of thing happen from time to time? Lynn (FL) Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 10, 2010 Sorry to hear that, Lynn. It happens to all of us, myself included. More times than I care to recall, too. Some folks are just set in doing things in a way they are comfortable with. In this case, that means listing with a Realtor. Makes no sense, of course, in light of the fact that they just went through that routine and had zero results.Trust me when I tell you it isn't anything you said or didn't say. It's a homeowner who is locked into their comfort zone and there is little you can do to change their way of thinking. Time is your ally on this one. Another go round with a Realtor, a few more months of house payments, and you can expect a phone call to ask if you're still doing "that lease purchase thing". Keep your chin up, Lynn, and get back to your marketing. Share this post Link to post Share on other sites
BEV! 0 Report post Posted March 10, 2010 ...Does this type of thing happen from time to time? Oh Yeah, this is part of the Novela. It has happened to me a few times. But later on I found out that most of those who changed their minds at the last minute did it because they were in trouble with their mortgage and did not want any commitments in a L/O as they were already determined to either sell asap or let the house go.Of course they never told me this (most families are embarrassed to share this type of situation). I found out on my own later on. So now when someone changes their mind or rejects my program, I feel GOOD BEV! Share this post Link to post Share on other sites
dionwisn 0 Report post Posted March 12, 2010 I had talked with husband on Thursday, and the wife on Friday. Both had told me they would do a Lease Purchase, and they gave me the terms they wanted. I called and talked to the wife tonight to set up a time to see the property and them sign the agreements. She told me they haven't fully decided to do a LP, but was thinking about relisting with a Realtor. It had been listed before with NO traffic. Matter of fact, I found them because they were on the expired MLS list from my Realtor. I felt bummed, but tried not to show it. I wished her well and told her to let me know if things don't work out. Does this type of thing happen from time to time? Lynn (FL)Diddo for me also.Just last week I had a really messed up situation occur to me. The seller knew well in advance of the terms of our agreement and that I would be collecting my up front fee of 3.5% in OM. She had another property in foreclosure and decided to cancel our agreement, after the fact that I found her a TB. She felt like once the paper work and everthing was eplained to her, that she could do the deal on her own. Greed is a powerfull emotion! So, she and my tenant are now happily continuing with my deal with my paper work and she now has 7k in option money. Dont give the seller enough finformation to do deal on their own. Use a clause that says the seller will be charged if they decide to cancel. Dont copy what others on the board have said about using a non exclusive agreemant, i.e. JOE MCALL Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted March 12, 2010 I had talked with husband on Thursday, and the wife on Friday. Both had told me they would do a Lease Purchase, and they gave me the terms they wanted. I called and talked to the wife tonight to set up a time to see the property and them sign the agreements. She told me they haven't fully decided to do a LP, but was thinking about relisting with a Realtor. It had been listed before with NO traffic. Matter of fact, I found them because they were on the expired MLS list from my Realtor. I felt bummed, but tried not to show it. I wished her well and told her to let me know if things don't work out. Does this type of thing happen from time to time? Lynn (FL)Diddo for me also.Just last week I had a really messed up situation occur to me. The seller knew well in advance of the terms of our agreement and that I would be collecting my up front fee of 3.5% in OM. She had another property in foreclosure and decided to cancel our agreement, after the fact that I found her a TB. She felt like once the paper work and everthing was eplained to her, that she could do the deal on her own. Greed is a powerfull emotion! So, she and my tenant are now happily continuing with my deal with my paper work and she now has 7k in option money. Dont give the seller enough finformation to do deal on their own. Use a clause that says the seller will be charged if they decide to cancel. Dont copy what others on the board have said about using a non exclusive agreemant, i.e. JOE MCALL I have not had that issue with non exclusive agreements. I have had people sell there home before me. Which is cool. It sounds like to me you had both a bad seller and bad tb'er. Now with that said let me preface, I can say that I can count the number of CA's I have done on both hands. I have quoted and said that I did not think it was a good business model. I have been corrected more times that I can remember. It has taken of a couple of years to see the validity of the business. I think anyone's business model needs to be checked. You just cannot go off what someone says. When doing regular option flips "not short sales" I always give my seller the option to sell. I figure that I am a better marketer than they are. You just lost control of the buyer. You can make an non exclusive a non exclusive by exercising your option. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted March 12, 2010 This is one of the issues I have with non-exclusives. Not that I am totally against them as I have one now with an investor friendly agent, it is just that I know that I will outperform marketing the house as compared to the seller and as a result the market place will know the house is available. The risk is the seller may close a deal resulting from my marketing and hard work and that stinks. Anyway if the nonexclusive issue comes up with a seller, I can usually explain it away when I tell the seller my marketing time to place a t/b is only 60 days. And I can typically place a tenant/buyer as soon as 4 to 6 weeks. Share this post Link to post Share on other sites
baron14 1 Report post Posted March 13, 2010 Hey D-Lee Would something like this work ok? Can't you have both the Buyer and Seller sign a non-circumvent agreement. Have both parties sign not to engage in a transaction (without you being in the deal) for 1 yr., where you brought a Buyer through your efforts to the Seller. If they do, have some sort of penalty fee such as $3,500 to be paid by the Seller to you. Or tell the Seller they can cancel, but there is a cancellaltion fee such as $3,500 for your marketing/consulting efforts. baron14 Share this post Link to post Share on other sites
