BEV! 0 Report post Posted November 13, 2005 This is a true story that happened to me last Friday. I was at my bank making my deposits, when... One of my first clients (homeowner) from last year that I did an RTO on his property stopped next to me to say HI and this is how it went... (he's a broker by the way) Broker: Hey Bev! Is that you? Long time no see!Me: Hello there sir, I was just thinking about you few weeks ago, how ya been?Broker: That's funny, I was just thinking about you too not too long agoMe: Really? hahaha! And why would that be?Broker: Remeber that T/B we placed on one of my properties last yr?Me: Yes, I think I doBroker: Turns out the couple went through a divorce so they decided not to buy the house, and they didn't pay me rent for 3 months so I had to evict themMe: Sorry to hear that, sir.Broker: I really wanted this RTO to work for me but it failed.Me: Well, sir... every landlord under sun runs these risks sooner or later whether RTO or not.. some things are out of our control ya know! (at this point I knew for sure he was nicely telling me that my idea of RTO sucks, but then....) Broker: I'm so discouraged by all of thisMe: Sir, life goes on... nice seeing ya again, gotta go. Bye!Broker: Wait!! I sold that house already and I have another brand new one... can we meet next Friday to sign the agreements to RTO that one? I'm like..... What? Huh? Me: You want me to RTO another one of your house?Broker: Yes, lets meet in the afternoon, here's the address...Me: Ok, I'm there!! What was that all about? HAHAHAH!! Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted November 13, 2005 LOL! That's unbelievable Share this post Link to post Share on other sites
-Tony- 0 Report post Posted November 17, 2005 Good stuff Share this post Link to post Share on other sites
BEV! 0 Report post Posted November 20, 2005 (edited) I think I'm gonna make this thread my main "unusual experiences" thread... wait til u hear this one This morning, I found a msg on my voicemail from a T/B prospect who saw one of my RTO houses on Craigslist.. Caller: Hi, I'm calling about the RTO house u have on craigslist, can u plz call me asap! My number is xxxxxx, again my number is xxxxxx. I'll be waiting for your call soon! Me: Hmmm.....Kewl, lemme call this lady right back, she sounds ready to go I called her asap, and this is basically how it went... (hope she don't read this board hehe) Caller: Hello.Me: Hi is me, Bev!!! You called about one of my RTO properties on Craigslist, talk to me shugah! Caller: Oh I'm so glad u called, thank u so much for your fast call back.Me: No prob, I heard yor SOS voice so I'm here to the rescue, the house is a beautiful house.. bla bla bla blaCaller:NOoo! I'm not interested in that house, but it is beautiful tho... the reason I need to talk to you is because I have this brand new house that I haven't been able to rent and I live 3 hours away from it, and really need your help with it... please help! How can I RTO my house?Me: SAY WHAT? Anyway, I didn't see this coming. Even when I'm NOT trying at all to get clients (FRBO) they come to me I have never experienced this one... hahaha! The house is kinda far from me tho about 1+hr so she said she'll take the pics, email them to me and she'll come to my town to meet with me so we can sign.... End Of Unsual Experience.. for today anyway Edited November 20, 2005 by BEV! Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted November 20, 2005 Not to negate this cool experience but... getting sellers from buyer ads is not that unusual, realtors who advertise houses for sale in those homes mags report that 20-25% of calls are from sellers wanting to list. Share this post Link to post Share on other sites
BEV! 0 Report post Posted November 20, 2005 Can you imagine if we could get at least 20% of our clients (FSBO/FRBO) this way? wow!How sweet would that be? This was my first experience and is really a lil' funny because I wasn't expecting it and when she told me she wanted to RTO her house, my mind went blank because that's not how the conversation was supposed to go Has anybody else gotton deals this way before? (not referrals) where a FRBO/FSBO calls you (from one of your RTO ads you're runing) to have you RTO or SLO their property? What was your reaction? This is really an interesting and rare experience for me Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 24, 2005 Bev,Great post, but I gotcha beat! I had a CA go wrong from day one with a seller. (I think I posted this deal last winter) This lady went to close with me but showed up with only a portion of the money. I told her that I couldn't put her in until she could perform her financial obligations. She said she'd get the rest of it that evening and would call me later. Instead, she went back to the owner and told him that her and I closed and she wanted the keys. He believed it and gave them to her! MAYDAY!!!!! The seller called me and I couldn't believe it. We immediately called the cops and met them at the house. She was almost TOTALLY moved in! We tried to get her out and the cops were ready to boot her until they asked how she got the keys. We knew right there we were screwed... She laughed as the police asked "us" to leave and told us to just file a complaint the next day. Here's what happened. I told the seller he screwed up. There was nothing I could do. He was still upset that I didn't see the wolf in sheep's clothing in the first place. So what does he do? Instead of trying to get her out, he gave her another chance. And another, and another. This went on for several months until last month they were in court. She actually had an attorney. Not good. Now they're using the separate option agreement to say she had equitable interest. Now it may be a foreclosure. She's also trying to counter sue him on 20 different accounts of negligent landlording! HOLY #$%@!!! The seller called me to see how I was doing. Yeah right I thought, he's just going to ask me to go to court with him, but instead....get this. He asked me if I could do a CA on it again after he got Satan's sister out!! WHAT!?!?!?!See it ain't just you Bev, the whole damn world has gone crackers! Crazy stuff,Adam Share this post Link to post Share on other sites
jtlab 0 Report post Posted November 24, 2005 (edited) Adam that is crazy!! Question, does that mean now you go over the contracts with the t/b with out the addressfilled in? BTW did the court decide yet, or is it still on going? Keep me posted! Edited November 24, 2005 by jtlab Share this post Link to post Share on other sites
BEV! 0 Report post Posted November 25, 2005 Adam,That's Nasty! Women can be nasty of you allow them (be careful) Sounds like your client (homeowner) wasn't aware on the closing process....I may be wrong of course.. The way I do my closings is: - I close with both (t/b & homeowner)- I meet with my client first at Starbucks ("always at that place", there's a successful reason why I intentionally hold all my meetings there ) I go over the t/bs paperwork, credit report with him bla bla bla - I meet with t/b ( I leave FRBO at starbucks for no more than 45 minutes hehe)- I give an orientation to the t/b ... (purpose of orientation is to make sure they have all the money in hand, go over the agreements and answer all their questions) my t/bs "never" get to see my client's (FRBO) info prior to closing.- After I finish the orientation and all is in order from the t/b, I cell my client (FRBO) to meet us all at the empty property and that's when we all sign.. that's the beauty of dealing with the same client (builders) over and over again, they already know the rules and process Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 26, 2005 Adam that is crazy!! Question, does that mean now you go over the contracts with the t/b with out the address filled in? BTW did the court decide yet, or is it still on going? Keep me posted! It was a situation that I will make sure never happens again. She was given squatting rights the second the seller gave her the keys. As for the contracts, they void the second she went against me. The seller made news ones that clearly supersede mine. DOH!Yes, as far as I know it's...er, she's still in the property. Bev,I do them the same way. Except I close with the tenant/buyer first and then assign my interest to the seller. I don't call the sellers clients anymore either. For obvious reasons, I'm not a Realtor. I'm going to have to start reading more of your posts because there's builders losing their tails here in MI. I'm sure I could do something about that.Regards,Adam Share this post Link to post Share on other sites
BEV! 0 Report post Posted November 26, 2005 Bev,I do them the same way. Except I close with the tenant/buyer first and then assign my interest to the seller.Ironically, I do too... I do combos (sell - cancel - and my favorite "consulting" for big bucks) I kinda never did like to assign too much (to the tb) I've been combining different legal techniques and still exploring other options so I don't get bored I'm going to have to start reading more of your posts because there's builders losing their tails here in MI. I'm sure I could do something about that. Builders are my best clients Once you build a relationship with the right ones you hit the jackpot.. I had tb's try to go behind me with the "banbino" builder few months ago and the builder told them off! I then got a call from the builder and told me my tb's tried to go behind my back that's one thing I appreciate the most from the builders, they respect what I do for them. (I had a lady builder which was bad news tho, I cancelled her out of the contract along with her 3 properties in a heart beat )Love to hear what your plans are with the builders overyonder in MI Share this post Link to post Share on other sites
jtlab 0 Report post Posted November 26, 2005 Adam,That's Nasty! Women can be nasty of you allow them (be careful) Sounds like your client (homeowner) wasn't aware on the closing process....I may be wrong of course.. The way I do my closings is: - I close with both (t/b & homeowner)- I meet with my client first at Starbucks ("always at that place", there's a successful reason why I intentionally hold all my meetings there ) I go over the t/bs paperwork, credit report with him bla bla bla - I meet with t/b ( I leave FRBO at starbucks for no more than 45 minutes hehe)- I give an orientation to the t/b ... (purpose of orientation is to make sure they have all the money in hand, go over the agreements and answer all their questions) my t/bs "never" get to see my client's (FRBO) info prior to closing.- After I finish the orientation and all is in order from the t/b, I cell my client (FRBO) to meet us all at the empty property and that's when we all sign.. that's the beauty of dealing with the same client (builders) over and over again, they already know the rules and process Newbie alert Ok, is their a reason why both homeowner and t/b need to be both present to sign the papers at the same time? Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 26, 2005 Newbie alert Ok, is their a reason why both homeowner and t/b need to be both present to sign the papers at the same time? They don't need to both be present. It just saves time getting the contracts done all at once while giving the tenant/buyer a reality check on what's really going on. (Me not being their landlord) Also, I have them all sign a "Letter of assignment" in the company of each other. It's a document that I created that tells everyone what I'm doing and that they all agree with it. But after that I ALWAYS have the tenant/buyer leave when I do my assignment with the seller. I stand up, shake their hand and thank them for coming. I then hand them the keys and tell them to have a nice life. They usually get the picture without me having to ask them to leave. Bev,I'm seeing more builders working with investors. I saw a billboard last week that blew my mind. It was advertising all brand new condos LEASE TO OWN! Exact words! And you're right, there's a ton of methods with the cooperative assignment. It's good to be able to roll with the times and the changes of guidelines and laws.Regards,Adam Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted November 26, 2005 I saw a billboard last week that blew my mind. It was advertising all brand new condos LEASE TO OWN! Exact words!I just saw a builder with 3 models of townhomes available "Rent-to-Own" advertising in one of the local real estate mags too. One thing I've noticed whenever builders or realtors do RTOs, they set them up all wrong! They usually don't get anything down and give little or no rent credit, so the tenant has no reason to buy OR take care of the house. Share this post Link to post Share on other sites
happyardy 0 Report post Posted November 27, 2005 Newbie alert Ok, is their a reason why both homeowner and t/b need to be both present to sign the papers at the same time? They don't need to both be present. It just saves time getting the contracts done all at once while giving the tenant/buyer a reality check on what's really going on. (Me not being their landlord) Also, I have them all sign a "Letter of assignment" in the company of each other. It's a document that I created that tells everyone what I'm doing and that they all agree with it. But after that I ALWAYS have the tenant/buyer leave when I do my assignment with the seller. I stand up, shake their hand and thank them for coming. I then hand them the keys and tell them to have a nice life. They usually get the picture without me having to ask them to leave. Adam and Bev,Newbie question alert !Dont you guys use escrow services to do your closings ? - Ardy Share this post Link to post Share on other sites