#6….Yes ~ Motivated Sellers DO Call Back!!!!

This one was a bandit sign lead I originally had under contract in early February for $12K on a 21 day contract w/$2K EMD due after a 5 day inspection period. Seller was a struggling “Tired Landlord” trying to get out of the Rental business. The house was a 4/1 2-story Colonial, 2100+ SF in a strictly Buy & Hold area and needed about $17K in rehab. I thought I could sell quickly at $14.5K with a couple of buyers in mind.

The two buyers I showed it to said that it was “too big” and thought that it needed too much work. It would put them over their “all-in” numbers and just didn’t fit their profile.

I went back to the Seller for a price reduction to $10K and blasted it to my Buyers List, posted on CL, etc. at $11.5K….just to try and turn it! Had a lot of inquiries and actually showed it 6-8 times, but still no takers. The contract expired; told the Seller I gave it my best shot and we parted ways amicably.

Then about a month ago; late one Friday afternoon, the Seller calls. He says “John, I’m really desperate for cash and need to sell. I’ll drop my price to $5K. Do you think you can help me sell it?” DUH!!!!

I get the contract signed on 5/1, make a Postlets ad, and then post it on CL for $7,900. I also, hit up the first couple of Buyers from the beginning, but still no real interest. Then an individual (owner occupant) contacts me and we go out to do a walk-thru that same day. He verbally agreed, but just wanted his contractor friend to take a look first. I met the contractor there, but we couldn’t get in because the Seller had the key and didn’t show up. Anyway, he still advised his friend (Buyer) that he thought it was a solid home….from outside ONLY???!!!

I acted FAST and met the Buyer to get the Assignment of Contract signed before he changed his mind! Oh yeah; I also, collected $500 EMD in cash at the same time.

I then emailed contracts to my closing attorney’s office and asked them to put a rush on the title work, as the Seller was really desperate! Note that he and his girlfriend were staying at one of those “pay by the week” hotels. That’s where I had met him to get the contract signed.

Closing took place on Monday 5/6 at about 9:00 am. A TOTAL of 5 days….with a weekend included! Talk about FAST!!!! All I got to say is WOW!!

Even though I got things done very quickly, the Seller could not hide his disappointment. He owed back taxes from 2012 of almost $1,200 and about $600 for his prorated portion for 2013. He only netted about $3,200 from the deal while I got $2,900 for my assignment fee! If only he had paid his taxes on time…..

One more thing….The Seller had a bad Friday night and got beaten up and robbed while out at a bar. He had forgotten the keys and didn’t have them at closing. He also, had no I.D. and I had to go to the bank with him so he could cash his check. We couldn’t reach him for two days and the Buyer had to finally break into the house. Cops came and everything, as there was an alarm system that went off as soon as he broke in! I had advised him to make sure he had copies of all his paperwork to prove ownership, as he was an immigrant and would seem pretty suspect to the police! In the end; the Buyer FINALLY was able to take possession of his new home and begin necessary repairs to move in!

Next day I finally get a call from the Seller saying “I took Mariano the keys today”. WHAT???!!! Talking about a desperate motivated Seller….with drama included!!!

ALL motivated Sellers have a “Magic Button” and EVERY one is different!!