OfflineLast week I had a very nice guy call me off of one of my BS.
He needs to get rid of his house because his elderly parents have a reverse mortgage on their home and are now in danger of losing it. His 79 y/o mother is still having to work to pay the bills. He wants to be able to help them more so needs to get out from under his mortgage.
The structure of his house is in very good shape. Roof-4 yrs, HUGE hot water heater-2 yrs, HVAC-4 yrs. The problem is that he has three HUGE pit bulls that have been kept in the house. The interior REEKS with dog! Takes away your breath. (Yes, smells like $$$) The dogs nails have ruined the hardwood floors and much of the woodwork around windows and doors and the doors themselves. The place is filthy! Needs to have the septic tank filled in and some wiring in the attic replaced that the squirrels have lunched on. A few other things.
He is willing to let it go for what he owes. There is a decent spread but not big enough for wholesale or fix and flip. Needs at least $10k in repairs before I can LO it, which I am willing to do. I told the seller I was going to bring it all into great condition.
The problem started when I showed up for our appointment to go over paperwork. My contracts are excellent! They have been drafted by one of the top RE attys in the country. They are very easy to understand. No legalese.
His friends had come into town for the w/e, so he asked me to just drop off the paperwork and he would look it over and get back to me. I knew that they had been scaring him. People who don't understand things are always negative.
Today, I finally reached him and he told me he had taken the contracts to his atty and the atty told him he would be better off just letting the house go into foreclosure!!! WHAT?!?! There is NO END to stupid!!! How is that better for him???
I asked him what they atty had a problem with? That these contracts had been used for hundreds of deals. His answer was totally NOT what the contracts stated. I asked him if we could sit down together and if he felt more comfortable with an atty involved we could go in and talk with my atty. That my atty was used to working with investors and that all attys, even though they are RE attys are not familiar with things that are not just regular sales.
Seller is going to look back over the clause that I correctly explained to him and we will see what happens.
I am just sitting here shaking my head...just so much stupid out there.
Not giving up yet. To be continued...
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Well, having three pit bulls inside the house is a telltale sign.
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
... what these people are thinking? I got a call yesterday from a guy who is willing to take what's owed on the house(84K)... the property is worth about 150 to 160K ARV. It's a 4 bed/2 bath with 2600 sq.ft. & has an in-ground pool; BUT needs a roof, the pool leaks, needs resurfacing, plus cosmetic work inside - around 30K total. He's going into foreclosure but doesn't care since he just bought another house in a different part of Florida. The judge even gave them additional time to secure a buyer. I told him we would give him the pay-off amount of 84K, but he would sign because I would only give him a $100 EMD & wanted 30 days to close ... go figure.
Isn't that the truth?
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
It reminds you of the saying, "If brains were gunpowder, they wouldn't even be able to blow their nose!"
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"