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Well, you could contact the listing agent and tell them that you want to talk to the seller or their son before you submit an offer — but GOOD LUCK!
It’s been my experience that you’ll have a hard time convincing them to let you – even if they are on the call at the same time.The better plan is to talk to the neighbors of the house for sale and see if they know how to reach the owner. They usually do.
My guess is that Mom or Dad moved to another state to live with the son. The son is the person you need to talk to.If you can’t get a phone number —-
You can also send a letter that says you are very interested in submitting an offer on their property but it is URGENT that you speak with them first. Send it FED EX and it will get their attention.
When you finally get to talk to them say that you see that their house has been on the market for a long time and you can help because you are in the real estate solution business. Tell them that you want to help create a solution that will solve their needs but the solution must work for you too. You would be interested in submitting an offer or two on the property but you need to know what they really need first. Would monthly payments coming in each month help them now? If they need all cash, what’s the least they would take? Could they take half of that now and half of that in 5 years?
Just ask questions and you’ll get to the bottom of the situation. Ask what their mortgage payments are. How much longer can they make payments on a vacant house? Are they concerned with losing their homestead exemption?
Remember that they are not familiar with all the LINGO that us investors use like lease options, lease purchase, subject to, master least, etc…
So you need to DESCRIBE the solution instead of defining it.
Use a lot of WHAT IF…. this or WHAT IF that… to ask your questions instead of would you do this questions.
I hope this helps.
Jackie
The elderly owner moved out of this single family property a year ago. It is still vacant.
The owner is out of state.
The property has been for sale with a realtor for $400,000 for 6 months. The 1st and second mortgages total close to $400k. (both loans with the same lender)
As I understand it, owners will loose their owner exemption if they don’t sell in another year (within 2 yrs of moveout).
It may be possible to subdivide the lot into 2 lots, leaving the existing house on the one lot.
The first mortgage adjusts from 7% to Libor + 4 in 2010.
I believe mortgages and taxes are current.
The bank turned down a short sale (from another investor) in the low $300’s
This is a $500k neighborhood, but sales of homes in this range have slowed drastically in this area.1) I plan to offer to lease the property from them for no cash – I would do clean up and repairs with a retail value of $12,000. (My costs would be several thousand)
I think I could sublease it out for at least $1,200 or more – in this condition.
2) I would also ask the owner’s permission to re-negotiate the loan with the bank and work on a subdivision in return for an option or a subject to if the bank will agree.All comments, suggestion, input welcome.
It is rare that a bank will do a short sale unless the mortgage is in default.
You really can’t come up with solutions until you know what the seller’s situation is. You need to track down the seller and talk to them directly.
You can throw out all kinds of offers but unless it meets their needs, your offers will fall on deaf ears. That’s why it is better to find out what the sellers needs and “hot buttons” are first, them customize the offers to fit their needs and yours.
I’ve found the #1 reason investors don’t get more offers accepted is because they make offers before discovering what the sellers needs are.
Jackie
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