My partner and I are looking for some advice to take on this peculiar situation. If you have ever dealt with something like this I’d love to hear how you handled it. As of right now we aren’t sure what to do, but for sure we want to keep in touch with this motivated lead. So with out further explanation, here are the details…
I spoke with a potential seller today. He is definitely motivated, but not in a position to sell right now, and he may not be able to sell for a few years down the road.
Basically he got his father’s house through the estate when he died. But the way the will is written, his stepmother gets to stay in the house as long as she wants.
He is stuck paying the taxes & larger maintenance items (his stepmother pays utilities and smaller maintenance items).
His stepmother is 89, and the only way he can sell it is if she moves out or dies.
That may be soon, or may not be for years down the road.
He definitely sounds motivated (and who wouldn’t be if you lived in Oregon, and still had to pay NJ property taxes… sheesh!!!)
We don’t want to annoy him with letters every couple weeks because he may not be able to sell for years down the road. But also don’t want to lose track of this lead because I think there is huge potential in it.
How would you handle unique situation?
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I’m interested in reading the responses here.
I would first find out what I could about the house – its age, size, and of course, its condition. Does it need a full renovation? How long ago was the electrical and plumbing updated? How old is the roof and HVAC? All that kind of stuff. Then find out how much he wants to get out of it. If the numbers are even close, then I’m thinking I’d tell him I’d be interested when he is looking to sell, and then I’d check back with him every 6 months or so to see if his situation has changed.
If it seems like a really good deal, then maybe I’d see if I could offer cash to the occupant to get her to move. That might be an uncomfortable conversation, though.
I appreciate the advice Mike. I think 6 months is a good time frame to check in. Maybe if we ask permission to check in, it won’t feel so dirty if you know what I mean.
I’m not sure if I could get up the nerve to offer the lady money to leave. At 89 years old, i’m sure it’s more valuable to be living rent/mortgage free then have a few extra bucks in her pocket.
Ha – yeah, that’s true. For some reason I was thinking maybe she was already planning on moving into a smaller house or apartment or something. But, yes, you’re right, I doubt a couple of extra bucks will mean much to her compared to the house itself.
I would first make sure he is motivated….. and I mean PRICE wise. Most people seem to always mistake readiness for motivation. I would then speak to him on the phone and tell him “I am ready to buy it as soon as you can sell it to me, please PROMISE me you will call when you are ready” I would try to make him say “I promise” (people want to keep promises) I would then follow it with a business card and a note…. then a simple “I am still here” note every 6 months…. I also would not ask to follow up… I just would…