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just sent a NEO/purchase offer to an MLS listing agent

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing just sent a NEO/purchase offer to an MLS listing agent

This topic contains 7 replies, has 0 voices, and was last updated by Avatar of areyes areyes 9 years, 2 months ago.

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  • #4779
    Avatar of areyes
    areyes
    Member

    I’ve been soliciting a bunch of MLS listings with this script:

    “Can you please ask the homeowners if this is available as a rent to own?

    I have tenant/buyers who are looking to take over payments until they can qualify for conventional financing in a few years.”

    I just sent a NEO/purchase offer to an MLS listing agent.
    I included this in the email. Too much? Too long? Throw me some criticisms please.



    Hello Ms. Seller,

    Your agent said that you’re flexible into trying a creative strategy like a rent-to-own commonly used in this down market.

    Attached is the preliminary 30 day Non-Exclusive Full Price Offer.

    This Non-Exclusive Offer is a Non Binding Agreement that allows us to market your property to our pool of tenant/buyers with cash to come in and take over your payments using our terms.

    Important **
    The Non Exclusive Offer also means we’re not tied to you, you’re not tied to us,
    we’re not tying up your property and we’re not going to even record the option.

    We currently have a list of potential tenant/buyers with cash and we’ll see if there’s a fit with them. If we can’t find a fit with our current tenant/buyers, then that’s what our 30 day non exclusive option is for, to allow us to find our own tenant/buyer that fits their needs within 30 days.

    If we find our tenant/buyer before your agent can find a conventional buyer with good credit, a qualified down payment, sourced and seasoned reserve funds, then we would exercise our option, our purchase offer towards your land trust and proceed with our rent to own structure and pay your real estate agent a commission.

    If your agent can find a qualified, conventional buyer before we find our tenant/buyer, we’ll withdraw our option and you can proceed with your agent and your cash purchase. So this is exactly what it is, a Non-Exclusive Offer, that just gives you another alternative to move your property if your agent can’t find a conventional buyer for what you want now. Kind of like your backup plan, if you will.

    So it won’t cost you anything and it’s risk free for you and your agent to market your property in tandem with us. Your agent doesn’t need to cancel their listing and you are still free to talk to any conventional buyer or investor that can do an outright purchase with you.

    The non exclusive option is for 30 days to see what we can do to find a tenant/buyer on our terms. If it goes past 30 days, then it just expires or it can be extended if we all mutually agree to do this. Your agent will continue to market for the conventional buyers and we will market for our own non-conventional buyers for our rent to own. Fair enough?

    Please do ask questions or what-if scenarios so we can clarify them.
    If you need further explainations on how a rent to own works, please ask us or your agent.
    Please do so in writing via email so we can respond accordingly.

    Attached is a risk chart of why we prefer to use land trusts to protect all parties, the title and the property as opposed to the other types of risks and liabilities that go along with creative financing.

    Again, the exit strategy we’re proposing is a rent-to-own where we would lease out the property for a few years based on a triple net lease, help that tenant/buyer qualify for a refinance, and then sell your property to them allowing you to cash out any existing equity you may have and pay off your underlying loans.

    We also understand that this may not work out for your particular property today, however our full asking price offer still stands if you decide to change your mind 3-6 months from now.

    Thanks.

    #25691
    Avatar of bill_gatten
    bill_gatten
    Participant

    Do I advertise my website on your website?

    Hint at answer: Um…No.

    Bill

    #25692
    Avatar of areyes
    areyes
    Member

    hahaha *poof*

    ok its gone

    i know magic too

    #25693
    Avatar of scott
    scott
    Member

    Make an appointment with an agent and ask them what makes sense, what is confusing, what sounds good, and what sounds scary. While you are getting good feedback they might be sold on landtrust ( kill two owls with one stone ).

    #25694
    Avatar of reddsrealty
    reddsrealty
    Member

    Hey Alvin

    I Think its too long More than a paragraph to find and Im lost since its the first time Ive read anything like this. KISS Shorten it way down and see and then if local and you got a thumbs up go and do a physical presentation. Youve been around long enough to get the deal closed if they invite you over.

    Just my 2 cents
    Darby

    #25695
    Avatar of areyes
    areyes
    Member

    @reddsrealty wrote:

    Hey Alvin

    I Think its too long More than a paragraph to find and Im lost since its the first time Ive read anything like this. KISS Shorten it way down and see and then if local and you got a thumbs up go and do a physical presentation. Youve been around long enough to get the deal closed if they invite you over.

    Just my 2 cents
    Darby

    Hey Darby!

    What’s up man. Yes it’s been a long time. I’ve got signed NEOs, expired NEO’s and still hustling to find that qualified RB with a matching SB.

    I agree its long but then again, most sellers that I’ve talked to appreciate the long detailed paragraphs. I’ve gotten a couple of sellers that thanked me because the way I explain the risks, liabilities and how I’ve educated them is all transparent and honest. A lot of them said they’re visual learners and prefer to see something in writing. Besides, everything in that email is all in plain english.

    Whether I talk to a seller in person or over the phone, sometimes it’s a waste of breath and some of my time to go through all these and still have them say no at the end. There are times I can go meet a local seller after the sign the NEO. Otherwise I wouldn’t meet them in person because I’d know they’re not motivated or at least not even interested in what I’m offering.

    My approach has been a shotgun type approach where I’ll just make offers in volume and see what sticks. I will be reactive to those that respond and are interested. Those that do not reply to my offers, I could care less and I’ve already moved on to the next offer.

    I prefer it this way because I can just easily copy, paste, and spit it out in volume and maximize my time with other willing sellers. If they’re lost, then it’s up to them to ASK ME QUESTIONS, otherwise I probably won’t do business with them.

    I understand what you’re saying about KISS, and I’m learning to KISS even though I come from a computer background where majority of the stuff here is complex and very technical. I can probably break this down into 3-4 separate emails and feed the seller in small chunks and see what develops eH?

    Whenever you talk to someone and they don’t ask you questions, don’t you have a feeling they’re not interested or they’re not motivated? Even those that are skeptics would ask those brain buster objections to try and stump you. Heck I’d prefer to bruise some egos with people like those because I may learn something new from an old goat.

    Majority of my full price offers are outside of CA so it’s just mainly email communications. If they’re more interested in moving forward and if they prefer to take it over the phone, then I’ll do so. But having a day job in the computer field, this is the easiest way for me to send out offers versus making 52 phone calls for a few hours. I can probably send out 3 times more email scripts than doing 52 phone calls and cover more ground. Also its a better way for keeping all my dialogs.

    #25696
    Avatar of jerry carey
    jerry carey
    Member

    Hey Alvin:

    I totally agree with Darby … way too long … way too much information!

    You said you are sending this to Real Estate Agents … Why don’t you do somethig simple (KISS) like this:

    Can you please ask the homeowners if this is available as a LEASE OPTION/Purchase ?

    I have tenant/buyers who are looking to take over payments until they can qualify for conventional financing.

    I can offer you a Lease/Option Commission now (first months lease payment) and a GUARANTEED Listing Commission later upon the sale!

    Call me for more information!

    Jerry Carey

    #25697
    Avatar of areyes
    areyes
    Member

    Jerry/Darby

    I think you guys need to read the first post.

    This is my 1st email script in bold. I did keep it simple.

    “Can you please ask the homeowners if this is available as a rent to own?

    I have tenant/buyers who are looking to take over payments until they can qualify for conventional financing in a few years.”

    @Jerry Carey wrote:

    Hey Alvin:

    I totally agree with Darby … way too long … way too much information!

    You said you are sending this to Real Estate Agents … Why don’t you do somethig simple (KISS) like this:

    Can you please ask the homeowners if this is available as a LEASE OPTION/Purchase ?

    I have tenant/buyers who are looking to take over payments until they can qualify for conventional financing.

    I can offer you a Lease/Option Commission now (first months lease payment) and a GUARANTEED Listing Commission later upon the sale!

    Call me for more information!

    Jerry Carey

    #25698
    Avatar of areyes
    areyes
    Member

    that long email is the 2nd email that includes the NEO and the offer

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