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Scott, Am I Jumping the Gun?

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Scott, Am I Jumping the Gun?

This topic contains 9 replies, has 0 voices, and was last updated by Avatar of gmckay gmckay 10 years, 10 months ago.

Viewing 11 posts - 1 through 11 (of 11 total)
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  • #5409
    Avatar of gmckay
    gmckay
    Member

    Great Call on Saturday! I was looking for the post of the 3 paragraphs for the body of the email that would take the place of the introduction letter. I have not seen it yet, so I don’t know if I am jumping the gun as I am one of the NARS folks who gets agreement from the seller and then they look at the docs and freak out. Again, great call. I want to do a lot of deals in 09 and I know with your leadership, and me being accountable, I will!
    G

    #28246
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Before we post the exact verbage or content I need to edit it a little. I’ll have something up this week before the San Diego Workshop.

    #28247
    Avatar of gmckay
    gmckay
    Member

    Thanks Scott, I am looking forward!

    #28248
    Avatar of neftalipazo
    neftalipazo
    Member

    Hello Scott,

    I’m waiting as well.

    #28249
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Dang, I knew I forgot something. Thanks for the reminder. I had such a good time with you all over the weekend I spaced it off. I’ll work on it tonight.

    #28250
    Avatar of homesavers
    NULL
    Member

    @gmckay wrote:

    I am one of the NARS folks who gets agreement from the seller and then they look at the docs and freak out.
    G

    I feel your pain. I think we are shooting ourselves in the foot when we sent that proposal out let alone the NEO as written.
    I keep asking this same question. Here is goes:

    Why can’t we just use a simple one-two page Option that has simple easy to understand verbiage anyone can understand? I would have had probably 12 deals closed by now if I was not using the NARS NEO. This is a deal killer, for me, folks. Plain and simple.

    Better yet if you can use a State Approved Purchase Contract with an addendum you would be signing a lot of offers.

    Throw away that NEO!!!!

    #28251
    Avatar of areyes
    areyes
    Member

    the state purchase contract would all be filled with N/A or blanks because its a contract for real property/real estate.

    also the CAR form is 17 pages plus all the disclosure addendums.

    so if you were to do it that way, that would be like over 40-50 pages.

    #28252
    Avatar of joecain
    joecain
    Member

    Hi Don -

    I appreciate your comments. The NEO is really only about eight years old and simply did not exist for the first dozen or so years that Bill was in business. Hundreds of transactions and deals took place and were completed before it was developed. Instead, he used what you suggested and attached the Appendix 1 from the Documentation Manual in your Success Pack as an addendum or attachment to a Sales or Purchase Contract.

    Look Don, as the old vaudeville comics used to say, if it hurts when you so that, then, don’t do that. As someone with a ton of experience in the industry, you do not need to feel compelled to use the NEO. Check in with Steve Perez in the NARS Office and have a strategy conversation with him regarding how you can proceed without.

    Meanwhile, that Non-Exclusive Option Agreement has assisted literally thousands of transactions to be forwarded, at least into the negotiation phase, if not into actual Trusts. Let’s not be so quick to throw out the baby with the bath water please.

    #28253
    Avatar of areyes
    areyes
    Member

    I have a one page non exclusive option agreement to lease a property.

    I’ll run it by Scott/Dave.

    #28254
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    This “Proposal Template” and all of its many pages didn’t even exist until just a year or so ago. Prevous to that we only used the NEO and later the Appendix #1 Purchase Offer. At that time members kept on asking… “Don’t we have something that explains all this in a little more detail so the seller can read and understand before they sign”. We’ll, you get what you asked for.

    You don’t have to use the Proposal Template at all if you don’t want but… I suggest you use it just “as is” for a number of reasons.

    1. It’s thourough
    2. It’s gone through legal review so your covered
    3. It protects you
    4. It protects your seller
    5. It works

    Now, with all that said, we hear you. That is why we are working with Bill and Maurice Kempner to create a shorter and more concise version in bite size pieces for you Seller and their know-it-all Realtor and Attorney to understand.

    Dave has just sent to me a shortened version of the Cover Letter and Terms of Proposal that I am reviewing right now. The Cover Letter is being converted to a few short paragraphs to be inserted as text in your follow up email to your Seller. The Terms of Proposal actually needs no changes. That is all you will send to the Seller at first. Just an email with the Terms attached. If they can’t understand and agree to the basic terms, why send an Offer or NEO.

    We have discussed this at lenth on the Saturday morning Telementoring Call the last few weeks and if need be, we’ll discuss it again.

    #28255
    Avatar of homesavers
    NULL
    Member

    I agree with you Joe. We should not throw out the NEO if it is working. I like the approach Scott and David are working on. Maybe I will experience some success with breaking this down into small steps for the seller rather than send them the whole NEO at first.

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