Stalemate

Mr. No Monkey Offers and I are at a stalemate.

Our offer still stands at $90K and he and his brothers are currently standing firm at $95K.

He shared with me that the extra $5K was important because they have not $20K, but $28K in back taxes to address plus they have nearly $40K in attorney fees to deal with.  Yikes! No wonder they had the property listed for months for around $120K…and no wonder they don’t want to consider a seller financing scenario!   At this point we’re talking about splitting not that much money among the brothers (I think there are 3 or 4 of them).  It will be interesting to see what happens from this point.  Maybe it will work out and they will get a buyer for the $95K or slightly more.  If not, I’m sure we’ll be talking again.

I also spoke with a seller who has a duplex which is in pre-foreclosure.  It’s a 3/2 on each side (sweet!), its vacant on both sides, and has been updated relatively recently…it may be right up our alley as a rental to hold.  The owner is completely “over it” with this property and wants to get rid of the headache as soon as possible.  He said he’s tired of dealing with the lender and that they take him for a fool so he just wants to dump it. He hasn’t made payments for quite some time now, but he still hasn’t been given a date that they would proceed with foreclosure.  We’re going to meet with the seller to get inside of the property, and if nothing is too crazy we’ll definitely make an offer and get the short sale negotiation process started.

One last thing… I’m really practicing consistency in the area of having conversations with people about the benefits of private money lending and having a minimum of 2 conversations each week. I’m going to dedicate a separate post to this topic as I have some tips that I think can help others who are doing (or need to do) the same thing to get funding for deals.

Til next time!

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Tags: consistency, Making offers, seller negotiations, stalemate