All Forum Posts by: Michael King

Well right, but let's say absolutely last resort you have to back out of a deal. What do you do? Tell the seller verbally?

Good morning everyone,

    I have two contracts that I've had approved by an attorney; an Offer to Purchase (with a section for subject to financing) and a Lease Option. Both forms contain exit clauses. The Offer to Purchase contains a clause stating that the deal is contingent upon finding a qualified resident to occupy the property, and subject to "someone's" approval (i.e., my partner, my fiance). The Lease option contains the same clauses.

    My question is, how would you actually back out of a deal after you've done your due-diligence and discovered the deal wasn't good enough? Do you write a letter to the owner stating "Hi Mr. Seller, my partner didn't approve the deal", or "Hi Mrs. Seller, unfortunately I was unable to find a qualified resident to occupy the property."

    Thanks!

                  Mike

@Michael Quarles

Hi Michael,

    I like your script ^. I am a little confused as to what the little bits in parenthesis are though? At first I thought they were the owner's response, is that what they are?

    Thanks,

                  Mike

@Jaremy Moritz ^ I like your method of turning disgruntled callers into referrals. On the topic of referral fees, do you usually use a percentage referral fee or a set dollar amount?

@Jeff Fairchild ^ Excellent book! That was the first book I read by Peter Conti and David Finkel which spells out the basic concepts. But there is another book they wrote which fine-tunes some of the information in the first one. It's titled Making Big Money Investing in Real Estate Without Tenants, Banks, or Rehab Projects; same authors. Highly recomended.

I am getting better with my "Telephobia", but not cured yet. I've found that I sit there with the phone in my hand waiting to dial a lot of the time, and find myself getting distracted with other things to avoid dialing the number. But one day about 6 months ago I told myself "it's okay to be scared, but you have to do it if you want to get anywhere in life." So I've been training myself to sit down, dial the number and hit send as fast as possible. That way I force myself to make the call. So far, it has proven really effective. Every time I hang up, I feel very good about myself.

Okay, I poked through the MLS rules and the only thing it said was that you can't solicit to clients who are already listed with another agent (which is a given), but doesn't mention anything about expired listings. Looks like I'm good to go then. Thanks!

    Mike

I had read a couple books by Peter Conti and David Finkel, Making Big Money Investing in Real Estate without Tenants, Banks, or Rehab Projects is a pretty good one. But there are a few scripts in there.

    Mike

I am more wondering if it violates any MLS rules too. I don't see why it would, but figured I better ask just to make sure. I know you're not supposed to use the MLS to solicit anything that it's not intended for, like merchandise or something. But I don't see why it couldn't be used for calling up owners whose properties I may be interested in buying. Sound right?

    Mike

    Hi everyone. Does anyone have a script they use as an investor to call expired listings? I have a script for calling FSBOs and For Rent owners, but not expired listings. I feel that could be a very underutilized niche when it comes to finding leads.

    Also, does this violate any sort of ethics guidelines? I haven't done this yet, but it was just an Idea I was kicking around in my head.

    Thanks!