Oh.So.Close!

I got another call from my probate letters. Thankfully, it wasn’t a hate call.  (Shiver.)  It was a “please-take-this-nightmare-situation-off-my-hands” call! 

This nice, smart, businesswoman is the pr of her deceased brother’s estate.  She lives out of state (motivation check), he was a hoarder, leaving the two houses on the property in terrible shape with rooms full of stuff (motivation double check), and she felt her life was one crisis after another (triple check).

I felt rather sorry for her, dealing with all this.  I didn’t get a word in – the poor lady had so much to tell.  But I stuck as well as I could to Vena’s script, and voila!  We were suddenly striking a deal.

I told her I needed to research the property.  I got off the phone and immediately called my friend/partner/buyer, who helped me with ARVs and repair costs (and, thankfully, mine weren’t too far off!).  We discovered that her bottom dollar and ours was really only separated by an actual inspection of the property, but I first needed to know if I could get her to agree to a ballpark or range (to avoid wasting everyone’s time by arranging neighbors to let us in).

When I called back, it happened just like it was supposed to:
ME: Well, that property is just so unique, it’s pretty difficult to come up with an idea of what we could offer, since there aren’t very many sales like it in the area.
HER: You mean, there aren’t a lot of comparables.
ME: Exactly.  Well, do you have any idea of what you were hoping to walk away with at closing?  After the mortgage is paid, and you walk out, what were hoping to have?
HER: I’ll be candid with you.  A realtor friend down there said that he thought if I fixed up one of the houses, I could get it for X.  I was really hoping for that, which would leave me about $30k or so, I guess.
ME: Okay.  I understand.  Let me ask you this: if we could take care of all the belongings in the house (after you come back and take what you want), so that you don’t have to deal with it, and could offer you cash with a closing in 20-30 days, do you think you could be happy walking away with closer to 20K?
HER: You know.  You’re offering a pretty good deal.  Not having to take care of all that stuff myself would lift a huge burden off of me.  I think that’s definitely within the realm of possibility.
ME: Great!  Well, that means that it’s really important that I get in to see the property.  I’m pretty sure, from what you’ve told me, that we could do somewhere in the ballpark of giving you 20K at closing, but I really need to see the property to determine the value and repair costs first.  I’d love to do that as soon as possible, so that I could give you an exact number, and you could decide from there.

We went on to discuss her sending me a letter giving me permission to look at the house, and how and when the neighbors will let us (me, and the partner/buyer) in.  I’ve received the letter (by fax) and she’s waiting to hear back from the neighbor. 

WOOOOOOOHOOOO!!!!!  How exciting.  I’m almost certain I had an adrenal crash this afternoon from being so darn excited about it all this morning.

We shall see!

Advertisements

6 Comments

Filed under Deals, Fear, Probate

6 responses to “Oh.So.Close!

  1. Sam

    Sounds like you’ve got a good one there Kelly. Let us know how it turns out.

    • Thanks, Sam! I’m almost positive the seller is on board. Now I just need to iron out the exact number. I hope it’s close enough to do a deal. It’d be wonderful to have a first deal so soon. I could live off the momentum of THAT for a while! 🙂

  2. Way to go Kelly! Just make sure you are going to pay what works for you. Don’t feel the need to go over.

    • Thanks, Scott! It’s already tempting to fudge the numbers a bit. I need to watch that!! We’re going to look at the house tomorrow at 5:00. That’ll tell us exactly what the ARV is (we found out there’s a section 8 apt complex close…), and the repairs (found out that 1 of the 2 houses on this property is actually in decent shape – our estimate is assuming a complete gut on both). We’ll see! Thanks for the reminder!

  3. Congrats. BTW those tough calls make me shiver too. You have gotten some good advice from Scott not to waiver on your numbers. I’ll be rooting for ya.

    Jason

  4. Yeah! Kelly, that’s awesome! Can’t wait to hear more 🙂

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s