Deal Breakdown: Quick $1k in OKC

Hi all, I thought I’d check in to tell you about our first deal of 2014!  It was a thin deal (hence the $1k), but it’s pretty great it worked out, especially as I was a helpless sicky in bed during half the process.

The seller was part of a small probate campaign,  which was actually over a year old (something I know my friend Sharon would like to hear, since she often talks about perpetual marketing). I’d sent him only one letter, in January of 2013.  But last month I was going through old leads and decided to resend to my probates – and it was worth it! That campaign only cost me about $60.

Once he emailed me, things went quickly – I made an offer (by email) of $44k and he accepted. I used my free version of HelloSign to email him a contract that I uploaded, which he electronically signed on January 30. Due to (another!) snow storm, we had to delay the inspection a few days, but when my inspector-friend did go, boy howdy, it was worse than I thought.

It had been vacant for 3 years and there was more deferred maintenance than I realized.  I had to go back and re-negotiate the purchase price, and we almost came to an impasse.  I offered $29k, but he wouldn’t do less than $40k. I explained that I didn’t think it would sell for that, and that he had a much better shot at finding a buyer if he would at least go down to $35k.  He agreed to $37k, and I told him I wasn’t sure it would sell, but that I would try. That was February 6, and the next day I caught the worst stomach flu I’ve ever experienced – I was in bed for 5 days. 5 days! With a property under contract!

Thankfully, my husband was willing to try out dealing with buyers (something I don’t like anyway). I moaned out instructions about which buyers to call, what to say, and the selling parameters. That same day he got an acceptable offer from a buyer we knew, and it was under contract the next day!  I was so grateful for his help – and pleased to discover he has a knack for doing the job that I dislike.  🙂

We had a few hiccups with the contract, but the title company opened escrow on February 14th and we closed on the 24th – one of the fastest I’ve found so far in Oklahoma (one of the few remaining abstract states).

It was good to get some quick cash to help with marketing, confirm the value of follow-ups, and to see that the probate timeline can often be years.  Plus, I ended up with this testimonial, which not only helps my business, but is very rewarding personally:

“I want to also thank you and your group for working with me on the sale of the house in OKC. It was a pleasurable experience in a not so pleasurable time for me. The electronic filing was seamless and really helped to expedite the sale as well as the title group being on top of everything helping me to meet the close date. I wish all transactions were that easy. I would be glad to recommend you anytime for your future customers if you would like.”

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4 Comments

Filed under Deals, Inspections, Marketing, Probate

4 responses to “Deal Breakdown: Quick $1k in OKC

  1. Sharon Vornholt

    Go Kelly! Get that mail out girl!

    • Thanks Sharon! Another batch of probates go out next week, so I’m plodding along. We’re selling a property we own and should close within a month. That will jumpstart a MUCH bigger marketing campaign, which should help propel us forward.

  2. Enos anson

    Hi Kelly! Congrats on your first sale for 2014. I’m pretty much a newbie to your column and to be honest a information junky to the wholesale business. (No good right) anyway I just wanted to ask… Where do you get your probate leads from? You mention the campaign costing $60.00 ? Is that just the cost of mailing ? What did those probate leads cost you and if you don’t mind telling. Thanks in advance for your response and I appreciate you doing this blog.

    • Thanks for the comment! The $60 for the campaign was supplies and postage only. It was a follow-up campaign – I already had the leads. You can get probate leads from different sources: there are some online sites that will sell them, or you can research them yourself. In some counties you have to go to the courthouse to get the records, while others make it available online – which is the case for me. Best of luck to you!

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