Today I have the second part of this 2 part article on buying houses subject to the existing mortgage by Michael Quarles from Buy Sell Fix Flip. In part 2 of this post on the creative financing technique “Subject To”, Michael lays out the rest of his buying strategy. He dives deep into how solving their existing problems will get you a great deal in the process.
Here is a link to yesterdays post Part 1. Just click Here….
REI Statement: “If I could come up with a solution that will get you out of the burden of the house without coming up with all of this money, not saying I can, but if I could would that be okay?”
With this statement they have just let out a sigh of relief.
Seller: “That would be wonderful.”
Reinforcing Your “Expert Status”
REI Statement: “That would be wonderful, outstanding.”
REI Statement: “Let me tell you a little about what I do. I buy houses like yours all the time.”
Note: I assure them right from the beginning that I do this all of the time. I always make sure that they can only conclude that I am a complete and total professional, and so should you.
REI Statement: “I pay all the costs – including the real estate commission, the title insurance, escrow fees, transfer tax, Natural Hazard Disclosure, etc.”
REI statement: “Does that sound like something that works for you so far?”
I want them to start saying yes before I get to the important “Yes” questions.
Seller: “Yes that is wonderful.”