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Motivated Seller's Get Out Of Jail Card!
| | Tuesday, May 27, 2003 @ 04:00 AM EDT
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Contributed by: Scott Rister
Scott Rister Properties
Read more archived articles about Marketing
Interesting and effective Motivated Seller angle I recently have been working and thought you need to be aware of. Well, that is if you’re seeking a system of truly motivated sellers contacting YOU!
I had an issue come up on a deal that peaked my interest from a previous closing. I was having a big problem getting clear title on a short notice for a deal I was wholesaling.
Come to find out there was a cloud on the title and that was all separating me from a check with my name on it. The sellers knew nothing about the cloud previously but we ended up resolving it….but not without some legwork involved.
See, these sellers definitely fit my mold of being motivated but in the game of buying/selling houses if you don’t have clear and conveyable title then your deal can come to a screeching halt!
The seller of the house had his father quit claim deed the house to him (the son) years earlier. The only problem now is that there is a cloud on the title keep us from closing. The kicker in the whole deal to resolve is that the cloud on the title was recorded by a BAIL BOND company!
Some of the questions obviously are:
1) How in the world did AAA Bail Bonds get a
cloud on this title?
2) How do I get this cloud resolved?
3) Is this possibly a “back door” approach in
locating other motivated sellers?
With a bit of research it was determined...
that the bail bond company had recorded a lien on the property years earlier. Why? Well, the seller’s father had allowed this property to be security on a legal matter concerning a bail bond.
Once I found out the “why’s” it was easy to get the cloud cleared. See, in these types of matters bail bond companies are very good at recording their interest on a property in case someone never pays. However, they can be very BAD at making sure the lien gets released after someone fulfills their financial obligation to the bail bond company.
So for me it wasn’t all that big of a deal getting the title cleared to get my big $$$ paycheck. Now it started me really thinking after that which is where my research has led me right here to reveal to you this secret: START CONTACTING BAIL BOND COMPANIES!!!
Now doesn’t that speak volumes to the power of real estate? I mean you even have bail bond companies keenly aware on the financial leverage power of real estate!
I’m going to take a timeout right here and state that you can take many different approaches to find truly motivated sellers. My primary philosophy is quit looking for properties and concentrate on the people
with problems and this is one angle that definitely fits that approach.
Bail bond companies will secure interests just like I’ve mentioned and sometimes the person will default on their obligation. Now, how many bail bond companies are in the real estate business? Let me answer that and say not very many. They need their cash and
to move on and as an investor you’re the answer!
In networking with some of these bail bond companies I found some interesting things that a few were doing. In order to secure the working capital some bail bond companies obtained a secured line of credit with a bank and property as collateral. In addition, some bail bond companies occasionally need to sell a property to raise working capital in meeting their cashflow needs.
This is starting to get interesting isn’t it? Well, this isn’t a get me a 100 deals a month technique but it is VERY effective in locating some deals in places you’d never have thought of before.
Take the time to send some letters and network with bail bond companies simply asking, “I’m John/Jane Doe a real estate investor. Do you have a property you need to sell or have a lien on with any of your
customers that needs to be liquidated?”
Yes, when you get on the phone with some they will think you’ve lost your marbles. Just be prepared to simply state how you can be of beneficial interest to them as they are NOT in the game of real estate and this can definitely work to your advantage.
In the end, its all about creating win-win situations and the deal has to stand on its on merit making prudent financial sense for you as an investor. Just take a minute to think and act “outside the box” here and pick up some quality deals working the bail bond system.
Here’s to your success and good hunting as luck has absolutely nothing to do with it!
Note:
Scott Rister is an author and “real world” investor just like yourself. Scott has designed his courses to help investors get their phone ringing and to better manage motivated sellers. To find out more about how his courses can help you click here. If you have a question or comment about this article, please post them below where it says 'Comments'.
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