Michael Quarles covers how to proceed with buying a house that has tenants, and more…

  • How does your conversation go when you are calling a realtor and asking them to complete a BPO for you?
  • When asking a realtor to complete a BPO and they ask you your purchase price on the home do you tell them?
  • I have noticed by listening to the morning calls that there are a few of us who are in the Bakersfield area. I am finishing up my marketing sheet and have selected many of the Bakersfield Zip Codes. I am curious, does it make sense for me to spend marketing dollars in these zip codes, or should I go  virtual?
  • How should I move forward with this seller?I got a call from a seller who said he wanted at least $70,000 for his newly vacant rental, needing less than $15K of work. Using tax appraiser estimate, he said appraisal at$92,000. My estimate for ARV is at least $130,000. Seller was supposed to call me back later in the day about when his daughter could get me into the property (out of state owner), but when we got on the phone again he said he saw a sale for $160,000 for an 864 square foot house in the area, and said that now he just wanted me to make him a‘fair offer’.
    He definitely wants to sell, does not want to deal with a Realtor, and does NOT want to rent it out again. He just wants an outright sale, no terms or anything. I’m a little unsure as how to re-approach this seller since he doesn’t want to hear the $70,000 number now, and does not want to give another number. What I need most is help with phraseology in speaking with the seller.
     
  • We are in escrow to buy a house with the tenant in place. We met the tenant today and found out that the tenant believes she has a lease-to-own agreement in place with the seller. We asked to see if but the tenant wouldn’t show us. We asked the seller and he said it was a verbal agreement and then later said they wrote an agreement up a while ago but the tenants never signed it. So now he says there is no lease-to-own agreement in place. How should I proceed?

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