Why Stepping Back Works Better Than Pushing Forward

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Transcript

The Pull Away Range Tactic

SPEAKER_01 0:03

Welcome back to seller call film room, the series where I'm going to show you a live seller call, but give you one specific tactic that I want you to pay attention to during the seller call. And today it is going to be me pulling away from the seller, but also giving them a range offer and how that is effective in getting the seller because he is motivated to chase after me. Now, this is important because sometimes sellers are going to be skeptical, maybe even a bit standoffish. I'm not sure about this whole selling my house, side on steam. I'm not sure about this entire process. And rightfully so. This is a unique process. It's not how the majority of real estate transactions take place. And so during this conversation, you're going to see how skeptical the seller is, and how in reality he's kind of pulling away. And so I mirror that. I match his energy and I also kind of pull away. But before I pull away 100%, I do give a little bit of a range. I would need to be in the low 200s. And once I say that, the seller says, and I would be interested in that. And then you're going to hear about all of the motivation and all of the problems that the seller needs to solve by selling this piece of real estate for a discount. That first price is irrelevant, but it does teach us what we need to do in the rest of the conversation, how we proceed with speaking to the seller. That's why we ask for the asking price up front. It doesn't mean that's what the seller needs, doesn't even mean that's what the seller wants. It's just teaching us how to navigate the remaining portions of the conversation. And so because of that, once I pull away and I deliver my range offer, from there, we're able to close the deal and receive a signed contract. So enjoy this live seller call with the pull away with the range offer. Let me know have you used this in your seller calls? Let me know in the comments. Regardless, make sure you like the video and enjoy this live seller call.

Opening The Call With A Skeptic

SPEAKER_00 2:43

Hello.

SPEAKER_01 2:44

Hello, it's Bob there. Hey Bob, this is RJ Bates calling back to property on East Main Street. How are you doing?

unknown 2:53

Oh, sorry.

SPEAKER_01 2:54

You had uh entered this on my website saying that you were interested in selling that property. Is that correct?

SPEAKER_02 3:01

I am. I'm just very skeptical of offers like this, though.

SPEAKER_01 3:07

Okay. Uh well what what are you skeptical of?

SPEAKER_02 3:12

Um people offering to pay cash for something sight unseen and just from a brief survey kind of thing.

SPEAKER_00 3:23

Okay.

SPEAKER_01 3:24

Well, yeah, I mean we we haven't even started the process yet. Um I mean it's not unseen. I mean, we're gonna come see the property. Um so it's not like we're just never gonna see the property and just you know send you money.

SPEAKER_02 3:42

Um that's how it came across on the website.

SPEAKER_01 3:46

Well, I mean, the offer can be sight unseen, but I mean I'm gonna ask you some questions and get some idea about the property. I mean, but uh yeah. So what's uh what's guy you looking to sell the property?

Property Details And Seller Goals

SPEAKER_02 4:04

I'd like to retire and I can't afford it once I retire.

SPEAKER_01 4:09

Uh understood. Alrighty. Uh did you have an idea of how much you wanted to get for the property?

SPEAKER_02 4:17

Around 200.

SPEAKER_01 4:19

Okay. And it's 3126 square feet. Is that right?

SPEAKER_02 4:25

That's correct.

SPEAKER_01 4:28

What's uh what's the condition of the property like?

SPEAKER_02 4:33

Um it's nicely landscaped, got a pool, uh cathedral on the ground, um the coast has had uh uh some uh uh renovations done in the past uh decade. Um I mean it is an old property, an old house. Uh I mentioned that, but it was built in 1860. But it's uh first the first floor is essentially all new.

SPEAKER_00 5:06

Gotcha.

SPEAKER_02 5:09

I mean obviously an older house, it's gonna show a little better, but it's uh it's quite habitable. Quite a beautiful place.

SPEAKER_01 5:19

Yeah, as other than say, just looking at the pictures, I mean it it's beautiful property, it's huge, um, but it's uh it's beautiful.

SPEAKER_02 5:29

Mm-hmm.

SPEAKER_01 5:32

Scrolling through, I don't know when these pictures are from. Uh let's see.

SPEAKER_02 5:36

I don't know what pictures you're looking at, so I couldn't tell you.

SPEAKER_01 5:39

It's pictures, I guess, from the listing from 2019.

SPEAKER_02 5:45

Well, that would give you uh approximate date.

SPEAKER_00 5:59

Gotcha. Okay. Well, let me look around the area here real quick.

SPEAKER_01 6:09

So while I'm doing that, what what makes you skeptical about people making offers on properties from from like you reaching out?

SPEAKER_02 6:20

Well, like I said, it's uh just something that doesn't seem logical, I suppose. Uh it would be great if it could happen, but you know, uh I just I'm just naturally skeptical of things that seem to it to be true.

SPEAKER_01 6:40

I gotcha. Well, yeah, I mean it's what we do for a living. So I mean it's it's pretty easy for us because it's uh we base it off of age of house, information that's provided to us, property values within certain parameters of the house. So for you, I mean it's pretty easy. I can pull up comps and within a half mile radius, I get a good solid amount of similar square footage, similar age. I don't get similar lot size. You have more acreage than the majority of your neighbors. Um, but then from there it's just as simple as, hey, let me look at the picture, see what it looks like. And then everything is from that point on just kind of based off of numbers of square footage. So it can be pretty simple as long as you know the person on the other end of the phone is forthcoming with information and honest, you know. But if they're not honest, then they just waste both of our time and we go out there, we take a look and say, hey, you weren't honest, so we're not gonna buy your house.

SPEAKER_00 7:43

Um does your does your house have any additions or was that a ri how it was originally built?

SPEAKER_02 7:54

What I know is just basically what I read through the very thick uh title uh the right. Uh had an initial section, I cannot tell you which because I'm not certain that was built uh back in 1850, and then it had several sections apparently added to it. But again, I can't tell you which because I don't know.

Comps And Why Listing Might Win

SPEAKER_00 8:44

Taking a look at it, I I would think I would think in order to get three hundred thousand.

SPEAKER_02 8:55

You think what?

SPEAKER_01 8:56

I said in order to get three hundred thousand, I think probably your your best route would be to list with a realtor, to be honest with you. Um you've got a couple of comps in the area that are a little bit more. Um there's a really good comp on front uh front street uh that's sold for like $355. That's similar to your house. Um but it is it is very remodeled on the inside.

SPEAKER_02 9:29

Um I think I heard about that one.

SPEAKER_01 9:33

Yeah. So like to us, that's probably the the best. The house has a little bit more square footage, but it has less lot, so those kind of even themselves out a little bit. Um they don't what's that?

SPEAKER_02 9:50

And they don't have a pool.

SPEAKER_01 9:52

Correct. So maybe your house could be worth a little bit more if it was fixed up. Um, but even if I said I pushed it all the way to 400,000 when it was remodeled, I'm probably still gonna be like in the low twos um just from an investment standpoint. I think if you were to list it on the open market, though, I think you could get pretty close to 300,000 based off of what I'm seeing in the area. So I think you could get more by listing it, unless there was just some reason as to why you don't want to list it. Um, but it sounds to me like it's very important to you to get as much as you possibly can. And if that's the case, you know, I think that's the the best part about that is is to um is to uh list it with a realtor.

Timeline Pressure Reveals True Motivation

SPEAKER_02 10:50

Um let me give you a little bit more information. Um the fact is again, I mean I just told you I would I I cannot you know retire until I sold the house.

SPEAKER_00 11:03

Right.

SPEAKER_02 11:08

Let's retire it. In any case, uh I mean it's fine now, except I'm also supporting two homes because I'm not living in the area right now. So that's possibly which is why I want to do it quickly, but uh gotcha is uh I I just basically want to make a reasonable profit for my investment. And you know, 300 is just sort of the starting point, uh a thought, basically, um based upon some I think basically the same market research you've been doing, and um so you know I am very flexible, uh given this you know obviously 200 very now. Um what I would like to consider is it's not like you just buy me some up water and then sell it for a profit, I assume.

SPEAKER_00 12:15

Correct.

SPEAKER_02 12:18

Okay, what I would like is your suggestion of trying a realtor, you know, uh take a little bit more of it. Um go that route initially, and if it doesn't sell in this short while, again, because I have a bit of a timeline I've got to make in order to you know not paying for two places, um then I can get back in touch with you and we can then negotiate at that point.

Mortgage Equity And The Low 200s

SPEAKER_01 12:50

Let me ask you a question. You you have a mortgage on this, correct?

SPEAKER_02 12:55

I do.

SPEAKER_01 12:56

How much do you owe on the mortgage?

SPEAKER_02 12:59

It's 137, obviously. Much more than that.

SPEAKER_01 13:04

Well, yeah, the reason why I was at it, I was hey, that's good for you. I was hoping it was more because if it wasn't a whole lot different, then one of the ways that we could do it is I take over that mortgage and then just write you a check for your takeaway cash, um, which is a lot easier. And we can usually pay more for properties, but because you have so much equity, I mean it wouldn't make sense for me to write you a check for like 120 grand. You know, I might as well just buy the whole thing at that point, you know. So um that's good for you, not good for my idea. So uh, but yeah, I mean I don't have a problem, Bob, with you, you know, testing the waters out, and if it doesn't work, you know, giving us a call and seeing what we could do at that point. But that's what I was gonna say. Um I would um I would probably be in the low 200s. That's probably where I would come in.

SPEAKER_02 14:00

And I would be open to that. So that's uh you know, I'm almost tempted by the second, except I just don't want to just jump, as it were.

SPEAKER_01 14:14

I don't want you to, to be honest. Like, just being honest with you, like I mean I what I could do for you is I mean, uh, like essentially you're trying to avoid making another mortgage payment next month, right?

SPEAKER_02 14:31

Well that'd be nice, but uh let me let me tell you one

Repairs Delay The Listing Plan

SPEAKER_02 14:34

more thing. Uh there is still a little bit of material work that's being done currently to uh make things uh more saleable and so on. Um we had a little bit of a water issue a little bit ago, and so we are having that stuff renovated right now. The problem is it well, I just got across the phone with the contractors just a moment ago. They're not looking to finish it until sometime in August. So um I'm actually not probably going to be able to put it on the market until less time. So um in any case, I'm just again being very far-right. Um be completely ready, completely done, totally inspected, I mean I should say certified for any kind of mold issues and that sort of thing, you know. So um it'll be totally habitable, obviously. And I look at it on the weekends now anyway. But the point is uh again being fully 100% forthright, but um it will be completely ready uh by sometime in August uh for anyone to move in at that point or to you know just buy it, whatever you ought to do with it.

SPEAKER_01 15:49

Well, if that's the case, um I mean, do you want me to see if I can in the meantime potentially come in a little bit higher and get closer to 300 and and see if we can just get this done before honestly? It's it's like if I were to buy it, I'd almost tell you, like, hey, just stop the work, you know. So it's like because I'm gonna come in and do my own work.

SPEAKER_02 16:26

Um that would be interesting.

SPEAKER_01 16:30

I would be probably not too because like right now they're working on it and they're gonna take it until August. What all are they doing?

SPEAKER_02 16:43

Um they have to uh rebuild uh small portion of uh one of the bedroom ceilings and uh some of the walls. There was a water leak and one of the past rooms, and they'd have to take care of that.

SPEAKER_01 16:56

Gotcha. Huh. Are they out there working every single day?

SPEAKER_02 17:02

But they're working frequently, I can't say every day.

SPEAKER_00 17:06

Right. I gotcha. Um, hmm.

Turning Waiting Time Into Leverage

SPEAKER_01 17:14

Well, this feels like it's kind of a reverse scenario. Normally it would be like, hey, it's not a good fit for an investor. Why don't you go ahead and list it so you can get more? But now it's like, well, you're gonna have to wait to list it.

SPEAKER_00 17:30

Yeah.

SPEAKER_01 17:32

So it's like, well, instead of just doing nothing while you're waiting, I guess I could send people out there to kind of look at it, get me numbers on what it would cost, and then I could firm up my offer number to you. Um so that way you're not just sitting and making an August payment, or probably making a July payment, then an August payment, and then potentially even a September payment. I mean, you're going the realtor route, you're staring at a minimum of probably three more mortgage payments at least.

SPEAKER_02 18:10

I agree. I mean, I of course already paid the the 10 for the July, but uh there's still August and probably September come out.

SPEAKER_01 18:18

And when you look at the the days on market of the active properties, it's 46, 54, 72, 32, 75, 145, and the pending was 36, so you're looking at probably another 60 to 70 days there. So say two more payments and then another three, you're probably staring at five payments to sell on the market.

SPEAKER_02 18:45

Yeah, that's I just said that's why I'm saying considering going your route.

SPEAKER_00 18:56

Yeah. Okay.

SPEAKER_02 18:57

That's what interested me and when I saw the UF website.

SPEAKER_01 19:02

So that's why I was saying, like my suggestion would be to listen with the realtor unless there's some need as the way you sell need to sell fast, and then it's like, well, now my mind's kind of shifting and going, yeah, I mean, if you just need to be done, and if you say you sell this and you could walk away with you said you're at like 130, say you could walk away with like 90 to 100,000, that would be fine, right?

SPEAKER_02 19:33

That would be most acceptable.

SPEAKER_01 19:36

Gotcha. Now I'm starting to understand. So what I need to if if I had people to send over there to go look at it, is there a is there access availability? Like, is there a lock box that they could go view the property and stuff?

SPEAKER_02 19:54

There is a lockbox. Um FYI when I had sent in the survey thing to you guys last week, I did not have a realtor.

SPEAKER_00 20:05

Gotcha.

SPEAKER_02 20:06

I have not signed a contract with a realtor, but I did meet with one last night, and she put a lockbox on the one of the doors so that there is a key available, but I don't know how to convey that to you unless you have some way of conveying through them.

SPEAKER_01 20:24

Is it one of those fancy realtor lockboxes?

SPEAKER_02 20:27

Yeah.

SPEAKER_01 20:28

Gotcha. Well, I could also send people over there when your contractors are working too.

SPEAKER_02 20:35

That is true. And also I have uh a friend who comes down a couple times a week to take care of things, like taking trash not and whatever.

SPEAKER_01 20:46

And we can totally arrange it to when they're gonna be there as well.

SPEAKER_02 20:50

Right. Um definitely uh I'm going to be unavailable finding by phone, I can obviously talk, but and I won't be able to get to the house at all in the next two weeks uh after Thursday this week because I'm having a I'm going on a vacation.

SPEAKER_01 21:08

Where are you going?

SPEAKER_02 21:10

Tennessee.

SPEAKER_01 21:12

I just came back from Tennessee. I my son had a travel hockey tournament in Nashville. Um that was uh first time I've ever ever spent time in Nashville. It was a pretty cool city. Um there you go. Uh we went down to Broadway Street where the Bridgestone Arena, where the predators play hockey, and uh walked up and down there. Man, Saturday afternoon, every single restaurant had live music playing. So it was it was a lot of fun.

SPEAKER_02 21:44

Um yes, the contractors are frequently there, but I couldn't tell you exactly when. Um I my son also lives in the general area. He's about twenty minutes away or so, fifteen minutes. But um if If uh you have a time that you can have someone there, I can try and get him to go there. He's not gonna reliable.

SPEAKER_01 22:08

Understood.

Lockbox Access And Contract Strategy

SPEAKER_01 22:09

Um, so let's figure out how we want to do this because the normally the way that we do things is is I say, here's my price, you sign a contract, I go out there, I view the property, and I say, Yep, we're good. We close 30 days later, or I say, Hey, I can't do that based on my walkthrough. Here's the new price I need to be at, and you say, Okay, I can do that, or no, I can't do that, and we separate or we close. So, so how do you want to do this? Preferably, what I would say is is we come up with a number. Say, in this case, like you're at 130 on the loan. I say, let's say it's 230. So that way the number that we're starting with gives you a hundred thousand dollars in your pocket.

SPEAKER_02 23:08

It's actually one thirty-seven still on the loan.

SPEAKER_01 23:11

Okay, so two thirty-seven. So let's just start there where you're walking away with a hundred thousand dollars.

SPEAKER_02 23:17

So and I would love to do that.

SPEAKER_01 23:22

That gives me the ability to go out there, want the property, see what I can do, and then when I come back and say, I'll I'll be honest with you, I think I'm gonna come back and say I need to be less than that. I'm I'm fairly certain, but I'm just letting you know that up front. I'm not gonna try to poke you in the eyeballs, I'm just gonna make it what I need it to be. Um, and then you can say, yeah, let's do it, or no, and I should have that answer to you probably in a you know 10, 14 days, which you weren't gonna do anything during those 10 to 14 days, anyways, besides wait on your contractor, so it doesn't hurt you at all. And no one knows that you're going under contract. It's not like uh listed on the MLS where you're everyone knows that you went under contract. No one knows except for me and you, you know.

SPEAKER_02 24:14

Yeah, right.

Insurance Money And Closing Next Steps

SPEAKER_02 24:16

So the only thing with the contractors is the insurance is uh being involved to pay for to cover this stuff and all that. Obviously, I can send them back what's not used or whatever, but um uh it would be wasteful.

SPEAKER_01 24:33

Realistically, that's your money to keep. So as long as the money that they gave you up front, the depreciation, you only receive that once you do the work. So what they gave you right now is supposed to go to that. But if I come along and I buy the house and you didn't complete the work, you're just canceling that policy anyways, and it's just your money to keep. So there's you definitely did not send it back to the insurance company. They got plenty, okay?

SPEAKER_02 25:03

Uh it sounds like they wanted it back if they because they said they wanted receipts of everything that was done and therefore.

SPEAKER_01 25:11

But that's that's the how much money did they hold back from you?

SPEAKER_02 25:17

Um, well again, there's in two two phases. I had some work done earlier, and they already covered that uh then the the next one, and I don't have a full estimate for that yet.

SPEAKER_00 25:28

Gotcha.

SPEAKER_02 25:28

So I don't have it from the insurance company yet. I gotcha.

SPEAKER_01 25:35

Well, we can figure that out. That's not a big deal. We deal with that too. I mean, it's like it's all the same to me. I mean, at the end of the day, we can figure out if whatever needs to happen there.

SPEAKER_00 25:49

So, all right, Bob. Well, I've got your email and can I get your name and your company name again?

SPEAKER_02 26:01

I don't remember.

SPEAKER_00 26:02

Yes, sir.

SPEAKER_01 26:03

So my name is RJ Bates. That's B-A-T-E-S.

SPEAKER_00 26:10

And my company is Titanium Investments.

SPEAKER_02 26:19

And his number that is on my phone is good to get you if I need to.

SPEAKER_00 26:23

Yes, sir. So this is the office line, so when you call in, you can just ask for me.

SPEAKER_02 26:28

Okay. Great. Yes, I think this would be an ideal situation for me.

SPEAKER_00 26:35

Agreed.

SPEAKER_01 26:37

Now that I've have a full grasp as to what's going on and kind of the the magnitude of the situation, you know, I I I think this can be a good fit. Prior to that, it was kind of like, listen, man, you've got a beautiful house. Like, go go get your money. You know, it's like, okay, there's a little bit of distress factor there with what's going on with the the rehab with the house, and it's gonna elongate the process. Yeah, looking at five, six mortgage payments, and you have two mortgage payments, I think, yeah, this fits a little bit better for my my situation where I come in. So, yeah, let me let me see if I can help you out there, and uh I'll get that contract sent over to you here today, okay, Bob? All right, thank you, sir. Bye bye.