The Seller Just Needs The Truth | Seller Call Film Room

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Transcript

Cold Open On Middlemen

SPEAKER_03 0:00

Don't ever tell them that you're the middleman, Jerry.

SPEAKER_00 0:05

Whatever you do, that pisses people off. What a great way to explain it, RJ.

SPEAKER_03 0:16

Hey,

First Call And Property Basics

SPEAKER_03 0:17

is Teresa there?

SPEAKER_01 0:19

This is she.

SPEAKER_03 0:20

Hey Teresa, this is RJ Bates calling about your property there on Garrett Road. Looks like you filled out a form on my website saying that you were interested in selling that property. Is that correct?

SPEAKER_02 0:30

That is correct.

SPEAKER_03 0:32

Awesome. How much were you looking to get for it?

SPEAKER_02 0:35

Um, at least um I'd like it to go at least 110. It's worth 150.

SPEAKER_03 0:48

All right. 110. What you got going on over there?

SPEAKER_02 0:53

Um, it is a four-bedroom cue bath. It has a bonus room, new appliances, including hot water heater. Um there's an 18 by 20 shop on the property, a four park carport on the property, and a nice long back porch covered. A sitting porch.

SPEAKER_03 1:22

Okay.

SPEAKER_02 1:23

And it says on two acres of land.

SPEAKER_03 1:29

What's got you looking to sell?

SPEAKER_02 1:32

Um, truthfully, I need to move my family a little closer into the city so they have easier access to things that they need. Just a little too far out in the country for them.

SPEAKER_03 1:47

How far away is it?

SPEAKER_02 1:50

Well, it's 15 minutes off the exit.

SPEAKER_03 1:54

Okay. Let's see.

SPEAKER_02 1:58

But we've got one that walks, and I want him closer to something for his health that he can walk to.

SPEAKER_03 2:10

So it looks

MLS Results And Repair Reality

SPEAKER_03 2:11

like you guys just removed it off of the MLS, is that correct?

SPEAKER_02 2:16

Yes. I don't think the real estate agent was doing much with it, so I let my contract with her expire.

SPEAKER_03 2:25

Did you ever have any showings or any feedback?

SPEAKER_02 2:28

Um, I did have a few showings. Um what they said was it needed more work than what they wanted to put into it. Because it needs the shingles put on the roof, which we are actually going to do this weekend.

SPEAKER_03 2:52

Are you hiring somebody to do that or are you doing it yourself?

SPEAKER_02 2:56

Um, hiring somebody to do it.

SPEAKER_03 2:58

Okay. And what what else did they think needed to be done to it?

SPEAKER_02 3:05

Uh, there's a few pieces of flooring in the dining room that needs to be replaced. I already have the flooring to replace it. So if we get finished with the roofing in time, I'm gonna have that part of the flooring replaced. Just the luxury vinyl plane, not the subfloor.

SPEAKER_03 3:28

I think part of the issue was is these pictures are are well on.

SPEAKER_01 3:34

These pictures are old.

SPEAKER_03 3:36

Yeah, these are very old. Yeah, these are the old pictures. Did they not come out and take new pictures?

SPEAKER_02 3:42

They did. They were up on there, but I guess she took them down when she took it off the listing.

SPEAKER_03 3:48

She's like, those are my pictures. Um keep it.

SPEAKER_01 3:51

Yeah, pretty much.

SPEAKER_03 3:54

Realtors are silly.

SPEAKER_01 3:56

Yeah.

SPEAKER_03 3:58

Silly, silly. Um did you ever get any offers or just they're not interested?

SPEAKER_02 4:06

I did get a couple of offers, but they were right at like 95,000 offers, and that's not gonna cut it. Not when I know the value of the property.

Why Bank Values Mislead Sellers

SPEAKER_03 4:26

When you say you know the value of the property, what do you mean by that?

SPEAKER_02 4:31

Well, um, I have Wells Fargo's evaluation of my home because I'm a Wells Fargo uh client or account holder, and they have valued the home at $147,000.

SPEAKER_03 4:51

And was that an actual appraisal or are they just basing that off of the tax assessed value?

SPEAKER_02 4:59

Uh that I don't know how they got the numbers. That is beyond my pay grade.

SPEAKER_03 5:08

Yeah, and and I come across this often, and it's somewhat unfortunate because I understand where you're coming from. You're like, hey, my bank over here says my house is worth you know $150,000. Um, but that's kind of similar to are you familiar with the website Zillow?

SPEAKER_02 5:27

Yes.

SPEAKER_03 5:29

So Zillow.

SPEAKER_02 5:30

Zillow kind of sucks.

SPEAKER_03 5:32

Yeah, and and so does that number that that Wells Fargo told you. Because you just had the house listed for $130,000 and no one was willing to give you $130,000. And so at the end of the day, your house is only worth whatever somebody's willing to give you for it.

SPEAKER_01 5:50

Yes, I'm aware of that.

SPEAKER_03 5:51

Wells Fargo ain't gonna come give you $147,000 for it. You know what I'm saying? So it sucks for you as a client that they would tell you that, and it kind of gives you that that thought process because now you're you had it out, you had it listed for $130, now you're even asking $110,000, and now you're talking to people like me that are investors. And so I look at this and I say, All right, well, what could the property be worth after I improve it? And now you're even investing money into it. You know, you're doing a roof, you're gonna do some flooring. Um, so I'm looking at this and I'm saying, I would have loved to been able to do buy the property before you do some of that work so you didn't have to spend that money out of pocket um and see what those numbers look like. Because I feel like that $150,000 to $160,000 number could be what this property is worth after all the repairs are done to it.

SPEAKER_02 6:59

Yeah, and they're all minor repairs.

SPEAKER_03 7:02

Right. So, how much do you think it really needs after the roof? Like dollars and cents wise, what do you think it needs in repairs?

SPEAKER_02 7:11

In repairs, if we were not to touch the floor, I've already got the material to do so. But if we weren't to touch the floor and someone wanted to do some updates, I would say, you know, because I've already updated the sinks in the master bathroom. I have not updated the shower or the bathtub because they're in perfect working order. Um realistically, probably a couple of thousand to repaint it and make it look nice and clean. We've already got the faceplates off to do so and have begun that. But that's about all it's gonna need is some paint. The kitchen is in solid condition. None of the cabinets are all wonky or anything like that.

SPEAKER_01 8:08

They're solid wood.

SPEAKER_03 8:16

Alright, give me just a few seconds here. I'm looking, I'm trying to see if I can because you are kind of out there a little bit. I want to see if I can find a few other soul properties around you. See if I can find a little bit of additional value there. What what city are you moving to? Like what's your what's the major city that you kind of go into town to?

SPEAKER_02 9:02

Um I found a place in Beach Island, and that's where one of my sons works.

SPEAKER_03 9:09

Oh no, no, I'm I I apologize. Uh, not where you're moving. Like when you go to the store right now, you said it's like 15 minutes from the the exit, whatnot?

SPEAKER_02 9:19

No, no, we just go to uh where North Augusta just begins in South Carolina.

SPEAKER_03 9:27

Okay. So you're going south. Southwest, kind of. Okay. What

Timeline Pressure And True Motivation

SPEAKER_03 9:38

and you already have a place that you're moving to, so timeline-wise, what are you looking like for uh for wanting to make this transition?

SPEAKER_01 9:48

Um probably a couple weeks if possible.

SPEAKER_03 10:03

What were your intentions because you removed it off the MLS? You were gonna go do the roof and the flooring. Were you gonna plan on listing it again with a different realtor?

unknown 10:17

No.

SPEAKER_03 10:19

What are your plans on selling it?

SPEAKER_02 10:21

Um, I'm either gonna do a quick sell or I'm gonna go ahead and allow my sons to stay there and just pay rent.

SPEAKER_03 10:31

Okay. When you say you're gonna do a quick sale, what do you mean by that?

SPEAKER_02 10:37

Find an investor who will give me a decent price for it.

SPEAKER_03 10:40

Well, that's that's me. What's a decent price?

SPEAKER_02 10:44

Well, like I said, I would like to get at least one ten out of it.

SPEAKER_03 10:48

I don't know that I can do the one ten. I was hoping you were gonna tell me a better number. That's why I was asking. Uh just because I just I I'm so back and forth. I'm trying to find something that is exactly like your property. Because I've got a I've got a I know I've got a bunch of bigger, uh, newer, I got some with more land, some with less land. Um, so there's always something that makes me be like, that's not what yours is, right?

SPEAKER_01 11:20

Yeah.

SPEAKER_03 11:24

The people that offered you 95, they weren't investors, were they? They were they were owner occupants, weren't they?

SPEAKER_02 11:30

Uh yes.

SPEAKER_03 11:31

Yeah.

SPEAKER_02 11:33

It was actually the previous owner of the property's son. But that was all they could come up with. So they weren't able to meet me at my 115 mark at that time.

SPEAKER_01 11:52

Financially, they were only qualified for ninety-five.

SPEAKER_02 12:21

And then at the last minute, they turned out to be kooks and backed out. That's where I came up with the number 110 to 115,000.

SPEAKER_03 12:32

What did what did they tell you the reason why they backed out?

SPEAKER_02 12:37

Um, their reasoning was they didn't have the funding open at the time to be able to take on my property.

SPEAKER_03 12:47

Okay. I

Wholesaling Explained Without The Spin

SPEAKER_03 12:50

think what they were doing was probably trying to wholesale. Are you familiar with that term?

unknown 12:57

No.

SPEAKER_03 12:58

So wholesaling is you get a property under contract, and your intention is not to buy the property, it's to go find the flipper or the landlord that will actually buy the property, and you sell the contract to that end investor. So it's say if I told you right now, yeah, I'll give you 110, and then you sign the contract for 110. I go find a house flipper and I say, hey, you could buy this property from me for 115, and then I would assign the contract to them for the $5,000.

SPEAKER_01 13:43

Yes, I got you. That makes sense.

SPEAKER_03 13:45

So they were probably never actually a buyer. That's probably what they were doing.

SPEAKER_02 13:51

Probably, because I got a call later on from somebody that they called to try to sell the contract to.

SPEAKER_03 14:00

Yep. And what did that person say?

SPEAKER_02 14:04

Uh basically just wanted to advise uh that they had tried to sell the contract to them, to them, but that they weren't able to help me because at the time it was listed. If they had called previously, they would have been able to help me, but they didn't call in time and it got listed.

SPEAKER_03 14:30

Yeah. And that makes a lot of sense because to a lot of investors, what happens there is we look at it and we go, no one was willing to give you 130, which means no one was willing to give you 125 or 120 or 115, because if they had offered that, you probably would have accepted it or countered it and come to some sort of an agreement.

SPEAKER_02 14:56

So like I said, I really don't think that other than it being on Zillow, my real estate agent didn't really do much to promote the property in the first place. Oh, yeah. So I was kind of glad that the contract ran out.

SPEAKER_03 15:12

Yeah, I mean, I can I can totally I've been there, been there, done that. So you you don't have to explain it to me. I I get frustrated with with realtors all the time on on properties that I've listed, so I understand kind of the the situation that you're dealing with there. Um, so the here's my situation. Um I have found a property that it feels like it's close, but also pretty far away. Um, are you familiar with Clarks Hill?

SPEAKER_02 15:44

Oh, yeah, that's right around the corner from where uh the property is located. You literally take a right out of my driveway and go the opposite way that we would normally go to go to town and you dump right into Clarks Hill.

SPEAKER_01 16:02

Okay.

SPEAKER_02 16:03

It's only about eight miles down the road.

SPEAKER_03 16:06

All right. And and normally I don't like to ask these questions just because I have the information, but I just want to make sure it's correct. Is your property 2,432 square feet?

SPEAKER_01 16:18

Yes.

SPEAKER_03 16:19

Okay, well, there's a couple of good things. I I did find a property in Clarks Hill that is currently listed um for 190. It's it's very overpriced, it's in bad condition. But if that thing can sell for anywhere remotely close to that, that at least gives me a what I refer to as a current market value comparable. Um, so that helps me a little bit because at least I I have something to kind of build a bridge with. So here's here's what I'm thinking.

Setting Price Floors And Exit Plans

SPEAKER_03 17:05

Um you want to move this quickly, and you're you're in a position where you're putting money into the property to get it moved quickly. Um I think the best way that I could actually support you would actually be to wholesale the property. Um I know you've already been down that road and it wasn't successful, but those people also weren't transparent with you. They didn't tell you. And what I can do for you is if we were to go out and get feedback from buyers, I can come back to you and let you know these are the offers that we're receiving from the end buyers. This is what all the investors, all the flippers, this is what they're saying they're willing to offer on the property. Hopefully, it's more than what you want for the property, so we can just move forward. So if we were to say, hey, let's move forward at this 110. If I can get 115, then that's great. You get your money, I get my money, we move on about our way. My fear is that the feedback's gonna come back and they're gonna say, I want to buy this at 100,000, meaning I would need you to be below 100,000.

SPEAKER_01 18:30

Yeah.

SPEAKER_03 18:32

Is that something that you would be open to? Because I don't want to go do the work that I have to do to get those offers for you to basically say, Yeah, I'm not gonna go below a hundred thousand because I do believe that's where we need to be.

SPEAKER_02 18:50

Yeah, I don't think I want to go below a hundred. That I'm pretty confident of.

SPEAKER_03 18:59

Even if that's where all of the investors say they need to be.

SPEAKER_01 19:05

Yes.

SPEAKER_03 19:07

Well what would you do at that point? Relist it?

SPEAKER_02 19:10

I know. I would honestly, it's paid for.

SPEAKER_03 19:15

Oh, that's right. You said you would just have your sons move over.

SPEAKER_02 19:17

I would just let them run it from me. But a lot of the reason that I'm trying to get them out of there is because it's two acres. It's too much for them to keep up with the maintenance of the property and work a full-time job as well.

unknown 19:38

Okay.

SPEAKER_02 19:40

So I'm trying to find a smaller place, a little closer to the town for the one that walks, and just more convenience.

SPEAKER_01 19:55

How much time would you give me to try to find buyers? I think no more than 30 days.

SPEAKER_03 20:07

Oh, it's more than enough. I really don't even need I don't even need that long. Um, but 30 days would be how long I would need to get it closed and funded, more than likely. So I would need about seven to ten days in reality to get pictures from you, present this in front of all the buyers, get feedback from them, receive their offers. I'm sure there'll probably be one or two that want to come out and want the property and actually see it. And then at that point in time, we would know. I mean, if if we ain't got any good offers after 10, 12 days, then it I would just tell you, like, hey, you we need to move a different direction, you know.

SPEAKER_02 20:55

But okay.

SPEAKER_03 20:56

So I don't need a full 30 days.

SPEAKER_02 21:02

It was literally just listed and left.

Contract Terms And Buyer Feedback Loop

SPEAKER_03 21:05

Right. And so the way this works is I I just want to be very clear about this. I I would not be listing this on the MLS. I would only be understanding, yeah, I'd be privately sending this to my network of buyers. So it wouldn't be publicly out there. That's a whole different thing, and and it doesn't sound like that would serve your needs uh on what you're wanting to accomplish. So that being said, I I would like to send you a contract for the 100,000, put a 30-day close date on there. We stay in communication with you over the next week to 10 days, let you know, like daily updates. Hey, this is where we are in the process. If we find a buyer, then we close in 30 days. If we don't, then we move on our separate ways, and you probably just at that point in time, I'd probably advise you like, hey, you should probably let your your kiddos move in there and move on about their way.

SPEAKER_01 22:04

Yeah.

SPEAKER_03 22:06

Does that sound good to you?

SPEAKER_01 22:08

Yes.

SPEAKER_03 22:09

Okay.

SPEAKER_01 22:10

I have your email as okay.

SPEAKER_03 22:20

I'm gonna go ahead and I'm gonna write this contract up. It'll probably come over to you in about 15 minutes. Simple two-page contract. You got any questions? Uh feel free to give me a call. I'm probably gonna go ahead and have uh someone from my team that will be handling the communications with you and with the buyers go ahead and reach out to you um so they can go ahead and get pictured. Are you at home right now?

SPEAKER_02 22:45

Um, I actually don't live on the property.

SPEAKER_03 22:49

Is there anybody there that could give us pictures?

SPEAKER_02 22:53

Um my sons are there right now, so I can ask them.

SPEAKER_03 22:58

Yeah, that would be great. We can actually send you over like just a little checklist of what we need. We just need enough to be able to show the buyers like, hey, this is what the property looks like before they come out. Because buyers want to be able to see it, what condition it's in before they actually drive all the way out there to make their offer. Gotcha. So, what I'll do is I'm gonna go ahead and have my team draft up that contract, send that over to you, and then I'm gonna have them give you a shout so we can go ahead and line up getting those pictures and get this process started, okay? Okay, all right, thank you, Teresa.

SPEAKER_01 23:33

Thank you for all right, bye-bye. All right, bye-bye.

Closing Thought On Transparency

SPEAKER_03 23:38

Don't ever tell them that you're the middleman, Jerry.

SPEAKER_00 23:43

Whatever you do, that pisses people off. What a great way to explain it, RJ. And I mean, people just want to understand what's going on, and then they're fine, you know, right, right.