Oct '24 • General discussion
The Seller that "Nobody Could Close" 😨
A cool Real Estate story to go with your Monday coffee about how:
A seller that "nobody could close" and I worked out a deal that allowed him to chase his dreams of living in a camper van, surfing up and down the west coast for the rest of his life.
What was the Background Story?
A local wholesaler here in Oregon brought me a deal in Tillamook (yes, just like the cheese). He said he'd spoken with the seller multiple times, they've had great conversations and the guy is awesome, but he just won't budge on his insane price - $500k for a house worth $350k on a good day. He had a very small mortgage on it, and wasn't open to seller financing. He was 68 years old, had no family left (except an estranged brother), and had grown up in the house we were discussing (strong emotional ties). The wholesaler said he'd had 7 other people try to help him figure out/close this deal, but "nobody can close this guy". The wholesaler was starting to think the guy wasn't serious and just bored... stringing everyone along.
So HOW did I close it?
Jack (the seller) said at one point in the conversation he needed the full $500k because, after paying off his mortgage, this money would get him through retirement. So my response was not to tell him the house wasn't worth $500k or nobody would pay that, or a bank wouldn't it.
My response was simply... "Through retirement?"
Jack - "Yeah. I figure I'll live to about 80, max. So that'll get me there as long as I can keep the expenses low."
Me - "Expenses?"
Jack - "Yeah like gas and stuff."
Me - "[stayed silent for a few seconds...]"
And then the flood gates opened. Jack started telling me how he'd run all these calculations because he was planning to sell everything and buy a Mercedes Sprinter camper van. He just wanted to quit his job as a Logger (yes we laughed about the "Lumber Jack" thing as if it was the first time anyone had ever said it to him ), and spend his retirement surfing and watching sunsets up and down the west coast.
So did I go for the close right then and tell him why seller finance is the solution to his goals?!
If I did, you wouldn't be reading about how I closed this deal.
My response after he blurted out this guarded info ("black swan" if you study Chris Voss) was another question...
"Jack... you seem like a healthy dude. You're swinging axes at trees at 68 years old. What happens if... you live longer than 80?"
[Looong awkward silence]
**Coffee pot clicks on.** ☕🔥
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The Seller that "Nobody Could Close" 😨
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