I'm working on a deal with a 82 year old landlord that wants to sell off her properties. She doesn't have a computer. The only thing that I can think of is that I'm going to have to drive to her in order to get the contracts signed. Does anyone have any good suggestions on how to make this deal run smoothly?
I'm guessing you are looking to pick up these properties for a discount and you need to be careful of how you handle the situation. You can certainly fedex her the contracts. Do whatever is most convenient for her within reason. If it's less than a couple hours to drive to her than offer to do that. Don't make it difficult for her. She has something you want. She could very well be turned off and cancel the whole deal. You could try and contact a family member but the more people that are involved the more the deal will be scrutinized. Without sounding insensitive, you don't want to screw up a good thing.
If you are buying a portfolio of properties then I imagine you are having title work done to make sure that the houses have clear title. I would suggest that you have the title company arrange for the seller to sign. That way you reduce the impression that you may have unduly influenced an elderly person. That impression could be very expensive, time consuming and hard to defend against if a family member or government agency objects later on.
I would consult with a lawyer to determine the states elder abuse laws, even having a title company involved will not relieve you of any potential lawsuits by the 82 year old, or her family or friends.
Randy Johnston, Summa Real Estate Group | [email protected] | 503‑956‑7375
All sales are a process, not an event. Therefore, you will need to go through the entire process without cutting corners or getting impatient (the real enemy of dealing with seniors).
Since I presume this is your first package deal, I suggest you plan on showing up with two note pads, one for each of you, and ask your seller to make notes mirroring what you write down in your well-rehearsed meeting. She will trust what she writes more than what you put down on paper.
Once you have arrived do at the framework of a deal, list out a simple list of terms in about 6-8 line items then a list of documents that will be required and tasks or conditions that are to be met be each party.
Suggest you dazzle her in your simplicity and impress her with lots of white space on your proposal.
If some deals didn't require in-person selling, no private jets would ever be sold!
Thank you all for the advice. I would have never considered the elder abuse subject. She is pretty business minded and she still works a day job. She told me she spent the day stripping and repainting a porch. Did I mention that she's 82! Anyway, I'm working on putting just one of her duplexes under contract. It seems like I will be able to get her the price that she wants and still make a decent assignment fee. She does live two hours away, but I commute two hours every day, so that's not a problem. I just don't want to scare her off with the contract.
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