Seller Called Back on My Offer – Wants to Close Sooner (CFFL 0142)

Seller Called Back on My Offer - Wants to Close Sooner Jack Butala: Seller Called Back on My Offer - Wants to Close Sooner. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening. Jack Butala: Jack Butala here for Land Academy. Welcome to our cash flow from Land Show. In this 8 part series Jill and I, talk about what to do when sellers begin to start calling your back based on the offers that you sent them in the mail, to buy their property. This is episode 7, of 8, and it's called The seller called back on my offer and they want to close sooner. They want to close sooner, even sooner than you were proposing and what we say is, "Give it about a week." That's pretty motivated. Jill, great show, great topic today. Before we start let's take a question from a caller. Jill : Jackie from North Dakota called in and asked, "Does your program work for farm land?" Jack Butala: The straight answer is, Jackie, not as well as for other real estate property types and here's why. Farm land is a commodity, generally, so you can't ask anybody, let's say ... I'm going to use Ohio for an example. Anybody in Central Ohio, what acre of farm land is going for right now, and they're going to tell you pretty directly, and pretty with clear examples of people they know who have just sold, or bought acres of farmland. They'll say, "Hey, it's worth 5000, 7000, 8000." Even one example they make of somebody's brother in-law that sold for [inaudible 00:01:24], or really low, or really high. The reason that our methodology about buying property so inexpensively works so well, is because there is an element of triggering. Something that's triggering the seller to sell their property. We are coming in as a method of convenience for them, and closing other property and cashing them out of that. They're willing to forego a maximum price for that. I've noticed that people are farmers that when those same triggers happen, they have a plan and place already. They'll sell it to the brother-in-law, or then they might know a broker. It sells very, very quickly, and almost always does not go to the open market to be sold. The answer is, Jackie from North Dakota, give it a shot but it will work, but your returns ... The percentages will be much, much, lower. Jill : Is it safe to say too, "If you are lucky enough to get something like that, it's pay attention to it. If it's someone calling you back on something and they say it's farm land, you should pack something that might be worth." Jack Butala: The way to buy farm land, if you really want to do that, is to get in there get yourself and ... There's a lot of people ... A lot of regular people who have nothing to do with farming, buy farm land, and lease it. They typically buy it for market value at the time, as they should I think. Jill : Right. Jack Butala: You calculate the return on investment, you may be line it up against the trailer park. Lining it up against a department building, or maybe what we do with the vacant land, and you see what the return is, and you see if it's acceptable to you, or it's not and the risk, then you buy it. I think that pretty clearly answers the question. Jill : I think so. Jack Butala: Back to the topic here. Jill : Okay. Jack Butala: The seller called, they called back on the offer, they want to close sooner than you are proposing. Jill, you're on the front lines of this all time, what do you do? How is this different, and what do you do? Jill : Awesome. I love it that's what we are here for. This is it. My first question is why? What is it, that they want to close so quickly. What's their cash crunch that you just ... You hit them at the right time. Really, at the right time.