I was working late last night, it was 8:00 PM.
The phone rang.
It was a Local Real Estate Investor. I know that because that's what he told me. He found me on ActiveRain.
He was calling because he had an exciting offer for someone just like me.
He was soon to be auctioning off a home in nearby Discovery Bay.
I replied that was indeed, very exciting. (He didn't hear the sarcasm in my voice)
He was looking for a "Marketing Partner".
okay...
Local Real Estate Investor: "We're prepared to offer you exclusive rights to pre-qualify each and every bidder!"
okay...
Local Real Estate Investor: "We're looking for a mortgage company, like yours, who can capitalize on the enormous potential of this offer"
okay...
Mike: "Let's get down to nuts and bolts. Who is WE? and what's this going to cost me?"
Local Real Estate Investor: "I work with Professional Real Estate Investor Partner. We're looking for 2%"
long period of uncomfortable silence...
Mike: "Uh, 2% of what?"
Local Real Estate Investor: "2% of the sales price."
Mike: "What's the property going to sell for?"
Local Real Estate Investor: "I don't know it's an auction."
Mike: "Yeah, right. What's the property valued at?"
Local Real Estate Investor: "We estimate around $540,000"
Mike: "So you want $11,000 from me? And for that I get to prequalify ALL your bidders?"
Local Real Estate Investor: "Oh, sorry, I mis-spoke, we want 2% of the starting bid."
Mike: "OK, and what is the starting bid then?"
Local Real Estate Investor: "My partner and I haven't yet determined that exact figure just yet."
another long period of uncomfortable silence...
Local Real Estate Investor: "We're looking for around 8 to 9,000 - ballpark."
Mike: "For the starting bid?" (ok, so I was messing with him a bit)
Local Real Estate Investor: "Oh no, sorry for the amount we'll need from you."
Mike: "So you want $8,000 to 9,000 from me? And for that I get to prequalify ALL your bidders?"
Local Real Estate Investor: "See, I told you it was exciting!"
Mike: "Exciting Indeed! Before I commit, I'll just have to run this by my Professional Mortgage Financing Partner."
Local Real Estate Investor: "That's great. I'll call you tomorrow."
Now that we were buddies, partners, and teammates...
Mike: "Hey, this house isn't in foreclosure is it?"
Local Real Estate Investor: "No, but the lady was worried about not making her payments and she answered one of my ads. She signed the DEED over last week. She just rolled over for me."
Mike: "Wow that's great! I'll talk to you tomorrow."
You know exactly what this is all about. So did I.
Somewhere in Discovery Bay, a poor little old lady has lost any hope of saving or having any equity.
She signed her home away, it's gone.
She has a mortgage though.
Does she know the house is going to be sold?
Does she know she'll have to move?
When the house sells, will the mortgage actually be paid off?
This stuff just makes me sick!
While I am not a violent person, I'd love to send Guido to pay my new friend a visit.
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