Bobo Goes Yard

Posted July 14th, 2007 by Joe Kaiser

Please have your people call his people and let's put it to the test.

Dear Rob,

Thought you might like to know . . . Bobo got the big “let’s do it” today.

That’s deal #1 in the books for the little fellow and he’s off to a very good start.

Nice!

On Monday we’ll overnight the paperwork to an out-of-state fellow and shortly thereafter Bobo Buys Real Estate, LLC, will have its very first property in hand.


verbal offer accepted

The seller is in foreclosure and looking for a quick solution to his problem. He’s accepted, at least verbally, our offer of 1/3 the assessed value.

It’s not a $200 deed kind of deal, but it’s not too bad a deal, either.

Still lots of unknowns and before sending the dough, we’ll do some checking to confirm we’re buying what we think we’re buying.


Please call

Bobo would like to hear from your office on this deal. Please have your people call his people and let’s put it to the test.

Bobo and I would like to know if your office considers buying property for 33 cents on the dollar from people in foreclosure a “scam.”

And if so, why that is.

We’d like to know if your office is going to come after Bobo and me for having done this deal, or claim we’ve taken advantage of the seller at some point down the road.

We’d also like to know if your office thinks we should have “carefully explained” all the available options to him (iinluding letting it go to sale) so he’d be able to make the very best decisions possible.

Finally, we’d like to know if your office considers Bobo a fiduciary in this matter having responsibilities that extend beyond what would normally be considered a buyer’s responsibilities.

Again, please contact our attorney ASAP and advise.


how this deal went down

And just so we’re clear . . .

Bobo didn’t agree to pay the fellow’s property taxes, or stop the foreclosure or save his credit or anything like that.

He simply agreed to write a check.

The seller agreed it was a fair price for his equity and an all around fair deal, so now we’ll move forward and just get it done.

And on Monday morning the appropriate paperwork will be FEDEX’d to the seller.

Just like that.


disclosure

And Bobo’s future plans for the property?

Bobo believes what he does or does not intend to do with the property is nobody’s business but his own and so he did not tell the seller of his intentions for the property.

He believes he is under no obligation, legal, moral or ethical, to disclose to anyone, including the Office of the Attorney General of the State of Washington, his plans.


what’s next?

I just got off the phone with Bobo and he’s asked me to go ahead and immediately list it. If we snag a buyer that nets us at least twice what we’ve paid, he’s asked me to go ahead and take it.

And if not?

I’d love to tell you, but it’s nobody’s business but Bobo’s.

Respectfully,

Joe Kaiser


One Response to: “Bobo Goes Yard”

  1. Matt Swarner responds:
    Posted: July 16th, 2007 at 9:03 am

    It sounds like Bobo really knows what he’s doing. I can’t wait to read more.


Post a Comment

Enter Your Details:


You may write the following basic XHTML Strict in your comments:
<a href="" title=""></a> · <acronym title=""></acronym> · <abbr title=""></abbr>
<blockquote cite=""></blockquote> · <code></code> · <strong></strong> · <em></em>

  • If you’re a first-time commenter, your response will be moderated.
  • If your response includes a link, it will require moderator approval.
Enter Your Comments:



Note: This is the end of the usable page. The image(s) below are preloaded for performance only.