Yeah…….

The attorney was out of town last week y’all so we haven’t been in communication…..But both before he left town and while he’s been out of town “the fast talkers” have basically been trying to make an end-run around him…..I told Mr. Yang that I have had to REPEATEDLY tell these guys that he speaks for me and that all negotiations go through him and him only……It was like they didn’t want to accept that……Like they were going to “make me” do this deal. Now that Mr. Yang has had a chance to go through the deal and “read the fine print” I understand why. Below is the e-mail that Mr. Yang sent me this morning…….And for anybody asking “Lance, please tell me you weren’t stupid enough to take that deal?!?!”……Good people, not only did I say NO, I couldn’t say no FAST ENOUGH……I did tell Mr. Yang to inform them that if they were interested in buying the property at the $120,000 asking price we can talk……Other than that they can “kick rocks”……………

Oh and one last thing y’all……Although in THIS case the fast-talkers where White, don’t place a color on that……Fast-talkers come from all races and they definitely aren’t always White, I can tell you that right now.

ATTORNEY-CLIENT PRIVILEGED COMMUNICATION

Lance,

Good morning.

Yes, I spoke with them last week and I wanted to touch base with you before I contacted them back, hence why I had not followed up with them yet.

Essentially, they are proposing a “subject-to-deed” conveyance. What that means is that the property would be transferred to them, at a purchase price, but instead of the existing mortgages being paid off, they would pay you a monthly amount, which would go towards the mortgage for you to pay. This is not an assumption of mortgage where the bank approves of the transaction. So, what that means is that the bank would not be notified of the transaction. However, if it became aware of the transfer, it could trigger your “due on sale” clause, meaning the entire loan amount could be demanded by the bank–you’d technically be in breach. Both parties assume a lot of risk by entering into this transaction. The seller (you) does because the “due on sale” clause could be triggered, in which case, the property could go into foreclosure, and then you might be subject to a personal deficiency judgment if you cannot come up with the full loan amount. The buyer assumes risk because if you failed to pay the mortgage, then they might lose the property due to foreclosure or if you filed for bankruptcy. It’s basically a creative way to get around traditional financing, which saves the buyer a lot of money on closing costs. Presumably, what this company does is then either attempt to sell or rent the property to turn a profit. This then becomes a risky proposition because if they cannot, then they might default on their payments to you, in which case, the property should revert back to you, but depending on the contractual language, it might not be that simple or cheap. What I can advise you is that unless you are in dire straits with this property and you absolutely need to convey title to another individual or entity to avoid financial liability, then I would proceed with extreme caution regarding a transaction such as this. If you can hold onto the property, then the safe approach would be to find a traditional manner of selling the property, if possible. Otherwise, there are any number of ways for this type of transaction to fall through. Bear in mind, I have not reviewed the proposed contract because I wanted to first understand what was being offered. Now that I do, it’s really up to you whether or not you want to assume these risks. I would assume that any proposed contract pushes most of the liability onto you if things go sour. Even if there is a reversion clause, which transfers the property back to your name if the buyer cannot make payments, you have no assurances that the property will be conveyed to you in the same condition that it was in prior to the conveyance. This type of transaction might make sense if you are close to filing bankruptcy or you cannot meet your mortgage payments–basically if you’re anticipating a financial loss if you continue to own the home. But, if not, then the risks involved probably outweigh any benefit you might receive. Please let me know if you’d like to discuss transfers further and we can schedule a conference call. If this is something that you are still interested in pursuing, I can request the proposed contract for my review. However, I would only advise doing so, if you are serious about moving forward.

Thanks,

Andrew Yang, Esq.

Yeah……below are the e-mails from Mr. Yang to the guy John representing his company that we'll just refer to as the RE Investment Co. of Fast-Talkers, and then John's text messages directly to me……….Tell me if you don't sense any "anger" in the tone of his text messages to me…..Like I said, John seemed to have an attitude like "Oh you're gonna accept our terms and no matter how many times you tell me that your attorney speaks for you, I'll talk to you whenever I want!"……….Whatever you say Man……(sarcasm)…….For some reason or another he had an attitude like "Even though I approached you asking to buy the house, we're gonna do things MY WAY cause I'm the authority here, not you"…….If you say so…….(more sarcasm)……..

Mr. Yang's "official" e-mail to John this morning………

"John,

Mr. Thompson has considered REICFT's offer, but he is not interested in entering into a subject-to conveyance. However, he is willing to sell the property outright for $120,000 through a traditional conveyance. If that is agreeable, please let me know"

John's e-mail reply back to Mr. Yang………..

"No problem. We aren't always the right fit so have a good day. The property isn't worth that in the condition it's in considering neighboring comps."

John's immediate text message to me………..

"honestly you could have just told me you didn't want to do it and not have me wait 2.5 weeks for an answer. no worries tho…..well wishes"

My 1 text message back to John and when I say one I only replied once it was because I saw no need to keep on repeating myself and going back-n-forth with him……What do you have to say to people when you get into arguments with them online??……"Let's just agree to disagree"………

"Sorry you feel that way……Hate to be technical but you only would have had to wait a week & 1/2 if my attorney hadn't been about to go out of town when I first retained him. And believe it or not I was going to do the deal provided everything was straightforward and above board. After my attorney's review of the deal I found out just how terrible a deal it would have been for me. I don't have any hard feelings. I hope you don't either. If you guys are ever interested in buying the property outright at the $120,000 asking price though give me a call…..I would strongly suggest that if you're gonna do that to do it in 2020 because the asking price will go up in 2021. Don't take things not working out that specific way personal John. It's nothing against you, it's just business. I will only part ways with that property for a deal that is most advantageous to me……If you owned it you would too. The door is always open for the right deal".

John's final text back to me and like I said, having "The last word" seemed really really really really important to him so I let him have it…………….

"no worries no hard feelings, you say it's a terrible deal but we are making it into a cash producing asset but your attorney doesn't understand the subject-to process, which my attorney was going to explain to him with the contract set forth. when you're misinformed then you lose out on opportunity. have a good day. no hard feelings. I hope you're able to get what you want for it but if anything changes let us know. have a blessed day."

Some of y'all sitting there like "All right dude…..as they used to say on the streets back in the Old Days…….Love……Peace……& Hairgrease!"……Ha!! 🙂