- Joined
- Oct 22, 2007
- Messages
- 472
Hi all, just wanted to share our recent experience: we have been working with RTO for almost three years, and counted ourselves fortunate enough to have never had a disconnect - until now...
We have had three clients that for various and sundry reasons are all electing in a two week period to sever their relationship with us.
One involved a job transfer - they had given us $50k up front and had a pre-determined penalty of $10k, so they will get $40k back and we will find another buyer. House is purchased via AFS so we have time to still make the exit.
The second two involved default - non-payment of option credits as agreed on time. In both cases we have negotiated exit dates and set a small return $ carrot to allow the folks a reason to keep the house in good shape for showings and have it clean at move-out. These houses were foreclosure renos with JV partners, so again no major time constraints.
Our preference (and we tell folks that) is to definitely find the win-win and end up with another testimonial on our website. We have had several cash-outs and the joy in these folks eyes is beyond obvious.
Two points from all of this to share:
1) RTO is not a bed of roses
2) When a disconnect is imminent and inevitable, it is better to talk through the situation with folks. The "more bees with honey" theory definitely applies. All folks were disappointed that they could not carry on, understood our side of things and most importantly were relieved that we came to them with a solution that, yes cost them money, but in the end will allow them to leave with dignity.
We have had three clients that for various and sundry reasons are all electing in a two week period to sever their relationship with us.
One involved a job transfer - they had given us $50k up front and had a pre-determined penalty of $10k, so they will get $40k back and we will find another buyer. House is purchased via AFS so we have time to still make the exit.
The second two involved default - non-payment of option credits as agreed on time. In both cases we have negotiated exit dates and set a small return $ carrot to allow the folks a reason to keep the house in good shape for showings and have it clean at move-out. These houses were foreclosure renos with JV partners, so again no major time constraints.
Our preference (and we tell folks that) is to definitely find the win-win and end up with another testimonial on our website. We have had several cash-outs and the joy in these folks eyes is beyond obvious.
Two points from all of this to share:
1) RTO is not a bed of roses
2) When a disconnect is imminent and inevitable, it is better to talk through the situation with folks. The "more bees with honey" theory definitely applies. All folks were disappointed that they could not carry on, understood our side of things and most importantly were relieved that we came to them with a solution that, yes cost them money, but in the end will allow them to leave with dignity.
