Getting OFf-Market Buyers to Sign the Contract

[Remington Lyman]

Hello BiggerPockets! I am a relatively new investor (2+ years) in the Columbus, Ohio market. I have trained two cold callers and am trying to go after more off-market leads for myself and fellow investors.

One issue that I am having is getting the buyers to sign after I send them the contract. In a lot of cases, it is with the price and terms they asked for. What are your tactics to get the seller to sign?

[Robert Ellis]

Originally posted by @Remington Lyman:

Originally posted by @Robert Ellis:

Originally posted by @Remington Lyman:

Originally posted by @Stephen McDonald:

I'm not a professional, but I've heard that making a personal connection can help, but that's probably the first thing you've tried. I do know that contracts are scary things. I like that meme, but it reminds me of cartoon satans trying to get people to sell their souls. If I were to be signing a contract, I'd be worried about a couple things. The first is the fine print. There could be anything in there, hidden among the pages of size 8 font. The other thing is that a contract is a promise, and there are repercussions for breaking that promise. I'd be thinking, is this a promise I can keep? If something gets in my way, I'll have to suffer those repercussions. 

 I use the standard Columbus Board of Realtors contract. Maybe I should switch to a skinnier contract.

 A simpler contract I found works easier when working directly with sellers, the standard board contract can be long and scary in appearance!

 Are we allowed to use different contracts?

This is when we represented ourselves buying off market deals. Yes, you could use any contract. Just make sure it's drafted by an attorney and not yourself. When I represent other people i always use the standard board contract. 

Another idea is send a letter of intent, a non-binding one page letter that shows the basic terms. I do this for most commercial deals or when we want a simple offer.