for those of you doing short sales, how many sellers start out being very cooperative, then just up and quit you, and dont bother to complete the required paperwork? Lets say you have the following after initial contact with the seller.
- power of attny, notarized
- warranty deed, notarized
- signed sales contract
Now, supposing the sellers just give up, move out and refuse to complete the rest of the required paper work. I would think my best option would to just simply move on to the next deal and not bother pursuing the deal any longer if the sellers no longer wish to cooperate. If I still want the property, I could jsut wait until the bank gets it, but I dont think I could use transactional funding the same way, or at all, or could I. Just a thought that got me to wondering about how to keep my options open.
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
17y
Randal,
I go about it a little differently. We do not sign anything with a property owner until they notify us that they have acquired all the paperwork.
I know, I know- What if some other investor jumps in and takes the deal, due to me not signing anything yet. Well, if it happens it happens.
But over time, lots of time in fact, we have found that by letting the property owner get back to us,we do not waste any of our time waiting. I even had one call two(2) weeks ago. He said, "remember me, I just got the paperwork together." I had no idea who he was. I looked back and we had spoken in July. He was now ready and we are moving along.
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
17y
Randal,
I go about it a little differently. We do not sign anything with a property owner until they notify us that they have acquired all the paperwork.
I know, I know- What if some other investor jumps in and takes the deal, due to me not signing anything yet. Well, if it happens it happens.
But over time, lots of time in fact, we have found that by letting the property owner get back to us,we do not waste any of our time waiting. I even had one call two(2) weeks ago. He said, "remember me, I just got the paperwork together." I had no idea who he was. I looked back and we had spoken in July. He was now ready and we are moving along.
Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
17y
I 100% agree with James and take it one step further. I do not even view the property until I have the paperwork. No sense in me driving out there to look at property and not be guarenteed to control the property.
Investor · Cary, NC · Member since 2008 · 218 posts · 29 votes
17y
There are tons of title companies doing back to back closings. I'm sure these are actually keeping a lot of title companies in business!
Anna, buyers are most often found by networking and finding active buy/hold or fix/flip investors in your area (cash buyers). If the property doesn't have much repairs needed you can list it for sale on your local MLS and try to locate a "retail" buyer. Just know that you won't be able to use an FHA buyer. Conventional or Cash Only.
Investor · Cary, NC · Member since 2008 · 218 posts · 29 votes
17y
Randal,
Like most everyone else said: let your seller know what you need from them and if they are really serious they will get it to you within a reasonable time period.
If they never get back in touch with you, don't even bother contacting them. That has been my experience so far.