My buyers

[Tyler S.]

When im talking to my buyers who are interested in my properties, is there anything that I should ask for or require from my buyers before I assign my contract to them?

[Stinson Bland]

I require a minimum of $2,000.00 non-refundable down payment from repeat buyers and $5,000.00 from new buyers without solid references.

When working with new buyers I try to get references from other REI’s in the area. This allows me to check on their creditability as a real buyer and network with other investors in my area.

If they have not bought other properties from local REI's, I'd ask for a 'real' proof of funds (bank docs are pretty solid). I'd call any HML that they say they work with and verify their relationship. Most HML’s will give out a standard POF letter but it means nothing if the investor hasn’t established working relationship and been approved for RE loans.

A friend of mine had to delay a closing for weeks while waiting on his buyer to get approved on his Hard Money. You don't want to hold a property for a tire kicker or someone that is not setup to close quickly.

All my ads read "Cash or Approved Hard Money ONLY"