All Forum Posts by: Chad C.

Hi @Jack Lander , or whom it may concern,

Got another question wondering if anyone can help.  

For a land deal,
1. if an end buyer puts in an offer, how many days is reasonable for buyer due diligence? I think land deal normally is longer than house in term of due diligence period? 
2. If the buyer brought in by an agent and we do want to give agent a commission, how does that work in assignment of contract? Just add one more line next to assignment fee stating how much should go to agent as commission? To agent's name, agent's company or agent's broker?
3. Once assignment of contract is signed, should I get it with the original purchase contract to closing company right away or wait till the end of due diligence period just to make sure the buyer is indeed committed to the deal? 

So overall the deposition process would be: once buyer puts offer in and settle on a final price, we create the assignment of contract stating in for example 15 days, buyer needs to deposit x amount of EMD to escrow. Once buyer(assignee) and assignor sign this assignment of contract, the MLS listing status goes to contingent, and buyer has 15 days to do their due diligence.

Once 15 days is up, if everything goes well, buyer deposit the EMD, all papers gets pushed to title and closer for closing. MLS listing goes to under contract.
However if buyer backs out and does not pay the EMD, assignment of contract goes to void and MLS status go back to Active. 

Does that sound about right? Would love to hear advices from your all!! 

Thanks. 

 That is good to know. I will check them out. Thank you for sharing. 

@Jack Lander

Hi Jack, a quick question, if a buyer is ready to buy your contract, other than the assignment contract, what is the best way to handle EM? Should I ask the buyer to get a casher's check made payable to the title company that does the closing? Do I need to ask buyer to actually send/fedex the check to title company or how to make sure the title company has the casher check? (e.g. if the title company is a national company)

Thanks! 

I have similar result, only like 30 - 40% of data yield valid phone numbers. So I assume that is normal? 

I have been using batchdialer for a while now and it seems working ok for me. 

 

Found a lot of great information and advice from this thread. Quick question here, how do you determine an area or neighborhood as B or C, or even class D? Where can I find that out? 

Thanks @Jack Lander

Yours guys response are so very helpful. 

I am just starting out on wholesaling lands as well, and recently had a few leads, but most of them feels like not going to work, one that I am not sure is that the property is from tax sale and the redemption period is over, but owner never done quite title action, I know without the correct title action, I probably will have a hard time to find buyer. Is that something worth pursuing? Or can add in as a step in closing?

Thanks.

@David Dey