All Forum Posts by: Vincent Coney

I'm trying to get a property under contract and I'm dealing with the buyers financial planner. Do I need a poa from the seller to deal with this financial planner ? Can the financial planner sign the contract on behalf of the seller ? 

That was a idea I was going to use but to be honest digging deeper into the deal, the deal wasn't that good as for as the end buyer was concerned. Also the property needed some additional work that came up after the fact so in reality the equation for a good offer did not work so that was another reason I just walked away. There wasn't enough meat on the bone for everybody in investor jargon lol I always wanted to say that.

No the deal turned out to be a no go. Someone explained to her exactly how the wholesaling process works so she either wanted  non refundable earnest money or she said lets just do the deal with out a contract. 

But I do have some good newa. I went to my court house and made a probate list and mailed off a flyer to about 60 names. I got a call on one yesterday were a financial adviser is handling a sale of a house for his dead clients brother. The house ARV is $115K and it needs about $15-$20 thousand worth of work rough guesstimate. Initially the seller is asking price of $75k. I go to see it this weekend. The seller seems motivated especially being out of state and he wants nothing to do with the property. I will keep everyone posted on the outcome. I'm anxious to see how they will respond to my low ball offer.

Well everyone there has been a turn of events. I emailed the buyer back and basically said this is a cash deal no earnest money etc and she wrote back and said shes fine with no deposit lets do the deal. It goes to show. Stick to your guns and sometimes be ready to walk away from a deal if its not right in your eyes. At the end of the day you run your business how you want to run it. But before I celebrate let me go through getting the check. I will keep everyone posted and thanks everyone for there input. Its definitely motivational.  

Britney the difference is that we are helping her get cash for her property in 30 days or so not 3 months. She is not dealing with mortgage companies, closing costs etc. It still should be some sort of trade off. Plus if she takes 30 days out of her life and the deal doesn't go through is it really that bad. If she went the conventional route it could sit on the market for months and months. 

 Thanks Tim

What I'm thinking about doing is getting with the buyer and just doing a birg dog agreement of some sort. I hate leaving a potential good lead on the table without trying to do something to monetize it. I hope me being persistent pays off in this real estate game.

 Worth a shot. Thanks Brent

Thanks everyone for your tips. What I'm going to do is make my stance and stick to it. We are in the business of helping sellers get cash for there property fast and we are not going to make a whole bunch of revisions to our contract just to try to appease the seller. Obviously she is just not that motivated of a seller. I'm going to email her back that we will not be putting $1000 down in earnest money but if she still want to do business and have the potential of getting cash for her property in 30 days let me know if not on to the next property. 

@Derrick Strope

So I wouldn't neccesarily have to send in a $1000 with the sales agreement but open escrow with $1000 and when I get the assignment contract signed make sure I get enough money from the buyer to cover the $1000 I was suppost to open escrow with ?