Found a house with ARV 115-120K, needs 15-20 in repairs. Made offer of $48K, he countered at $60K. Today I’m going to re-counter at $54K, he’ll probably take it.
That being said I screwed up and didn’t disclose up front that I will need people to walk through the property before I close. Any advice on how to get access?
Any advice for future sellers? I’m normally very upfront with what I’m doing, this time I sorta broke protocol. With my Sub2’s I have a de facto script that I use that walks the seller through my exact process.
Tell the seller that you need to need access to the house a few times before you close in order to do your due diligence. When you come, you bring your buyers with you at that time. You don’t have to explain who these people are, except they need to be “inspectors,” “contractors,” “appraisers,” or someone besides a buyer will to pay more money… Just saying.
Next time, you’ve told the seller, up front, that you’re an investor, and when you’ve negotiated a price, and signed the PA, you tell the seller that you’ll be needing access to the house for your due diligence, and to show to prospective buyers. You assume this is OK, and act like it is, because that’s how you’re gonna give the seller his price. If not, than you want a better price.
My contract states that I will need a key upon signing this contract with power and water on, of course with many of the junkers I sell that’s not happening.
On a recent wholesale deal the seller refused to give me a key and said the neighbor wud show me in or my partners. The house was empty, needed a lot of work, I told her I wudnt steal anything. But she held firm, I got is sold anyway.
Most sellers hand over a key without hesitation, they want the darn thing sold.
Did you see on the news recently when a homeowner went on vacation squatters moved in? Somebody collected some money and rented the place to them. Now they have a document saying they have the legal right to be ther and it’s a civil matter,
Now that wud suck.
An older man was sitting in a rocking chair on the porch waiting for prospective buyers of his house to come along. He placed a sale sign in the yard, advertising seller financing, with five thousand dollars down, and a very reasonable price.
A couple came by, saw the house, and loved it, and asked if they could come back the next day with their down payment. The seller said, “I can’t guarantee the house will still be for sale tomorrow, because I have other parties that are also interested in buying.” The couple asked if they could give him a two thousand dollar deposit to hold the house until the next day. The seller agreed.
The next day, the same couple knocked on the door, noticed the rocking chair was gone, but were welcomed by a nice lady answering the door.
The couple asked, “Can we speak to your husband. We promised him yesterday that we would come back with the rest of our down payment on the house.”
Surprised, the lady exclaimed, “There’s no man living here.”
The couple responded, “There was a man sitting right here in a rocking chair, and he promised to hold this house for us, until we returned with the rest of our down payment.”
The lady responded, “I sorry, but I live alone, and my house isn’t for sale. I just returned this morning from a two week vacation.”