When signing a contract with a seller what do you tell them when they ask why do i need 45+ days to close when we tell them QUICK,CLOSE,CASH??? :banghead
In my opinion, if you advertise “quick close cash” you should be prepared to provide “quick close cash”. This doesn’t mean you can’t negotiate with the seller for more time, but generally more time would negotiate into higher price. However, many sellers need some time to find a new place to live and wrap up loose ends, that is an approach I sometimes use if I need more time. Also, title companies may need “some” time to do a title search and schedule closing. If I want to close fast, I schedule things concurrently to keep things moving. If I want to move more slowly, I schedule things serially to stretch the time out.
Usually if the deal is slamming, you will close fast with no problem. But if you feel that you may need more time, the seller should not give you a hard time about it if you have already built and established repor with them.
So your saying that you need to be able to explain to the seller, why a cash buyer wants/needs a 45 day period to close… is this correct?
All the best,
~Slim~
Not really. It is not as hard as you think to get to seller to give you the a mouth of time that you need. If you are making an offer on a house 30 days should be all you need. If you get it low enough, and the home is in an area that is not a run down war zone, you should not have a problem getting off of it. If you don’t all ready have a deal under contract you should be building you buyers list so fat that when you do, it will close really fast. :beer
I tell sellers that I can close in as little as 14 days in certain situations. Closing quickly s more so a negotiating point if anything else. If a seller wants to close in 14 days, I will say fine, but I will need a larger discount on the property then the current price with the projected 45 day close. If they ask why, I simply tell them administration costs, title costs etc. I have to incur more costs in my due diligence. If they balk, then they have to settle for the original 45 days close. It’s your terms, don’t ever forget that. You are doing the seller a favor by buying his or her house not them by selling it to you. There is more then enough inventory on the market. If they don’t like it, oh well.