I have a property under contract. The property is being marketed on site like Craigslist and Facebook with the general location of the propriety, ARV, Beds and baths. At this point, I have received several inquiries about the property. The first question that most callers ask is the address. When should I give the actual address of the property to a caller? I was told that you want to get a down payment before giving out the address. However, most of my conversations end at this point. Also, what questions should you ask a caller? Pls, help.
If you have the property under contract, record a “Memorandum Of Interest,” or a “Notice Of Agreement” against the property.
This will cloud the title, and protect your interest in the event the buyer or the seller tries to go around you…
Meantime, you should publish the address, and put the buyers to an outgoing voice-mail with a dedicated message describing the house.
Include as much information as you can.
Have the callers leave a message with their contact phone number; how they intend to pay for the property; and how fast they can close.
As far as the non-refundable deposit is concerned:
You should ask for a non-refundable deposit when they sign the purchase agreement, not before. This commits them, and chases all tire-kickers away.
It’s more professional to provide all the comps you used to evaluate the property in the first place, so the buyers can quickly make a decision, and verify the information, so that they can feel confident about giving you a non-refundable deposit.
Nobody is going to give you squat without comps; proof and verification of both the ARV of the property, and the estimate of repairs.
FWIW
@javipa hey where do you put the memorandum of interest or notice of agreement is it on the contract or online when your marketing the property?
You don’t (usually) need the seller’s signature on the notice that you record. As a result you don’t (usually) need to include verbiage, or a clause, in a purchase agreement, giving you permission to record your interest in the property.
All you need is a bonafide purchase agreement.
That said, each county seems to have a different name and document format for this purpose. Some require verbiage that says, “Notice of…” and others want “Memorandum of…” etc…
Some county recorders will record a gasoline receipt, for all they care.
Others won’t record any documents that don’t conform to a specific format.
Meantime, it would be unusual if a jurisdiction required prior notice to a seller regarding posting a memorandum against a property.
Hope that helps. Go talk to the county recorder and see what they’ll accept. Find some recorded documents and copy them.
You’re likely to see various versions of the same thing. It’s probably better to use a more recently recorded document as a template so that you’re sure they conform with the latest laws.
The other alternative is to have an attorney write it up, and be prepared to cough up $350.