real buyers!!!!

Bird Dogs, Wholesaling
1

is there any way to really tell when a buyer is serious , how to tell real from fake…thanks

2

  1. Ask how many rehabs or rentals they own, then cross check that with the tax records.

  2. Ask for a preapproval letter, or verification of cash funds this is the number one way to keep from wasting time.

  3. Ask what they are looking for location, price, condition

  4. Ask how fast they can close

3

thanks alot, i was asking because i have a deal real soon and i dont wanna waste anytime on it. THANKS!!!.

4

Good luck, there are a lot of buyers that claim they are serious. They even state they are looking to buy several properties in the next few months. Most of the time it is difficult to determine their level of seriousness. I personally give them the benefit of the doubt. I am open with my buyers and tell them, they have 72 hours to put in a contract and earnest money deposit; plenty of time for them to make up their mind. If I don’t receive anything within that time, I move on to the next buyers. There are plenty out there. You could end up going on and on for days because they will jerk you along. Just don’t let it happen.

Also, because I have been in all aspects of the Real Estate business, I pre-qualify my buyers myself. The biggest problem I run into is that the buyers can’t even qualify. Don’t accept pre-approval letters as proof they qualify. They are mostly false and they represent nothing. I would say more on that subject, but that’s another thread. If you need help in that area, you are welcome to contact me. I know within 2 minutes if a buyer will qualify or not. Hope this info helps.

5

love it, how in the heck can u figure out in two minutes if someone qualifies?

you need credit report, length on job, do they have the required down payment.

would love to know how u do it.

thanks

6

Why do you need a credit report? Lots of serious rehabbers out there with a mid 500’s FICO that buy with hard money and do a LOT of deals.

Length on job definitely makes a difference if the person is a retail buyer buying with a regular mortgage, doesn’t really apply in the wholesale world.

7

Is this a retail buyer or an investor buyer?

I ask my retail buyers if they are prepared to leave a deposit or make a down payment. i can usually tell by their reaction whther they are serious or not.

As for investors. Hey I am one too. I don’t play games. I charge a non-refundable option fee of $500 if you want to buy one of my wholesale deals.

If a problem arises and we can’t close because of an issue with the house or something on my end. I always refund the option fee. (This is good business practice, it keeps everyone happy and people know that they can trust me not to pull one over on them. )

If it is something on their end (financial or whatever) I keep the option fee because I was unable to sell the house to anyone else at that time.

This really works to weed out those that are kicking tires.

Put Your Money Where Your Mouth IS LOL!

8

Varian,

Im with biker. I would also like to know how you find out in two minutes.