Bleh. So this is something I wasn’t expecting. In getting my deal to roll, I’ve gotten the word out so well that there are about a dozen buyers and about a dozen lenders that are overly anxious to work with me. Some of these people I’ve known for a long time. Some of these people I want to build a good future networking relationship with. Some have put in a LOT of work to get things ready to accomodate my schedule. Obviously, near the end, I need to choose just one buyer and one funder. ARGH! :banghead I don’t want to burn any future bridges, but I don’t want to spend more than needed. :banghead Do other/most real-estate investors have these problems? So, how do I go about pissing off the least amount of people while building the most and best long term business relationships? Thanks.
Fadi is right. Just thank those you don’t work with and tell them you’ll put their contact info in a database for future deals. Don’t beat yourself up over this.
I’m just curious because I am a beginner but how do you get dozens of buyers and lenders to be ready to work with you? I am in the process of creating a business plan and would love to have buyers lined up. Sorry if this is a silly question.
Not exactly clear, but I’m assuming that you have one house to sell and multiple buyers (as well as lenders).
This is NOT a problem. Your dozen buyers or so will melt away FAST. Are ANY ready to go to contract yet? Are they qualified to buy? As you get to the “sign on the dotted line” that number will fall drastically. If you end up with more than one, I’d be surprised. If you do, however, AND they are both fairly equally qualified to purchase (again doubtful), then it’s as simple as opening the property up for bids. “I want this. I have X number of buyers wanting it. What will YOU pay?”
As to the lender, you only want to promote the lender(s) that has the most options of getting something done. You SHOULD have more than one of those. You also only want to promote the lender(s) that will (or should) provide you with the best service (trust me, once they get you “hooked” service many times, goes down). All that said, ultimately, the buyer chooses the lender, which may not even be one of yours. If it is, then it’s as simple as telling the others, they picked someone else.