Deal #2 Update: How Patient Are You?

Scott Costello All, Blog, Featured 9 Comments

How much patience should one have?  I have plenty of patience and don’t mind waiting these people out, but is that always the best way?  I’m glad our first deal went very smoothly or else I would think all deals are like this current one.  Below is the time line of events and shows how sketchy these people can be.  To me a lack of communication is the most infuriating thing.

 

September 

The beginnings of Deal #2 happened September 15th when we got a call from the seller expressing interest in selling their house.  By the end of September we had agreed on a sale price and we began the process of getting the contract ironed out.  As you all know, we were dealing with their attorney at this point and things were taking FOREVER!

October

Spent the entire month waiting to get responses from the attorney for various questions and


November
contract addendum negotiations.

 

The End of October came and we had not gotten a signed contract and the sellers had stopped responding to our phone calls and emails.  We attempted to contact them for over 2 weeks with no response.  We even found out that they were calling other investors even after we agreed on a price.  So we decided to pull our offer in hopes that it would wake them up.  That worked like a charm when we heard from the seller no more then 24 hours after we pulled or offer.

December 3rd

Things were moving along smoothly again, we adjusted our price because of market conditions and everything was agreed upon, even the contract addendums that we got stuck on the first time.   The addendums were signed off on by both parties.

December 6th

A few days after receiving the signed addendum, we realized that the sellers did not sign the actual contract.  This was embarrassingly pointed out to us by our buyer (who we already got an acceptable offer from and was ready to go).   We figured this out on December 6th and left a message for letting the seller know we needed to have the actual contract signed along with the addendum sheet that they had already signed.

December 8th

Called and left another message

December 12th

Called and left another message

December 15th

Today is December 15th and we still have yet to hear anything from the sellers.  This is the second time they have “gone silent” on us.  The first time we found out they were calling other investors looking for a better price.  This time seems very similar and I wouldn’t doubt if they are shopping our offer around again or maybe even found another buyer.

I’m tired of these people

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Comments 9

    1. Post
      Author

      My initial feeling is “NEXT!” as well, but my partner made a good point. It’s not really keeping us from doing anything else at this point, we are just leaving them a phone message and waiting. Doesn’t really affect us to much at this point. Our buyer on the other hand may eventually lose his patiencs.

  1. I would have to agree with Ingrid. My inclination would be to withdraw the offer but let them know that you are ready to move forward when they are. Let them take the first steps to re-initiating the purchase while you start looking for other deals. These types of sellers can be huge time wasters when a person should be moving on. Nathan

    1. Post
      Author
  2. Hey Scott – Don’t give up.

    This souonds a whole lot like a deal I have been working on for months. My first phone call from her was in April. I’ve had delay after delay, but there was always a “big story” that went along with the delay.

    It took me months to get the contracts back. Then about 6 weeks to get the closing docs back. And guess what? There was a single page not notarized! To date I am still waiting on that page and it has been a couple of weeks. More stories.

    The actual owners of the house are elderly and are divorced. There was never a property settlement done so they own the property jointly..Each one of them has a different grown child for his/her POA. And, these siblings don’t speak to each other.

    I have a POA that lives in Florida, and the other POA (her brother) lives in Georgia. Each one of them is the POA for a different parent as I said.

    One parent is in a nursing home in Louisville, one lives in Virginia. Oh, and add to the mix 2 attorneys that live in Virgiinia.

    We finally agreed on a price in August, and I sent the contract out. I have had this house sold since the first of September. God bless my professional cash buyer. He’s still hanging in there.

    I told another investor that I wasn’t getting in the middle of a mess like this again. He quicky said, “Yes you will if the payday is big enough”. And you know what, he is right. I’m sure I will.

    1. Post
      Author

      I thought I was patient! You are head and shoulders above me LOL

      I guess it comes down to seeing things through to the end once you get started. Why waste the effort if something can be gotten out of it right?

  3. Don’t give up, but you should of course continue to look for other deals. The best position to be in is when you don’t feel like you need, or even want, any particular deal.

    Good luck and I hope these people stop jerking you guys around.

    1. Post
      Author

      We have definitely not stopped looking for deals. In situations like this it helps having two people. My marketing efforts never stop even when my partner’s time is being taken by a seller. System works well!

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