Deal #3 is moving right along as we travel towards the April 4th closing date. My partner is doing a great job of keeping this deal moving along. For those new to investing it is one of the most important things you can do when you have a wholesale deal. Always stay in control and make sure everyone is doing what they need to be doing. Call the title company every day if you have to, keep your buyer and seller informed at all times and just be on top of things. It is VERY IMPORTANT!
Our seller has until next Monday to clean out any belongings that they would like to keep, and are actually taking it upon themselves to get a dumpster and clean out the rest of the junk. I good lesson, because we normally tell the sellers they don’t have to worry about the mess, as we (or our buyers) would handle all the clean up. It never came up in conversation/negotiations and the sellers just assumed they would do it. Works for us!
Also our buyers want a chance to look through the house, after the seller grabs what they want, and claim some of the furniture for their staging business. This could be a good extra source of good rapport building with this buyer. Maybe we offer them the chance to claim furniture in future deals even if they aren’t the buyer. Just thinking out loud.
One potential stumbling block with this deal was that the title work turned up a $6500 tax lien on the property. This made me nervous because anytime you have to bring up to the seller that they are going to have to pay additional money at closing there is potential for a deal falling apart. They just might not have enough money to cover it. Turns out the the seller expected some “taxes owed” and her only question was if she should pay it now or wait till closing. We told her to wait till closing or she would have to write 2 checks then. Better to just deal with it one time only.
Finding Future Buyers
We are using this house to help us find future ( and backup) buyers even though we have a buyer already. Before continuing to market the house, we asked our buyer if that would be okay and explained what our intentions where. She was good with it.
The plan is to put up signs in the area and throw some craigslist ads up. When we get someone who is interested we show them the house and explain to them that we have other people interested but will be getting more houses like this in the future. We don’t want to burn any bridges so we are being honest with our intentions.
Next step is closing!
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