OfflineI'm interested in making preforeclosure my niche in wholesaling but I thought of a possible dilemma. Once I put the property under contract and market it to a possible buyer, they most likely want to see the property. If I show the property this would seem to the seller as if I'm not the buyer and could thwart the deal? Has anyone dealt with this before?
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When YOU get the property under contract(an assignable contract) with the seller, you let the seller know up front that you will be showing the property to other investors, inspectors, contractors etc. You may do the deal yourself or use one of your investors money.
You control the deal, no one can go around you. If the buyers think another investor is waiting in line to take the deal if they don't they will sign your contract. Act cool and present the deal that way even if you don't have another investor. Make sense?
The sellers also must know that they need to be moved out by the closing date or the deal won't close. Have that in writing with a scheduled walk through the day before closing.
For all of this to work you must first have a good deal that an investor wants!
Hope that helps,
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Hi Erick,
I agree with Michael. When you get the house under contract let the seller know you will be coming by to do inspections and also to show the property to some of your investment partners who team up with you on deals. Don't make it a big deal and neither will the seller.
Good luck,
Shah