We
have been talking recently about how precisely to track down great deals. When
working with individual sellers My spouse and I recommend following these
steps:
- Advertising
- Speak contacting companies and set an appointment
- Negotiate the offer
- Due diligence
- Close and Delight
On
the above list, Close and Delight refers to actually buying the house. There is
no turning back after you close the offer. In the negotiation process there's
also a close. What We mean by this gets the seller to acknowledge to the offer
and sign the contract. I actually want to talk today about how precisely to
actually close the negotiations and get the seller to concur to your offer.
This kind of will likely only come AFTER you have by speaking agreed to the
offer.
For
reasons unknown people get frightened of this. I have actually been in the
property with other investors when that were there a deal but did not find the
seller to sign (they objected to their own offer), that is crazy. There are
numerous rules, especially coping with pre-foreclosures that give the seller a
chance to again out after they indication. The ideal thing to do is to give
them this time but your chances are greater if they sign an agreement at that
moment. Always, always get a written commitment when you can.
I
never bring anything in the home with me so once we are in the kitchen bench
and looking forward to the paperwork I look at all the conditions we talked
about again and ask them if I actually should go get the agreements. It goes
like this:
Investor
- "I think we can acknowledge to those terms. Thus you want to sell us
your property for $90, 000 cash and you want your money within the next two
several weeks. Did I get that right? inch
Seller
- "Yes that is what we agreed to"
Trader
- "I believe that will not be a problem, will it make sense for us to go
ahead and write this on an agreement? inches
Seller
- "yes, do you have one? inch
Investor
- "I normally carry a few in a vehicle. Do you mind if I go check?
Seller
- "No"
Investor
- "I will be right back. The moment I keep coming back should We just come
back here or would you like me to knock again? inches
Seller
- "No don't knock, just come back here. "
For
this point you will go make your contract and come back in. Sit down and pull
the agreement out. NEVER call it up a deal because that word worries people. Go
through the agreement and complete the blanks BUT ask the seller to write down
the every single detail.
For
example you would say -
How
is your name spelled?
Which
is that how it shows up on title?
What
is today's date? What is the address here?
Even
if you understand the answers, ask as many questions as you can so they feel
like they participated in adding the agreement together. As soon as the
agreement is done say aloud "it seems like I put my name here" and
sign it. Pass the agreement and say "it looks like you put your name
here", at this point hand them the digital voice recorded.
They
may or might not exactly read it. If they learn to read it and it requires a
while you need to become very reluctant. You will want to start out requesting
questions like these:
How
is the school system?
When
was the last time the top was inspected?
How
about the furnace?
I
noticed a problem with ___________, how long has it been like that?
As
you inquire about, especially ones about your house, they will want to sign it
more rapidly. They don't want to lose you as a buyer. I am Okay putting
pressure with them like this because they have time after I leave to review all.
You can also tell them to call you the next day if they have any queries about
the agreement.
Be
advance with them as you go through the contract and describe things that they
should know, like the inspection period, what they can expect in closing costs,
etc.
Following
you leave get the funding lined up and do your inspection and because of
diligence. If anything comes up that may cause a delay or reasons for you not
to choose the property, call the vendor straight away. It is also a good idea
to call once a week or so leading up to the closing letting them know you are
excited to work with them. Provide them with updates on the improve with
closing.
I
no longer want to hear about anyone going into a house negotiating a good deal
and not getting an arrangement signed. Follow these steps and grab your next
great deal.
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