OfflineHello. I am wondering what you tell the seller so that they are o.k. with our buyer coming to take a look at their house. I am assuming the seller will be surprised because they are thinking that I am going to buy their house and all of a sudden a new person is looking to buy it.
How do other wholesale investors handle this part of the deal? Thanks a million!
Sonriffic
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that your business parnter, private money lender, etc. will need to see the property. That is why you should always have an inspection clause.
KimmyJ
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Don't be afraid to tell the seller you work with a pool of investors. Most sellers don't care whether you buyer the home or someone else does as log as they get their money and close by the date in the contract. This is also a great reason to have 10-15 buyers on your list just incase some of your buyers back out or become disinterested.
Wish you well!
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how do you protect yourself from having the deal get taken from you buy a buyer when you show them a house that you dont have locked up yet
Non-Circumvent Agreement or a Non-Disclosure/Non-Circumvent Agreement. I know they have been posted here on the DG site, but you can also google it and find one on the internet. Basically, the agreement states that they can't go around you and talk to the seller or they will get in breach of the agreement and yo can sue.
Another technique you can use is take pictures of the house and provide no address just an area. If the buyer is interested, then you lock up the house.
Why don't you have the house locked up?
KimmyJ
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thanks kimmyj, i dont have the house locked up yet because it was just a question i had before i get going on some deals. i have gained a wealth of knowledge on this site and i just have to get started doing something. thankyou though i will look into those agreements that you wrote about. im just a little nervous getting a house under contract without a list of buyers yet but i am working on that. thanks again
Don't worry about your buyer's list. If the deal is good you will have invesotrs breaking down the door to have you wholesale the deal to them. Since this is your first deal make it easy on yourself. Stick to at least a 3/1 with 1k plus sq ft. Those are easy sellers. Make sure your numbers are good and it will sell! Good luck...
KimmyJ
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