OfflineWhen you make your offer to your seller, you usually do not know if your buyer will pay cash or need financing. Which contract do you try first IEE or the assignment ? And how do you switch from one to another ?
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Which one first ?
Posted on: Wed, 10/20/2010 - 11:48
I say know your buyers first...otherwise your wasting your time if your buyer cant pay in cash.
I was thinking along the lines of, if I assumed a cash buyer and ended up with one that needed financing, I dont think my sellers would mind me making a higer offer, knowing that I would get the difference between that and the agreed price.
Only problem I see is tearing the first offer up then eventually tearing the second one up.... Seems like someone would have a better alternative.
Thanks for your reply. I really appreciate it.
You must have a good feel about your buyer BUT always be prepared for Plan B. It happens more than we wish it did.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Now were getting some where. Plan B..... Just what may that be ??
You can't rely on just one buyer; you need to have several lined up-even before you look for a property.
Wishing you great success!
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
When your making your buyers list ask them if they can close with cash and how fast they can close. If you have a great deal you will sell it even if you have only a few buyers on your list. You can also net work with another wholesaler and agree upon a fee if they bring you a buyer.
hope that helps
Richie
I have a healthy buyers list, I know who can pay cash and ones that need financing. The question is......... When you find a home, you have locked it up... you offer to all that are looking for that home correct ? If I lock the deal up, assuming Im going to assign it, what if someone wants it that needs financing ? How would you make that work???
On your team you should have a good broker that can find loans and qualify your end buyers before time. They can tell you how much the end buyer can get approved for, and if they can't qualify ,how long til they can if they have to work on their credit repair a little. You would also have to be careful with seasoning unless your working with a cash investor. But you can do it Randys way by doing a lease option if your working with FSBO.
LOL...... Yes I have a lender pre-approving. Im asking about the initial offer.
I put that answer in a pm to you earlier.