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Forums » Starting Out » Finding an end buyer before I have the property under contract

Finding an end buyer before I have the property under contract Subscribe to Finding an end buyer before I have the property under contract

6 posts by 6 users

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Real Estate Investor · chicago, Illinois


Can someone help me with this? I have a couple of sellers that have some HOTT deals, but don't want to tie the properties up unless I have a buyer first. I have an option contract that is structured in a way that allows them to keep marketing the property until me or him sells it and they still tell me to find the end buyer first.

I know that I can not market the property unless I have it under contract first(getting busted for practicing without a license isn't in my game plan).

Any advice on how I can do this?

Thanks


Real Estate Investor · Whippany, New Jersey


You could be general in your marketing efforts. What I mean is see if you can find buyers who are looking for 3/2's in YourTown that have an ARV of 150k and are selling for 60k.

If you find a few of these buyers and introduce them to your sellers then that might work.


Real Estate Investor · Portage, Michigan


Is the property going to be a short sale? If so, I wouldn't sign a contract with an end buyer before I had submitted your offer to the lender. There are some folks in Connecticut that tried that and wish that they hadn't! It seems that that was considered mortgage fraud. There is another thread going right now that talks about short sale fraud. It is under the short sale forum. Check it out. There are legal ways to make $$ doing this.
Good Luck,
Bill


Real Estate Investor · Salt Lake C[ty, Utah


Mike

The real problem is your sellers are full of it. Make sure your option is a real option because these guys sound like the type to use your potential deal to leverage against buyers they may have for the property and get a better price and you won't even get a thank-you card.

Plus this is a business you don't take BS answers to. Just say what possible reason in the world is there that would stop you from doing this, and I doubt they have any true objection to it but something is not being said and needs to be or forget it.


Real Estate Investor · Tampa, Florida


Scott has a great suggestion for you... and you won't be disclosing any specific addresses by doing it that way.

Are the sellers homeowners or investors? If homeowners, did they understand fully that they would still be able to market their property on their own, so they are not really losing anything? They may have seen that you wanted them to sign a contract, and might not have fully understood. Perhaps going through the option contract with them line by line would help clear up any misunderstanding.

If the sellers are investors, then I agree with Brian that something sounds strange. Investors typically want all the help they can get in marketing their properties so that they get sold quickly. Did they read and understand your option contract fully? What exactly was their objection to it? I would think that as investors, they would understand that you are wanting to operate within the law in this regard. Like Brian stated, if they can't state specifically what is causing them to hesitate, forget this deal and find some other investors to work with that don't mind doing joint ventures.


Real Estate Lender · Chicago, Illinois


Mike,

I am a little confused also by exactly what kind of sellers you have but if the deals are good and flippable, then you just want to buy them.
This is my neck of the woods, so feel free to send me some info and if they are legit, I'll fund you.




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