Got Contract... Now What?

Question

I got the contract done now I need to sell it and fast. I  have a full buyers list of 15 some say if it was listed at some point I don't want it.  I have a Buyers list of 4 who hit me on various ads of the property. I guess I contact them first then all buyers or do I just set it up so everybody gets to see it. Any suggestions gotta get a contract, need quick a little advise and guidance so I can rock this thing outta the park. Any input appreciated. Also I bought in an LLC. Thanks John, for that tip how do I sell the LLC? Do I do a double closing? Or just sell the contract and how? Ryan now the bullets are flying.  Suggestions if you got them.   :wink:

J Scott · Answer

Send all the info about the deal to your list (or at least to those on the list that have expressed interest in this specific type of deal), and see who bites.

I assume that the deal is with a private seller, I assume the private seller knows you plan to try to sell it, and I assume the contract stipulates that it can be assigned.  Assuming all of those things are true, when one of your buyers expresses interest in the deal, assign the contract for your fee and let the end-buyer take care of the rest.

Gregory Childs · Answer

Nick,
It's hard to follow this thread - it sounds like you are a wholesaler/bird-dog. My comment is that whether you have a list of 15 or 150 investors you need to build a database/spreadsheet with exactly what they are looking for in an investment property.
As you go into the deal process you should be pre-selling the property to your investors i.e. "hey guys i'm working on a deal it's looking good, should have it under contract by the end of the week, here's a proforma, are you interested?"
You only want to do this if you are 70% certain of getting the deal - but that way you already have a prequalified list and can flip it immediately on getting it under contract.
Begin with the end in mind. This will remove the panic from the process and also make you more attractive to your investors - bringing them the deals that they are looking for, rather than just another spammer of properties.
It's all about relationships.
TTFN,
Greg

Ibrahim Hughes · Answer

Doesn't really matter. Is the price you're now offering higher than the last listing price? If so, I agree....a sticky situation.

Aside from that, I usually search title (manually, on my own) FIRST. Unless it's an REO. If a private seller, I'd hate for a clouded title to screw up the closing. Or my end buyer to waste money on a title search that reveals a lien, judgment or undisclosed co-owner that kills the deal.

In my market, it doesn't matter much what type of property it is. As long as it is 1-4 family, in a nice neighborhood and at a nice price my buyers will jump on it. So gather all of the pertinent logistics (bedrooms, baths, pics, etc.) and financials (purch price, rehab costs, ARV) and market that baby.

Ryan Webber · Answer

Sorry, Nick.  I didn't check the site for awhile and I missed this whole post. :roll:

Next time call me.  If you're in the trenches, I'll be more than happy to help.

Brad Gertz · Answer

I am interestd to hear how this turned out.

Account Closed · Answer

Nick it does sound like it may have been a good learning experience.  Sounds like you got some good advice here as well.  The next one should be easier.  Good luck.

Nick Abbate · Answer

Yes its and REO. Today the bank started to be difficult and they said if I did not send over my LLC paperwork immeadiately within 24 hours they were going to cancell the deal. Put $500 down and now I had to dish out $200 for the LLC. I probably have the property sold but we will see. If so it will be a skinny deal but half a loaf is better than none.

Johnny P. · Answer

Is this an REO?  If so how long is your inspection period and what did you put down in escrow?

Nick Abbate · Answer

There are not going to be able to see what I got it for but they will know what the last listing price was it is now in pending. Thanks for your input.

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