first offer, verbally accepted, YEAH! But wait... she backs out

10 Replies

After going from door-to-door driving for dollars and putting notes on doors we finally were able to get an individual intrested in selling their home. We walked through the property, talked about motivation, offered a very fair price, and she verbally accepted. The next day I sent over the written contract and did not see it returned within 24 hours. The following day I received a call from the girl stating that she was no longer going to sell. Obviously being new in the realestate investment arena this is very disappointing. However, I'm back on the roads driving for dollars, knocking on doors and leaving notes for the next potential deal. Any words of wisdom, strategies, or basic advice that would close the deal in the future?

"Just keep swimming, just keep swimming, just keep swimming, swimming, swimming"

as a father of 4 I'm very fond of dory. Thanks for the words of encouragement.

 @Nicholas W.   Love it!  Dory is the best.

But seriously, don't feel discouraged @Joe Prenger .  This is going to happen more than once, you just have to push through all of the NOs to get to your ultimate yes.

One suggestion if possible.... shorten the time between the verbal yes, and the signed offer.  Is there any way to BRING the offer with you when you tour so that if she is all set to execute, you can answer any questions and sign the offer then and there?  

Also, maybe ask about their exit strategy.  Have a Realtor referral ready for them in case they need to find a new place to live.  It may be that this woman was ready to sell, but then the reality of her situation set in and she suddenly didn't like the thought of not knowing what was next.

nothing precludes you from having contracts with you.. if they will sign on the spot.. just write it up at the kitchen table make sure you have a few hundred in cash with you as well. so you have EM.

Cara and Jay, thanks for the suggestion. Next time i will make sure to have a contract with me ready to have signed. I just didn't want to look too desperate or pushy. All in all in l its all good, I'm currently working with the neighbor of the individual who turned me down and another one from down the street. Hopefully I'll be able to close one of those 2.

@Joe Prenger , congratulations on taking action. You'll have a lot of experiences with sellers, that's why it's good to have a lot of leads. 

Really good job on being out on the streets and finding the business! That's 1 in a 1000 probably!

I am a total newbie so I'm astonished that anyone would agree to sell their property after the first knock on the door. I'm sure the potential seller needs to discuss the offer with close friends or family members. Immediately agreeing on such a big decision seems rash to me. I can totally understand not wanting to be to pushy, @Joe Prenger But, then again, I had never heard of "driving for dollars" until a few days ago so maybe this is more common than I know.

Always have contracts with you. I bring 4 copies with me. 1 for the Sellers and 1 for me. Then an extra set because I forget to print another one most times for my next meeting later in the week. I never leave a house I want to buy without signatures. If they want to sell then let’s go. Leaving extra time typically leads to fomo. They think they can find something better or they think they can find someone more capable of closing, because what good home buyer doesn’t being their docs with them! I have 4 kids too. Keep it professional and honest and you’ll make it. After 4 years we are starting to see the stride

@Lisa V. , it's all about motivation! I am an investor and a broker. And sometime I will see a house or building I like or I think it will be perfect for one of my clients, knock in the door, and I am not kidding, two different times the seller said that God sent me to their door. One said that she prayed the night before she would find a broker. The other seller, which was an investor was fighting with his partner and when I called him from, he could not believe that I have a buyer for him exactly when he needed one. He was just thinking about how soon he can get out of that partnership.

When you knock in doors, you are looking for very motivated sellers, not people that have no need to sell. You get the right seller and he will be thanking you for buying the home!

Absolutely amazing, @Lumi Ispas ! I have much to learn and yes, it takes motivation with a dash of courage!

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