Updated 8 days ago on . Most recent reply
Best way to find buyers?
Hi everyone!
I'm not sure if this is the place I would post this but I'm doing some creative deals and I'm curious if anyone has a suggestion to build a buyers list for contract for deed/executory agreements or other seller-finance type deals? I've debated if I should reach out to lenders in the areas and offer referral fees but is that allowed? I don't know how the lending process works if someone doesn't get approved or whatever the case may be.
I guess what's holding me back from full on jumping in is worrying about getting someone to purchase the properties from me and then having them sit. I'm sure this is a common fear but any and all suggestions would be appreciated!
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One thing to be extra cautious with in this type of scenario is running afoul of different state lending requirements and whether or not you are acting as a mortgage or loan broker as a result of the activities you are involving yourself with should you choose to move forward with this particular plan. It seems to be worth at least asking certain lenders that you may already be close with if this is something that is possible while you also work to better understand local lending regulations. Then you'd at least know the people that you would likely be dealing with and what the regulatory framework looks like. Basically: it can't hurt to research it more thoroughly by reaching out and engaging people in conversation as you do more of your own research into the law on the backend.