Rehabbing & House Flipping

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Oye Alle
  • Specialist
  • Stafford, va
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How do I know if I have a serous buyer?

Oye Alle
  • Specialist
  • Stafford, va
Posted Jul 21 2019, 09:07

Are there any contacts between the seller and the title company in a cash deal? I’m the seller here and the buyer changed the close date. I have no contacts with the title company. Not that I know there would be interaction. I’m attempting to determine if they (the buyer) are serous or not. What clues would I be looking for? I’ve been dealing with the buyer (investor) and there are no realtors involved. How do I protect myself? Thank you.

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Wayne Brooks
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks
  • Real Estate Professional
  • West Palm Beach, FL
Replied Jul 21 2019, 09:27

What do you mean “you have no contact with the title co”?  They have to send you closing statements, etc.  A buyer can’t extend the contractual closing without your permission/agreement.....you can agree or not. Just talk to the title company, see if the delay was their request/need.

Did you verify the buyer actually has the cash to close?  Do you know that you’re not dealing with just a wholesaler?

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Mike Dymski#2 Market Trends & Data Contributor
  • Investor
  • Greenville, SC
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Mike Dymski#2 Market Trends & Data Contributor
  • Investor
  • Greenville, SC
Replied Jul 21 2019, 10:11

A purchase agreement, earnest money, and proof of funds.

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Sam Horton
  • Real Estate Agent
  • Massachusetts
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Sam Horton
  • Real Estate Agent
  • Massachusetts
Replied Jul 21 2019, 10:19

What @Mike Dymski said and a real estate attorney would likely be in your best interest if you don't have much experience in contracts yet.

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Oye Alle
  • Specialist
  • Stafford, va
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Oye Alle
  • Specialist
  • Stafford, va
Replied Jul 22 2019, 15:24

@Wayne Brooks thanks. That was what I was looking for, a marker to give an indication that the sale is in the works.