How do I know if I have a serous buyer?
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.
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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?
#3 Innovative Strategies Contributor
- Investor
- Greenville, SC
A purchase agreement, earnest money, and proof of funds.
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.
@Wayne Brooks thanks. That was what I was looking for, a marker to give an indication that the sale is in the works.