Potential deal

3 Replies

Hello Bp, 

I potentially I have my first deal under way. I think the analysis paralysis is setting in well. I luckily have used the BiggerPockets wholesale calculator and the numbers look good. However how do I advertise and market this property correctly to move fast. The seller is looking to move very fast due to job placement and would like to move as soon as possible. The property is located in the same state as me just not sure of the down river area. Also the seller would like to sign the purchase and sell agreement at the day of closing, is this possible? And still be able to find an end buyer?

The seller is asking not to sign the PSA until closing so that they are not committed to your offer. They can continue to shop it and if they find a better offer they will take it. You will also have problems with your buyers because you can not guarantee them that the seller will close - there is no contract.

Think about this...what is to stop any prospect you bring to the house from contacting the seller and making a slightly higher offer and wiping you out of the deal?

Further - you have nothing to sell. You don't own the house, so you can not sell that. And you do not have a contract, so you can not sell your interest. Although unlikely, you could even get yourself in trouble with the Board of Realtors for acting like an Agent trying to find a buyer for the seller.

My recommendation would be to play hard ball and be willing to walk away if the Seller won't sign a PSA.

@Jerron Horn

Signing the P&S agreement at the day of closing is not the norm...typically it's signed and then you have so many days for due diligence: inspection, title, etc. Maybe 7-10 days if he's looking to move really fast.

Can you get a buyer in that time line?  Can you close on it yourself just in case?

Good luck!

- Tom

Originally posted by @Jerron Horn :

Hello Bp, 

I potentially I have my first deal under way.  Also the seller would like to sign the purchase and sell agreement at the day of closing, is this possible? 

You don't have a deal w/o a signed contract.  You don't control the property.

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