Wholesale marketing /angle?

Question

When you do a mailing or a calling trying to fish sellers and you are planning on wholesaling their house what do you tell them?

I've done three wholesales, and taken somewhat different approaches with each
1) put under contract and not told owner
2) put under option agreement
3) tell owner straight up what we were doing.

But each situation seems to have different approaches. Do most of you take different angles or always tell the owner same thing?

Wondering different "styles" that people use when handling sellers.

JP S. · Answer

Terry, it's an ageless question. One mentor with whom I've worked always skirts these types of issues with the likes of...

"I work with many partners, any of which are qualified to take title."

I have found it's not unusual for a seller to broach the topic, even accidentally, early on. I don't try to hide what I'm doing. If I plan on assigning, then I give them the above explanation. If they don't like it I try to explain the process a little. If they still don't like it I say "thanks" and politely end the conversation.

Terry Royce · Answer

ive told potential buyers that I work with a "group of investors" so that when another investor takes over the contract they are "one of the investors"

I've never used it with a seller whose property I've sold, but when screening sellers I've used it. Kinda covers both angles.

Ryan Webber · Answer

I normally just tell the seller that I'm buying their house and that's it.  Most of the time I will do a double closing if I flip it, if not I'm buying it anyway.  Either way I'm technically buying it just like I told them I was.

If and when I plan on doing an assignment, I normally do prep the seller that there may be another investor involved in the purchase.  I make sure to reassure the seller that it does not change anything that we agreed on and that it won't affect them in any way.

Jeff Tumbarello · Answer

number 3 is the only way to go

Lamichael Walker · Answer

find a real estate attourny that does the double closing and this will kill that issue.
no need to get to closing and surprise the seller.

James Hiddle · Answer

They are going to find out sooner or later that you aren't the original buyer when they read the HUD-1 or someone else shows up at the title company so I believe honesty is the best policy.
                        
                        Unless you do a double close but that can become a pain in the neck especially when a lot of title companies don't do them.

Wholesale marketing /angle?

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