I have a wholesale deal where the seller lives out of town and wont be around to let me or my potential buyers into the property. I've already done a walk through once and took pictures but naturally the buyers want to see for themselves.
what can i do here besides asking the seller to mail me the keys (which i know he wont)
Wait for him to come back into town. Or have him mail a relative the Keys. Someone that he trusts so that the relative can let you in. I had to do this with 1 of my deals cause the seller did not live in town. Make sure you have a super serious buyer and not tire kickers.
That is a tough situation I agree with @Gerald Harris make sure you have serious buyers and get someone they trust to let you in.
I have dealt with this situation doing a regular sale. It blows my mind someone wants to sell their house but don't want people to see it.
In this case, the owner believes he Has already sold it.
I bet if you show a bank statement the owner will let you in.
You're so funny. He would open the door for them himself!!
For me Derek, if he does not permit someone he trusts to open the house for you and doesn't grant you access, I could not take the property.
I have in my contract that Seller must provide keys to the property if it is vacant. If it is not vacant i require that seller provide access.
Did you mention you need to get your contractors or private funders into the property?
Since he is out of town, will he give you an extension for the amount of time he is out of town since you don't have access?
Did you take massive amounts of pictures of the property?
Were you able to get strong comps supporting your price and promote this on your advertising?
Can you show any strong edge where buyer's would go "WOW! Better jump on this one!"
either in Rehab Costs/Comps/Profit, ROI, Cash Flow
I have a short period of time to move a house and it is hard to know who the real players that will execute unless you have a strong solid buyers list. People tell you they are a buyer and then you find out they want to co-wholesale.
If you have solid buyers in that area and they have bought from you before and trust what you say about a property, then you might be able to sell the property without that buyer going in because he trusts your knowledge and instincts. Without those things in place, you are facing an uphill battle with time running out. As Wayne said, he believes he has already sold it.
Best of Success with this one.
Let us know how it turns out! Hope you are able to make a paycheck on this one.
Assuming he has no-one looking after it on a regular basis you may suggest that your constant vigilance will ensure the property remains in good condition & meet insurance requirements. Esp up here in NY with sump pumps etc.
We had a similar case where they would not allow anyone in until the close. The water main let go @ the city meter & not only did they have a $2500 water bill the deal fell through & the home eventually sold for a lot less. Apparently both the Ins Co & the city water department were NOT sympathetic as the home was unoccupied.
Hey @Derek Carroll ,
If you don't already have a few "trusted" buyers that you've closed deals with, you can request a non refundable deposit and contract contingent on their walkthrough (typically a 1 day option) prior to them walking the property. Their is almost no risk to them, but if they are willing to do some paperwork and write a check, it's just another qualifier. You'll find out quick who is serious and who isn't.
This is all assuming you can regain access at least once.
On the next deal like this, do you have buyers that would accept a high quality video of the walkthrough?