I have a house under contract and showed a potential buyer the property today. There is a tenant so I had to have the seller come out to get me in. It became apparent by the time I left that there has been some colluding in the past few days to cut me out. Any thoughts or suggestions?
How was it apparent?
I would say that if you have the property under contract and it's been signed and you have delivered earnest money for the property and money has been deposited, then you have a legal right and interest in that property, did you bring the buyer and now the buyer and the seller are getting together, is that what's happening? I would just be upfront and I would confront the seller and ask him what's going on, if it's really good deal
Close on it yourself, just ask seller to close this week. Honest is the best policy so just ask the buyer and the seller and be honest about it. If that buyer is an investor and he wants to keep his integrity and reputation, then he shouldn't go around you.... Because you will never sell to him again, and he will trade many deals to save a nickel today.
I don't like those situations:). Brett
I wouldn't be dealing with buyers that I thought I couldn't trust. My buyers have no problem if I get paid and neither do my sellers. Work on building some rapport with your buyer, setting expectations, and letting him know that you are in this for the long term. If he want's to cut off the hand that feeds him it's his loss. He will soon get a bad reputation in the Indianapolis area, and then he will really have trouble finding wholesale deals.
@Mike D'Arrigo I heard the tenant talking to the seller trying to get on his good side since he is getting evicted for not paying about my buyer. Then the seller asked if I had my contract with me today so he could look it over. Then asked if h could back out because he got a better offer. I said no.
@Dave Comer my next questions are, why are you buying in 25th and Keystone? What is your exit strategy? Do you have a buyer in that area?
@Ben G. My plan was to wholesale this to a section 8 landlord or a buyer from the sheriff sales, bad idea. I am thinking I should just let them out be done with the mess chalk it u as an education and stay in my farm area.
@Dave Comer A highly successful real estate investor I know always preaches, "stay in your lane."
Not a bad idea though. Are you having trouble finding a section 8 landlord?
@Ben G. I have numbers of people but no takers as of yet. If you have someone, let me know and I will Split the fee with you if it works out.
@Dave Comer I don't deal with any Section 8 buyers, but it would be nice to find one in Indianapolis, because I get a ton of leads as well.
@Dave Comer unless you are getting it for nearly nothing [under $12k] I'd let it go [I assume you can get your EMD back?] Heck, you may even tell the seller if he gives you $500 you'll let him out of the deal...
@Shawn Holsapple I got it for 5k. I thought about the $500 to break, but didn't know if that was legal.
Please send me the details and pictures. I'll see if I can sell it for you.
@Shawn Holsapple I let the seller out. He was squirrley. I don't want to waste anyone's time or my time just to have the seller back out at the last minute because he thinks some friend of a friend is going to give him more money. Thanks for offering though. On to bigger and better deals in my farm.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.