Can anybody share with me some of the things that they ask of their cash buyers before walking them through any of their wholesale deals? I don't want to scare the seller by having 10-15 tire kickers walk through his house, so I'd like to narrow it down to a few buyers walking through the house. What's a typical number of people that you'll show the house to? Do you perform multiple showings? The house is currently occupied by a tenant. I know that I need to ask for proof of funds, but in what form? A printout of their bank statement? What else should I ask for?
I want to be completely transparent and honest with the seller, so I planned on telling him that I partner with other investors and will need to walk a few of them through the property for their evaluations.
Thanks for any help that you folks can give me!
Oh my the tire kickers. What can one say about them, I'm still new and already tired of them.
You just have to set yourself up for success.
Have them provide verifiable proof of funds (someone you can call and speak with, but rememeber to fudge the number and make the person on the other line say the correct number.)
Have them drive by the property first.
That should weed out about 75%
If they want to lock up the property then require a Nonrefundable deposit. 2-5K works but you can always percent out a portion of your assignment.
If there's kickback let it sit with your closing company, still kickback? Well you just found a well qualified tire kicker.
You can risk it if you want, but you'll more than likely be better off double closing. If they ball at 2K, then your fee is next.
When you mass market, it's a numbers game.
Hope this helps
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