Curious how y'all handle homeowners that don't want to deal with anyone but you personally LOL. I have a house I put under contract I'd debated assigning because I'm really busy right now (if not, I'll close on it, no issue), but the owner basically doesn't want people going through his house. I'm pretty much it as far as who he wants in there LOL. He wants to sell to me personally.
Anyway, I guess my post is less about this specific contract, but as to if y'all come upon situations like this - and how you deal with them. This is the second off-market seller in a row I've had who signed an and/or assigns contract, but refuses to deal with anyone but me personally as far as access to the house (aside from allowing my contractor in with both myself and the seller there).
I assume it's hard to assign a contract on a house, even with great numbers, that you can't really show (though feel free to correct me if I'm wrong). I was thinking maybe taking detailed photos AND video as I do the walk-through? Any other ideas?
Updated 2 months ago
*Editing to clarify - they are fine with anyone from MY team coming in - my contractor, inspectors, etc. What they don't want is any other investors coming in - and that makes it hard to assign the contract (which is written so that I can assign it, and which they've signed) should I want to.
I have not dealt with this situation personally so take my advice with a grain of salt but I'm an appraiser by trade and I would never go into contract with someone who will not allow other real estate professionals into the property. On some level I understand not wanting to deal with a broker, and it appears to me the majority of sellers who try to side-step the realtor do so because they believe they are the experts and that their property is worth a whole lot more money than it really is.
If the seller will not grant access to say an appraiser or a home inspector as part of your due diligence I would have serious reservations about buying the property. If you are not a seasoned contractor or home inspector yourself a video or photos are not going to tell you the whole story about the condition of the property. Even your contractor if he suspects there's an issue somewhere in the home won't be able to fully assess the situation and the cost associated until they go behind the walls or under the floors and see what's going on - which of course won't be possible until you've already closed on the property I take it.
Do you really want to take that risk? How do you really know the numbers are great if you don't have the pertinent facts? The seller has little incentive to tell you about deferred maintenance, liens, title issues, or other problems associated with their property. Just like a realtor, their goal is to sell for as much as they possibly can.
Thanks for the feedback. I'm near Houston, so these are mainly flooded properties. They're studs on slabs with roofs for the most part, so we go in knowing it's a gut job. I know they're good deals because my team has evaluated them.
The investors and wholesalers who waded up to these folks in 4 feet of water offering them lot value for their home as they desperately tried to salvage anything at all from their homes is what gave them a bad taste for investors.
They're fine with my contractor or whoever works with MY team coming onto the property. What they're not ok with is other investors. They don't care if I sell it to one, but they - to be frank - hate them and so will only deal with me. Which then presents how do I do an assign deal in that scenario when they don't want other investors who might buy the contract in their home.
You have to ask yourself why they don't want anyone else seeing the home. It sounds like they're trying to hide something or stop you from digging deep into the condition of the home. I agree with @Josane Cumandala that it doesn't pass my smell test. I would explain your need to bring others in or walk away from the deal.
@Nathan G. see my reply right above yours. I should have clarified more in my initial post. They are fine with anyone on MY team coming in. What they don't want are other investors because they dislike investors - and that makes it hella hard to assign a deal I have full capability to assign.
If it's a good deal, find an investor willing to partner with you to purchase, flip, and split the profit. This enables you to present them as a member of your team.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.