You work hard to get a deal put together don’t let one of these deal killers sneak in and take it from you …
There are a few key things to look out for when putting a deal together. Just a few minutes of preparation and a few extra steps can ensure a smooth profitable closing for you.
Here are the 4 top things that can kill your deal and how you can avoid them.
1.Your Buyer Walks – Its a sad but true statement that most deals fall by the wayside because the buyer somehow kills the deal. The worst part is that it usually happens last minute and then you can’t save it.
There is a simple way to solve this problem. Its by asking for a non refundable deposit. I typically ask for $1500 or $2,000.
I wouldn’t ask for anything less because the goal here is to get the buyer to put enough skin in the game that they will not walk away from the deal
Here is a blog post that I made which will go into more detail on this. – https://old.brianhaskins.com/non-refundable-deposits-why-you-have-to-have-them/
2. Your Seller Walks – this isn’t a real common problem but I have seen it happen. It usually happens when you don’t keep your word with the seller or if you don’t update them along the way. Sellers don’t really understand the real estate transaction and if you don’t contact them for a few days it can become a problem.
Once you find a buyer and everything is set for closing I try to contact my sellers at least every 2 or 3 days. Just let them know everything is ok. This should prevent any problems.
3.You Cant Find A Buyer – Most people think its the end of the world if they cant find a buyer. Its usually not as long as you protect yourself right and play by the rules of the contract.
In most cases I give myself a 10 day inspection period to find a buyer. If I cant find a buyer during that time I have two options
Option 1 – you can cancel out of the contract
Option 2 – renegotiate with the seller and get a better deal then try to find a buyer
4. Title Issues- Title issues can come up when a seller has unpaid liens that they don’t tell you about. I try to prevent this asking them upfront before I get the property under contract and I tell them that if hide anything from me and we move forward it will come out and most likely I wont be able to buy the property. Its better if you tell me upfront and we can deal with this.
So these are the 4 most common problems and how to avaoid them. I hope this helps
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