Have you ever gotten the best lead ever and you go out to the property for your appointment to find out someone is living in the house?
It stinks…
It makes it harder for you to get your buyers through the property, but its part of the game and it does happen from time to time.
I wanted to write up this quick blog post to show you some options you have when the property is occupied.
You really have 4 options.
1. walk away from the deal – not something you want to do
2. find the funds or a partner to fund the deal and buy the property then find a buyer after you close. – Not a bad option but there is risk because if you can’t find a buyer your stuck with a house
3. You come clean with the seller and let them know upfront you plan to flip the property and you need to walk through some pre qualified buyers. – Not a bad option and works in most cases depending on your seller.
4. You can go about the process like normal get it under contract and plan to walk your buyers through the property, but make sure the seller is ok meeting you there or granting you access for the inspectors to view the property.
Then what I recommend is that you take videos and pictures of the property and then pre screen all of your buyers before you let them view the property.
In this case I would have all the interested parties sign a purchase contract on the property before viewing and make one contingency only on viewing the property.
This will guarantee they are serious. When you have a few buyers or a really serious buyer schedule an appointment with the seller to view the property and let your buyer walk through. Tell the seller they are inspectors.
Its not the most honest thing but in most cases it works like a champ just tell your buyer not to say anything to the seller and make sure you are there for every walk through.
Which is the best option? Well they all work best in their own situations so it really depends on what’s applicable for you.
In any case this should give you some great options for the next time you come across a property that is occupied.
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