How To Lock In Buyers... - Posted by Houserookie

Posted by Houserookie on December 08, 2000 at 12:17:46:

I don’t like personal checks. It’s just a piece of
paper secured by a primise to pay.

Perhaps you could ask for a cashiers check from the bank next time.


How To Lock In Buyers… - Posted by Houserookie

Posted by Houserookie on December 08, 2000 at 02:36:24:

First off, I think I’m addicted to this board.

I got off a few months ago and now been on for two weeks
straight. : )

Does anyone know how to lock in buyers to work with you?
Seems like every time I run an ad in the paper, I get
at least fifty calls. Of these fifty calls, about three
will become loyal buyers.

There must be a better way to lock these guys. I know that RE agents can get them with a client contract, but how do private investors do it?


Just call 'em back when… - Posted by dewCO

Posted by dewCO on December 08, 2000 at 16:44:04:

you have what they want. You can’t everyone unless you have 50 houses that they want!

Doin’ the Dance… - Posted by David Alexander

Posted by David Alexander on December 08, 2000 at 10:36:09:

My Opinion for what it’s worth.

First getting that many calls your probably running an Owner Financing Ad. That’s good that your getting that many calls, but if you all the sudden have 4 houses to sale you won’t be able to handle all the calls.

Me, I use a voicemail the ads go the voicemail, then people can hear about the house and go look at it.

That will cut down on the number of calls dramatically.

You can then sort through the buyers with cash or real interest in the property. Once you find someone interested, repeat after me, " My houses generally sell within a week or two if this is really the house for you then I’m going to need the downpayment to take it off the market.

Their question is usually do you need it all, well I have to get something to take it off the market and know your serious.

How much could you write me a check for tonight?

I always at least get a grand. I structure is as option money, not the downpayment or earnest money.

David Alexander

Re: How To Lock In Buyers… - Posted by BillW.

Posted by BillW. on December 08, 2000 at 06:38:02:

Buyers can be notoriously fickle. Even when you do everything for them, they will walk away at the last moment and buy another house across the street. The only way I have found to keep one is to offer them something no one else can or will. You need a “hook” that will keep them on the line. Unfortunately, that hook is not the same for each buyer. Even real estate agents, which have training in how to keep a buyer on the line, typically lose 75 percent plus of buyer prospects. I think a good hook might be to offer buyers a moving package, for example. You get a used moving truck for a few grand, paint your I buy houses logo on it, and let buyers use it to move their belongings to the new house. This saves them hundreds in moving expenses, hooks them, and also gives you free advertising, plus you write it off against your taxes. Or, you could offer them a 5,000 dollar savings bond (just include it’s price in the deal). Or, offer a “free” shopping spree at a local furniture store, etc. (include price in the deal). Goes to show, you never know what will hit their hot button, but once you find it, you have a better chance of locking them in.
Good luck…BillW.

Locking in INVESTOR buyers - Posted by Anna

Posted by Anna on December 08, 2000 at 08:20:50:

I have a SIGNED CONTRACT from an INVESTOR buyer, and they’re not cooperating in closing. For future deals, how can I lock in INVESTORS? They don’t care about furniture or moving, UNLESS it could be offered to their first tenant - would THAT work??? For NOW, how can I get someone to CLOSE - closing was targeted for Dec 10 - today’s Dec 8, and no appraisal has been done. Should I line up the appraisal - the buyer has written a check for it, & given it to the mortgage broker. If they’ve stopped payment on the appraisal check, what do I do?

Re: How To Lock In Buyers… - Posted by Houserookie

Posted by Houserookie on December 08, 2000 at 07:37:26:

This reminds me of the Windshield repair commerccial over here. You get your shield fixed and they give you not ONE but TWO boxes of steak. : )

I think your suggestions are great, but I wonder if there are ways to legally hook them to buy…or at least to work with you.

I don’t like to waste my time anymore. What I have done lately is ask for a copy of their credit report.
I require that in order to offer owner financing. I don’t want to offer owner fnancing to a guy that has no intention of paying people. And I certainly would not want a person that just got out of prison.

So I started asking for $100 to pull credit. IF they buy from me, I will refund that money. If they don’t, then I pocket $100.

What do you think of this idea?


Re: Locking in INVESTOR buyers - Posted by AnnNC

Posted by AnnNC on December 08, 2000 at 16:35:38:

has similar thread.

I am hoping your contract you bought on allowed you
a lot of leeway/time to get another investor in without
the problem investor waiting for your option to expire, then taking over your position.