Posted by William Bronchick on May 19, 2000 at 09:43:04:
Have a clause in your contract that allows you to do an inspection or appraisal. When you do so, bring your investors and just tell them to play along as though they are the inspectors.
WHEN DO I SHOW AN INVESTOR THE HOUSE IF I’M DOING A SIMULTANEOUS CLOSING? - Posted by Jerry Kinard
Posted by Jerry Kinard on May 19, 2000 at 08:57:45:
I have a question that I’m hoping someone can answer. My partner and I are close to doing our first buy and flip. What we plan on doing is getting our first property and a bargain price and turn around and sell it to another investor who would benefit from us selling it to them. What we are hoping to do is a simultaneous closing. Now where I am stumped at is after seeing the house and doing a walk through with the seller when or do I show it to the other investor or new buyer if I plan to do a simultaneous closing? Is it feasible to take the potential buyer with me when I go make my first visit? I’m not sure how this works. Can anyone help me?
Jerry
Re: WHEN DO I SHOW AN INVESTOR THE HOUSE IF I’M DOING A SIMULTANEOUS CLOSING? - Posted by Ben (FL)
Posted by Ben (FL) on May 19, 2000 at 11:43:27:
I have had some success in telling the seller that you don’t want to get stuck paying mortgage payments without getting an income from the property. As such, in addition to needing access to the property for inspections and so you can get estimates from contractors on repairs that need to be done, you need a key to be able to show the property to prospective renters/buyers prior to closing.
I’ve had some sellers say “ok,” some asked for more earnest money then said “ok,” and some said take a hike. Worst case, as Mr. Bronchik says, they have to let your “inspector” in there.