proof of funds is okay, but non-refundable deposits is much better.
Getting a proof of funds and no deposit, they can still tie up the property, and not close the deal. If you get a good bit of $$$ down, it doesn't really matter to me, at that point if they actually buy or not.
Before I ever show a property to a perspective buyer (retail or wholesale) I want to know the following.
1. What is your investment range? (Show me the money!)
2. Who makes the decisions?
3. What is your time frame?
4. What location do you want?
5. What are your wants and needs?
Are you wholesaling properties? Are you buyers investors who will pay cash within the next two weeks?
Brenda
Since we're in the wholesaling forum, I'll assume that you're "buyers" are other investors.
Two questions:
"Do you have the money? Do you have the money? Do you have the money?"
AND
"Can you close quickly? Can you close quickly? Can you close quickly?"
Okay six questions, but you get the idea
Roger
Yes, i am wholesaling properties to other investors. do you require them to give proof of funds?
you can always ask for a financial statement if they are serious, that will show you what they have to work with
proof of funds is okay, but non-refundable deposits is much better.
Getting a proof of funds and no deposit, they can still tie up the property, and not close the deal. If you get a good bit of $$$ down, it doesn't really matter to me, at that point if they actually buy or not.
Roger
that is true! thanks for the replies.
do any of you put a closing time requirement in your assignment doc? That would force the issue.
Before I ever show a property to a perspective buyer (retail or wholesale) I want to know the following.
1. What is your investment range? (Show me the money!)
2. Who makes the decisions?
3. What is your time frame?
4. What location do you want?
5. What are your wants and needs?