Showing House While It's Under Contract ?
O.K. I've read ever book under the sun and am half way through Ron Legrands course and I have a question which does not seem to be addressed anywhere, maybe for good reason.
If you have a contract on a property and the seller remains in the home until closing how do show the house to prospective end users as a "flip"? In Rons course it sounds like all the properties are unoccupied but that is not the majority here. He also talks about buying with 30 day closing and selling with 14 day close. How is this possible if you can't show the house?
I recently purchased a home way under market and sold it. But for the whole 30 days until I closed I couldn't show it to anyone, the day they moved out I hung a sign on her and sold it the same day but had to wait another 30 to close? All told it was 60 day transaction and double fees. I made sure I closed with the same title company and did receive a discount but is there anyway to reduce the time involved? I'm not complaining, I made a mint but just seems like there must be another way?
I prefer that the house be vacant. That is not always the case. Then, it depends on how motivated and coopoerative the occupants are.
If they are tenants, you have a tougher time because they know that they are going to be replaced. They will point out every flaw and wart the property has. That's guaranteed.
If it's the owners, then you put a clause in your purchase agreement giving you the right to show the property with reasonable notification.
Anyway, your offer should factor in the eventuallity that you will have to wait until the property is vacant and the holding costs incurred while the property is being sold.
I'd just tell the people that I'd need to be showing the property while they are making arrangements to leave the property. It shouldn't be a problem....just schedule all your appointments for a Saturday at a certain time. Have the people leave like 1-2 hours before your appointment and get back like 2 hours after your appointment time. Make sure you've got that in your contract and just work with the people to make a win/win situation for everyone. See if the current residents can't have the place look a little clean for when it's being showed.
Ryan J. Schnabel
If you would like to share..tell us about your deal. How you found it. How you structured it. And the numbers. it would be motivating. Congrats!!
making a mint is better than eating one!!
Quote:
On 2004-02-09 11:31, WheelerDealer wrote:
If you would like to share..tell us about your deal. How you found it. How you structured it. And the numbers. it would be motivating. Congrats!!
making a mint is better than eating one!! <IMG SRC="images/forum/smilies/icon_biggrin.gif">
I'll type it up and put it in a separate post. Thanks......
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Sammyvegas is right. But whether the house is occupied by the owners or the tenants, you can put a provision in the purchase contract that you can show the property on reasonable notice to the owners (if tenant occupied, that owners will be responsible for coordinating or "facilitating" showings with the tenant).
Okay . If you put it in a seperate post. put a link here so we can find it!!
Thanx.
I have never heard that you couldn't show a home until the current owners moved out. But you would want to be responcible and only show the house to QUALIFIED buyers that are approved or have the cash. I know people who do it both ways. I don't because I don't want to take the responciblity of anything "missing". I quess you have to do with what makes you feel comfortable.
Lori
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I asked both Scot Rister and Vena Jones-Cox about wholesaling occupied houses, during their wholesaling course, and they both said that it was difficult.
Thanks for the insight !! Especially regarding only showing to qual. or cash buyers. Makes perfect sense
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