Posted by Rob FL on September 11, 2000 at 19:45:49:
I think you may have explained the matter just a little too well.
By telling the seller that you intend to simply resell the house to other investors, you let the cat out of the bag. You should have just acted as the buyer and once you have it under contract then start notifying investors about the house you have under contract.
Is there any way you can go back to the seller and tell him that you changed your mind and want to buy it for yourself? You can always change your mind back if you want after the contract is signed.
Explaining the Matter to the Seller!! - Posted by Shenesa
Posted by Shenesa on September 11, 2000 at 15:51:02:
What do you do when you have explained as simple as possible to the seller the creative way of getting his/her house sold?
I have been dealing with this one seller that is just not getting it. He wants me to talk with my investors to see if they will purchase the house without him and I signing a contract. I have explained to him that in order for me to take this to investors/buyers, I need to have a signed contract between us. Mind you, I have spoken with a few of the investors, as well as a realator, in general, about this deal and yes they are interested. However, I need to make a profit as well. The Seller also suggested that he is willing to up the price so that I can get a finders fee. I explained to him that I am not paid by him but only when my investor/buyer closes. I explained to him that I am not an agent and therefore I cannot show or market his house. i can only do this if I have a vested interest in the property, i.e Option Agreement.
Am I doing something wrong? This guy is very attached tothe house because he grew up in it and he is being very cautious to the point that I want to walk. (3 months and counting) I have gone back and forth with him even to the point that I have walked away and then he called me a month later.
My plans are to market the house Owner finance and flip it. The house is owned free/clear and is in an area where the comps are 120k. I stand to make a profit of 10-15k.