Posted by Pepper Rodgers on January 26, 2002 at 22:11:09:
Always say-- whoever gets me the deposit 1st—and then the back up offer needs a deposit too. Non-refundable unless park manager rejects them on a good reason. I have had 3 offers on one home all backed out for no good reasons, I covered the ads and time, gas effort plus! The excitment wears off when they leave!
Show me the money! 24 hrs or I go with other person!
Too many buyers - Posted by Curtis - FL
Posted by Curtis - FL on January 23, 2002 at 21:18:16:
The first home that I purchased was a Conseco repo. After trying to get the work done on it by several unreliable handymen over the holidays I began to work on it myself. Yesterday I placed an ad in the paper for my third home that is in a 55+ park. The paper forgot to add the 55+ to the ad so I have gotten many responses from younger people. I just casually mentioned the home that I was rehabbing and several wanted to take a look at it. I showed the home to a lady that was very interested but she needed to talk to her boyfriend. Thirty minutes later I’m showing it to a young couple and agreed on a price and parted with a handshake to seal the deal. He also left with the park application and was going to drop it off on Friday afternoon.
Here’s the dilemma. The lady calls back and wants the home. I tell her that I already agreed to sell it. Her boyfriend asks if there was a deposit put down. She wants to put in a deposit and tie up the home in the morning. What to do? I know that Chuck just said, “Cash talks… wannabe’s walk” but a handshake on a deal is a done deal in my book.
From now on I will have Purchase Agreements in my car. I don’t want this to happen again.
This forum has taught me volumes, but you can still make mistakes and make lots of money in this business. Thank you all for your helpful posts.
Curtis - FL
Re: Too many buyers - Posted by CAW
Posted by CAW on January 27, 2002 at 15:02:55:
I loved it when a handshake was a man’s bond.
Obviously, you have learned from this, so I will only add that in this circumstance I would tell the second buyers to place a back-up offer, with deposit, and you will have an answer for them by Friday at close of business day. If the first buyer does not have his application in by Friday, he has changed his mind.
Then be sure to let the second buyer know that even if the first guy shows up, he still has to pass the park’s inspection.
Believe me, the second buyers may be anxious, but they will realize very quickly that there is real benefit to doing busines with a man who keeps his word. There is a good chance that this second couple will stick with you and let you find them another mobile.
Re: Too many buyers - Posted by Chuck (AZ)
Posted by Chuck (AZ) on January 23, 2002 at 22:49:57:
Call the people in the handshake deal, tell them someone else looked at the home, and is ready to put down a deposit. Give them an hour to get a check to you.
Then call the people who wanted to put the deposit down, tell them that the other couple is due at your place in an hour, to deliver a deposit check… and that’ll you’ll have to accept it, unless they get there with a check in hand first.
Then stand back and see which one pulls in.
Call the bank and make sure the check is good before you sign anything.
Re: Too many buyers - Posted by Curtis - FL
Posted by Curtis - FL on January 23, 2002 at 22:59:16:
I forgot to mention that I don’t have the number for the handshake guy. That’s what makes it interesting.
Glad to have you back posting on a regular basis, Chuck. It seems that you and the good Dr. are taking turns.
Re: Too many buyers - Posted by Chuck (AZ)
Posted by Chuck (AZ) on January 24, 2002 at 12:14:09:
Kinda like Superman and Clark Kent…
Re: Too many buyers - Posted by lyal
Posted by lyal on January 24, 2002 at 08:00:20:
Curtis,
Integrity is very important in this business and I applaud your intent there. You made a mistake by not getting a signed agreement and deposit from the “handshake” people (been there…) and not setting a time limit for them to get back to you. The problem is how long do you wait. What do you think is reasonable? For me it’s 24 hours. If they haven’t given me a deposit by then (even if they’ve turned in the application to the park) I move to the next buyer.
One minor point here. I have some park managers who are “by the book” people and will NOT disclose anything about the applicant including contact information. When I get a deposit, I have the applicant sign a “Permission to Share Information” (BS form that I made up myself but it works) that I give a copy of to the park manager. That way he feels like he is covered and will talk to me about progress / problems in the process. The form also gives permission after an applicant is admitted to the park for the park manager to contact me if lot rent is more than 10 days late or the violate any terms of the lease.
All the best, Lyal
Re: Too many buyers - Posted by JHyre in Ohio
Posted by JHyre in Ohio on January 24, 2002 at 04:26:11:
When are the handshakers supposed to buy/get back to you? Does the park have their number on the app? If the handshakers haven’t applied, skip 'em. Most people that change their minds won’t call and tell you!
John Hyre