Are You Missing These Seller Warning Signs?

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Episode Transcript

Speaker 1 (00:06):
Welcome back to Wholesaling Red Flags, the
series where I discuss thingsthat are alarming and you should
be aware of and also try tosolve to make sure that your
deal doesn't fall apart and notmake it to the closing table,
because we are all about closingfunding deals.
Today, we're going to betalking about seller

(00:28):
communication red flags.
Now, this is post getting thecontract signed, so we're not
going to talk about any redflags during the acquisitions
phase.
This is after you get thecontract signed.
The first seller communicationred flag that you should be
cognizant of is when a seller isnot communicating with you or

(00:54):
scheduling the initial access tothe property.
This is a massive red flagright out of the gates to where
we are not allowed to do what werefer to as recon Get the
pictures of the property so wecan start our marketing efforts.
The reason why this is amassive red flag is because

(01:14):
there is a timeline, right.
We have a closing date that weput on the contract and we need
each and every one of those days, and so if a seller is not
communicating with you aboutgaining access or allowing you
to get pictures, every singleday that goes by is getting you
closer to where you don'tperform on the contract.

(01:38):
So when you get the contractsigned, it's very important to
set the expectations with theseller about what they should
expect next.
So in my case, the way that Iexplain it is is all right.
Mr and Mrs Seller,congratulations.
You are officially undercontract to sell your property
at 123 Main Street.
Here's what's going to happennext.

(02:00):
Tomorrow my team is going to bereaching out to you to schedule
when we're going to come outand do that initial walkthrough
and get pictures and do ourinspection.
The next day we place thatphone call, whether it's a
dispositions manager,transaction coordinator, whoever
it is on your team reaches outand asks for access to the

(02:25):
property.
Whether it's on a lot box, dothey need to come out and show
it to us?
Is it tenant, occupied?
What's going on?
All of that should be inside ofyour CRM.
Shout out to Resimply.
If you don't have a CRM, useResimply.
It's the best CRM in thebusiness.
But the notes should be insidethe CRM about how do we gain

(02:48):
access to the property, what isthe occupancy of this property,
and then schedule that timeframefor you to go out and get
pictures.
Whether this is a known buyer.
You hired a photographer, hiredinvestor boots, whatever,
whoever it is, go get thosepictures, or, preferably, we get
those pictures immediately fromthe seller or the tenant if it

(03:10):
is occupied, okay.
However, even if the propertyis occupied and you get those
pictures back from the seller,you need to have that
communication about how do wegain access for showings.
We're still going to need thatwalkthrough.
So the first red flag thatyou're looking for in
communication from a seller isthem answering the phone and

(03:33):
setting up pictures,walkthroughs, access because,
listen, they can still hold yourfeet to the fire if you don't
perform on this contract.
If you don't perform on thiscontract, they don't owe you an

(03:55):
extension if they take an extra10 to 14 days to give you access
, unless you force that uponthem.
So be very aggressive in thoseearly days to make sure that you
gain that access.
The next red flag in regards toseller communication is with the
title company.
In regards to sellercommunication is with the title
company.
So the way that we handletransaction coordination with
the sellers is the moment thatwe get that signed contract, we
are then sending a templatedemail to the title company,

(04:18):
ccing in the seller andexplaining to the title company.
Here's what's going to betaking place.
We're titanium investments.
We have a purchase and sellagreement with this property.
We have included the seller inthis and then, separately, we
have just our own communicationline email with the title

(04:39):
company.
So we will ask the titlecompany has the seller filled
out their seller informationsheet?
This is very important becausethis is the seller intake to the
title company disclosing.
Do they have a mortgage company?
Are there any liens?
Getting them all of theirinformation so we can get any
payoffs that are necessary toclear title and get the deal

(05:01):
closed.
So you want to make sure thatthe seller is communicating,
because this is one of thoseissues that goes unforeseen.
This is why you should alwayshave a transaction coordinator,
because it could kill your deal.
It could kill the deal,especially if there's a timeline
crunch.
Maybe it's a pre-foreclosure orthere's an auction date coming

(05:23):
up.
Sellers will sleep on theimportance and the timeframe
that is necessary to get all ofthe paperwork to get this deal
across the finish line.
So be very aggressive in youremail communications or hire a
transaction coordinator.
Personally, I recommend usingeasy REI closings.

(05:45):
You find out more about them attitaniumtccom.
Now, this is important becauseyou want to make sure that
whatever payoffs are needed toget this deal closed, get into
that title company.
The statements can be createdand dispersed to all the parties

(06:06):
.
Created and dispersed to allthe parties.
We just had a closing that gotdelayed by a couple of days
because the seller was notcommunicating with the title
company and because of that, thebuyer was not able to get all
of the information that heneeded to get his loan to close.
So the seller not communicatingactually impacted our buyer and

(06:27):
that's what delayed the closingby a couple of days.
So it's very important that youmake sure that the seller is
communicating with the titlecompany.
The next level of communicationthat you need to make sure the
seller is having with the titlecompany is with scheduling their
closing.
Now, as funny as this may seem,you would think the seller

(06:48):
would be like overly anxious andwanting to get this scheduled.
But understand, the sellers arenot professional home buyers or
home sellers.
They're not real estateprofessionals, so they don't
really typically understand howthese transactions take place.
And so if a mobile notary isnecessary or if they also want

(07:14):
to go down to the title companyand close in person, it's your
responsibility to make sure thatthe seller is communicating
with the title company and thatis scheduled.
If you think that the titlecompany is going to take care of
that for you, there's going tocome a dime and a date where you
are sorely mistaken and that'snot handled and your deal, your

(07:39):
money, is going to be on theline.
So make sure to communicate withthe title company.
Has the seller been scheduled?
What time is that?
How are they closing?
Is it with a mobile notary?
Are they closing inside of youroffice?
What time is that?
And then also follow up.
Make sure, hey, day of closingis still everything good with

(08:01):
the seller?
Hey, seller, are you still goodto close the title company?
Do you understand what's takingplace here and then post the
scheduled time that they weresupposed to sign?
Follow up and make sure thatthat actually took place.
Again, be overly aggressive withyour communication and making
sure that the seller is alwayscommunicating.

(08:22):
They are not the professionalin this transaction.
You are, and your money's onthe line.
So stay on top of all of theseller communications to the
title company.
All right, last and certainlynot least, but just to wrap up
this video on sellercommunication, it's vitally
important for you to make surethat the seller is constantly

(08:45):
communicating with youthroughout the entire
transaction.
One of the most tragic thingsthat can happen to a wholesaler
is that while they're undercontract with a seller, the
seller doesn't receive anycommunication from the
wholesaler and they startpanicking and they're inevitably
going to receive another coldcall or fill out another form

(09:09):
Maybe they filled out LeadZolo'sform, that's how you got the
lead and then the next day theysee property leads form and they
fill that out and they go undercontract with someone else.
Because you stoppedcommunicating and there is no
communication, the seller panicsbecause they are that motivated
to sell their property.
So understand that every singleday that goes by in this

(09:33):
transaction, so understand thatevery single day that goes by in
this transaction, it's yourresponsibility to be
communicating and basicallycatering to the seller to make
sure that they don't do anythingthat can potentially hinder
this deal from closing.
Keep them updated about what'staking place and if you do
things the titanium way, withtransparency, you can explain to

(09:55):
them where you are in theprocess, whether that's still
marketing the deal out to thebuyers or you're waiting to get
buyers feedback and offers,whatever that looks like.
Make sure communication isalways taking place with these
sellers so they don't panic andgo try to sell their house to
someone else.
That's one of the most tragicthings that can happen, but it

(10:17):
does happen time and time againin wholesale transactions.
All right, guys, that's ourepisode of Wholesaling Red Flags
with Seller Communication.
Listen, at the end of the dayit's simple Stay communicative
with your sellers.
Make sure they're communicatingwith title companies.
More deals will make it to thefinish line and more money in

(10:40):
your bank account.
Let me know if I forgotsomething in the comments.
Show me some love.
Like the video.
See you guys tomorrow.