Can You Spot the Red Flags Before Closing?

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Episode Transcript

Speaker 1 (00:06):
Welcome back to Wholesale and Red Flags the
series where I talk aboutalarming issues that come up in
wholesaling transactions, tomake you aware so your deals can
still make it to the closingtable.
Today we're going to be talkingabout unknown timelines, both
on the acquisitions and thedisposition side.

(00:26):
Now, on the acquisition side,when I talk about unknown
timelines, this is when you talkto the sellers and they say,
well, I do want to sell my house, but I don't know how long I
need to get prepared to sell.
Right, this happens a lot withelderly sellers, where maybe
they have their whole lives topack up and get ready to move,

(00:48):
or they don't know where they'regoing to move to.
And the reason why this is ared flag is because, in these
scenarios, what we have seenover the past decade is that
there's always the opportunityfor the seller to say I do want
to sell my house.
There's always the opportunityfor the seller to say I do want
to sell my house, I don't knowwhen I would be ready to move
out, or I don't know when I'd beable to find another property.

(01:10):
And we say, well, listen, oneof the things that we offer you
is convenience.
We can close on your timeline,which is absolutely true.
However, time kills all deals,and so what we've seen is that
we offer this convenience andthen this elderly seller will

(01:31):
then come back to us after 60 oreven 90 days, sometimes even
longer, and then say you knowwhat?
I haven't been able to find aplace, or this packing up has
become overwhelming, and I justI don't want to move forward
with the transaction, I'm goingto stay here, this is where my

(01:51):
whole life has been and I don'twant to do this deal anymore.
Now, listen, our job is tosolve sellers' problems, so not
every red flag is necessarily adeal killer.
Every red flag is necessarily adeal killer In this scenario,
if that does happen to you,understand where the seller is

(02:15):
coming from, understand theirpoint of view and just be a
solution for them.
Say all right, mr and MrsSeller, I completely understand
where you're coming from.
I'm going to terminate thecontract, but we're here for you
whenever you do decide to sellyour house, when you are
acquiring the property, offerthem the convenience of closing
on their timeline.
But one of the ways that youkind of keep your finger on the
pulse to make sure that thisdoesn't end up in a termination

(02:38):
is constant and consistentcommunication with the seller,
making sure that they know thatwe're still actively there for
them.
We're supporting them.
But also you need to be askingthe appropriate questions to
make sure that they're stillprogressing along on the
progress that they need to make,whether that's packing the
house, finding movers, findinganother place to move.

(02:59):
To Keep your finger on thepulse by asking questions, even
if it's just every other day,every couple of days.
Hey, just checking in, wantedto see how you were doing.
Is there anything I can supportyou with?
Sometimes the deal will end updead because you didn't ask the
right questions.

(03:19):
Do you know how many sellerswanted to terminate a deal just
because they couldn't figure outhow to afford movers, when
maybe we're staring at a $20,000or $30,000 assignment and all
we need to do is front theseller a couple hundred dollars
for movers or even find themmovers.
Sometimes it's as simple asfinding a local realtor in the

(03:43):
market that they're moving to sothey can find the rental
property or the next propertythat they want to purchase.
Our job is to solve theseller's problem.
So don't allow a deal to end updead because you didn't do the
appropriate communications andask questions along the way.
Now, on the disposition side,lack of commitment on a timeline

(04:06):
with an end buyer is a massivered flag and is screaming that
you're trucking down a dead endpath.
If you're talking to your endbuyer about assigning a deal and
you tell them the closing dateand they cannot commit to that,
then you need to continuemarketing your deal to other end

(04:29):
buyers.
Now, if you do end up assigningthe deal and your end buyer now
is inconclusive of whether ornot they can close on that
specific date, this is again amassive red flag and you need to
start having a come to Jesusmeeting with that end buyer and
explain listen, I'm undercontract with this seller and

(04:50):
this seller is relying on us toperform on a specific date.
If this is a funding issue ifthis is, I don't know what other
issues really could come alongbesides just funding then we
need to talk about this and seeif we need to release you from
this assignment and find anotherbuyer, because we can't lose

(05:12):
our deal because you can'tperform in a timeframe Now again
hard deal because you can'tperform in a timeframe Now again
.
This should come during thevetting process with your end
buyers.
Now buyers have a tendency tolie, just like sellers do.
Right, buyers could promise youthe world say we already have
funding in place, and the factsare.
Lenders are not perfect either.

(05:33):
Lenders will have issues arisethat can cause them funding
issues.
Some very large hard moneylenders have previously straight
up run out of funds where theycould not fund a deal until
another deal closed.
It sounds astonishing andalmost unbelievable.
Trust me, it felt that wayduring the transaction, but it

(05:57):
happens.
So just because the end buyeris saying, hey, I have an issue,
doesn't necessarily mean it's100% the end buyer's fault.
It could be an issue with theirlender.
A solution that you can provideis with another lender.
One of the things I'm alwaysarmed with as a wholesaler

(06:18):
across the United States is hardmoney lenders.
Hey, this lender's notperforming with you.
Have you tried this one?
Have you reached out here?
Have you talked to this person?
Sometimes a simple solutionlike that will save your deal
and strengthen the relationshipthat you have with that end
buyer.

(06:39):
Another commitment that you needis that the title company or
closing attorney can close onthe timeline that you put.
There are times where amotivated seller will say I need
this deal to close in the next10 or 14 days.
Now, that's a quick turnaroundand I always tell the sellers

(07:02):
it's not whether or not we canperform.
It's the fact that you'reasking me to perform in a
timeframe that is contingentupon a third-party company, aka
the title company or the closingattorney, depending upon what
state you're in.
When you reach out to thattitle company, you need to get
that commitment and you need tohold their feet to the fire that

(07:23):
they get the deal done in thetimeframe that they said they
could do the deal.
Now, hopefully, you'reregularly using the exact same
title company as a closingattorneys over and over and over
again.
Again, this business is allabout the relationships that you
build, and so the more dealsthat you do with those title
companies or those closingattorneys, the more leverage

(07:46):
that you're going to have withthem and also just the better
relationship where they canshoot you straight.
This is what's going on.
This is what we're waiting on.
There are times where we willget a deal under contract in the
state of Texas that is somewhatrural, where we can still find
an end buyer, but for the titlecompanies that we like to use,

(08:06):
it's out of county, so the titlecommitment takes longer to come
back to that title company.
This is not an issue for thetitle company, it's an issue for
us and the fact that, quitefrankly, we don't have a
relationship in every singlesmall little county across the
state of Texas.
We're a very large state and,quite frankly, we're a great

(08:28):
state to wholesale in, and sosometimes we are waiting on
things that are outside of ourpower and even outside of the
title company's power.
So always get clear and precisecommunication from all parties
involved on their timelines.
Understand that the sellers attimes need more time.
It's up to you to keep thatline of communication open and

(08:52):
understand where they are intheir journey and buyers get
their timeline up front byvetting them and keep that line
of communication open at alltimes to make sure that they're
actually able to perform on saidtimeline.
And, with title companies,build that long-term
relationship.
Ask them up front if they canperform if the seller needs you

(09:13):
to go faster than you normallywould.
Overall, time kills all deals.
Don't allow that to be thereason why your next deal
doesn't close.
Let me know what you guys thinkof the comments.
Let me know if I missedanything out.
When it comes to timelines.
I don't think I did.
You guys always let me know inthe comments, show me some love,

(09:36):
like the video and we'll seeyou guys tomorrow.