Monday, January 18, 2010

Lessons to Learn

So, now there's a gap between when my buyer can buy and when the seller needs to close. I have put down $2,000 of my own money and am looking for the best rate on transactional funding for a week.

I had a very frank conversation with Brad of IRR and he told me that I could have avoided all of these buyer problems if I'd had a tighter process. He's absolutely right... This really is all my fault. I've let the buyers roll all over me and have been far too accommodating when they've asked me to change things in the assignment contracts. I need to get tougher. No more working with anyone until they sign the contracts and put down some money, because if they haven't done that, they aren't really a buyer... and I need to add a clause that says if a buyer defaults after their inspection (like my first buyer did), they have to pay my whole fee. That would certainly make them think a lot harder about backing out when they have money approved. I'm thinking that I need to get IRR's assignment contract.

And, I have to tell you that Bill Twyford, who I coach with on Skype, really has my back. He actually contacted the most recent buyer and chewed him out for backing out at the last minute.

So, I'll let you know how it goes. Until next time...

1 comment:

  1. Boy it sounds like you've really had a rough go on this one. I really wish I was offering multi-day funding and could help you out. I'm wishing you nothing but the best on this one.