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The Transactional Real Estate Investor Show with Blair Halver

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Make Sure Sellers Agree With Verbal and Written Agreement Before Signing

May 26, 2020

Transactional real estate engineers must always have deal meetings with sellers. This call is for negotiation, for verbal agreements, and to walk through the contract. Once everything is clear and understood, sign the contract right away on the same call!

In this episode, learn how to avoid deals falling apart and seller misunderstandings before closing. Hear how to do double closings and how to find out which lenders do them. Listen about how to fund real estate deals. Discover how to handle a terms deal in which a seller wants money immediately.

Finally, learn how to handle deals involving divorce decrees, and how to deal with sellers wanting their own lawyers to get contracts assigned.

Mentioned Resources:

In this episode we covered:

  • 00:04:41 – Avoiding a subject-to deal with a carryback from falling apart before closing due to misunderstandings
  • 00:15:17 – About a ten-packet cash deal contract that has been signed, how to do a double closing, and how to fund the deal
  • 00:22:10 – About a seller who has come back after three months willing to do business
  • 00:23:00 – How to handle a terms deal in which the seller wants money fast
  • 00:31:12 – How to deal with sellers wanting their own lawyers to get contracts assigned and about trusts
  • 00:39:43 – About trust transfer and whether if separate bank accounts are needed for each trust
  • 00:40:47 – Talk on a client’s concerns in a skinny subject-to deal involving a divorce decree to the seller, ownership of the property, and who is named in the mortgage
  • 00:46:00 – Scenarios in which sellers don’t get back after having sent the contract, and how to approach a seller who wants to make a cash deal out of two separate houses on two separate lots they own free and clear.
  • 00:54:44 – How to prove a seller’s payment when they haven’t sent back the authorization release form for a subject-to with a carryback
  • 00:56:16 – Searches that should be done once a property is locked up, average attorney costs, and resources for title search
  • 00:57:41 – Whether acquisitionists are allowed to go on call, and pipeline program on client’s behalf
  • 01:00:07 – What to say to sellers and how to approach them in regards to the deal’s exit strategies
  • 01:03:31 – Whether the 90-day program can be used to train other team members in a personal business
  • 01:03:57 – What to do if a buyer has locked in with a deposit and then a second buyer pops up with more down payment
  • 01:05:48 – Where to find documents for agreements and declarations of trusts and taxes, and filling in the insurance policy doc.
  • 01:08:44 – Recommendations for lenders who do double closings

About Blair:

Blair is the founder and creator of Dealbot, a motivated seller lead generation company. He has managed nearly $2mm in marketing spend and generated over 100,000 motivated seller leads. He also buys and sells houses himself in the Winston-Salem and Charlotte, NC markets. In the past year, he has acquired nearly $3mm in cash flowing rental properties with zero money out of his pocket.

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Thank you for listening!