With these deals, and really any deals that you do, you want your closings to happen immediately. Once your buyer calls after leaving the property and they say they want it - you make it happen.
You will have some incentive here because this is when you get paid. You tell your buyer that you need a certified check and you schedule a time to meet.
Below is the order of operations for these deals. There are the three steps.
1.) First the seller signs the Letter Of Intent. This gives you the right to find a buyer for the home. This agreement is a one-page watered down commitment they are making to you.
Once you have the LOI or the Lease Agreement Memo signed you immediately market the property to your list and get a sign in the yard or area.
2.) Once you find a buyer you have the seller sign the Purchase Agreement with you and the Lease Agreement and Option to Purchase based on the terms agreed upon - this will be between the buyer and the seller.
In the "further conditions" section of the Purchase Agreement you will outline your rights to the home and the fact that they are being assigned.
3.) Your buyer signs an assignment form to take control or your rights you have from the Purchase Agreement. Then your buyer signs the lease agreement and controls the Option to Purchase. At this time your buyer gives you the certified check as an assignment fee.
As long as you do deals this way you will never have to wait around for paperwork, closing documents, lender approvals or any other of those costly and time consuming issues.
You go for the throat.
Once your buyer is ready you immediately get the documents from the seller and meet your buyer. You can meet them both at once, which some landlords will prefer, which will make this even easier because you can do this the same hour your buyer calls you.
At any rate, you can do this anywhere. You can meet at your bank, or their bank, and have the documents notarized as well.
This is not necessary but always helps.
So now not only do you know how to find an abundance of landlords and buyers to work with, but you also know how to do lightning fast closings as well.
You can apply this model with any buyer you ever come across to get them into their ideal home and get your check as quickly as possible.
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