Getting Wholesale Buyers in the House
| | Friday, February 25, 2005 @ 11:36 AM EST
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Contributed by: Steve Cook
Steve Cook Properties
Read more archived articles about Selling
I have been asked numerous times about how I get buyers into a home that I’m wholesaling. Well, I’ve decided to finally put some tips into an article and show you the numerous methods that have worked for me.
First, let’s look at the fears that wholesalers have about the buyer being in the wholesale house. Most new wholesalers are worried about the buyer and sellers meeting and possibly arranging a deal on their own. Similarly, the wholesaler may worry that the sellers may find out that he is marketing the property to someone else. If the wholesaler is dealing with the right properties (meaning the sellers are motivated), they are not looking to make the wholesaler’s life difficult. Instead, they want to make life easier on the wholesaler and get their property sold.
Second, buyers don’t need to know about the wholesaling deal. I buy houses site unseen all the time, and many of my buyers will do the same, but not all of them. In the cases when buyers will not buy site unseen, here are ways that you can get them into a house:
1) After your contract is signed, there are numerous reasons why you need to get back into the home. These reasons could include having partners, appraisers, lenders, contractors, and inspectors see the home. You can add a clause to your contract that will allow this or you can simply ask for permission after the fact. I have NEVER been denied access to a home after it was under contract.
2) If you use a realtor to purchase the property, you can tell the realtor that you need to get into the property and have my buyers there when the realtor lets you in. I once had an open house where 15 buyers were sitting outside waiting for my realtor to get there. It was a bit of a fiasco, but it all worked out and I sold the home.
3) Many vacant homes have easy access – meaning, that doors and windows are open or missing. I’ve walked into vacant homes and so have my buyers. Although this isn’t always a safe thing to do and I’m not recommending to “leave things open”, it’s a possible entry into the house. So if you happen to see a property open and you’re the legitimate buyer, it’s unlikely that you will have problems if caught in the house.
4) Lock boxes are wonderful things. These gadgets, normally hanging on the front door, allow an owner to permit access to the home without actually having to show up and let someone in. If you are given the combination, you can access the front door key in the lock box and get into the property. If you don’t know the combination, ask if you can have it. Also, consider putting your own lockbox at the house. Ask the seller if you can put it on the door to allow your contractors, appraisers, lenders, etc to gain entry.
There are many ways to get into homes. Just be creative. I have even had my realtor list me as an assistant which allows me to go see homes and, if I get questions, I simply say that I’m with the realty company and no one asks anything further.
Note: Stephen Cook is an author and active investor in Baltimore, MD. He has bought and sold over 180 properties. Steve pursues many avenues of investing and specializes in the wholesaling and rehabbing of properties for profit. For more information on rehabbing properties for profit, including how to find and qualify a good contractor, please see his new course:
Rehabbing Properties for Big Cash: A Real Life Guide to Retailing Homes
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