4 Forgotten Tasks You Must Complete to Close Wholesale DealsOct 26, 2020
You think you know, but you have no idea...
Here's the scary truth when it comes to wholesaling: A signed contract doesn't mean the deal's done.
You should be stoked after getting the seller’s signature, but you’ll blow the deal if you leave the appointment without the necessities below.
Here’s the forgotten to-do’s you must complete to ensure that signature transforms into a payday…
1. Corral Your Must-Have Documents
Without the documents below, you can’t transfer ownership of the property to cash buyers. Meaning, all you have is a worthless signature.
Purchase Agreement & Addendums: Everyone knows about this one. It guarantees you can legally build a contract and assign the property to the cash buyer. Consider it proof that the seller is committed to your deal in the making. Without it signed and sealed, you legally cannot pass the baton to buyers.
Authorization to Release Information: Only needed if the seller has a mortgage, I see newbies and vets alike miss this all the time. This is the paperwork that gives the bank consent to share information regarding the seller’s loan. Things like the balance, delinquency status, payment terms, interest rate, due date, and history. All said, it’s simple due diligence that ensures you can verify the info the seller provided.
If you don't have both of these documents good to go, you'll be stuck chasing the seller you worked so hard to get an appointment with. They could change their mind. They could get a better deal. They could literally be impossible to get hold of.
You put in the work to get here, don't blow it now by forgetting a couple simple signatures.
But wait, there’s more...
2. Snap An Album of Pictures & Videos
Lights … camera … take action.
You’ll hate yourself if you don’t.
You need visuals of the property (especially if it’s distressed). Cash buyers are eager to flip homes. But without pictures or videos, how will they know what they’re getting into? It’s like looking through a catalogue without images. No one is going to buy if they can’t get a quick read on the property.
Truth is: Your word alone won’t do the trick. Whether it’s a buyer you've worked with before or someone brand new to your list, they're going to expect to see pictures. Skip this step and you're hosed.
Here’s the ins and outs of what you need to photograph (or get video of) to show buyers:
- Every distressed signal you’ve identified because they don’t just want to hear about the dirty details, they want to see them too. From chipped paint to boarded up windows, take inventory of everything.
- Wide angles of the entire property so buyers can understand the bigger picture of what they have to work with.
- Extra baggage like abandoned cars or furniture. They need to be in the know of any heavy lifting they have to do after the property is theirs.
Whether the property needs a ton of work or the seller is distressed and just needs to get out fast, pictures are your best way to start a feeding frenzy of cash buyers begging for the deal.
3. Don’t Forget the Keys
Believe it or not, it happens all the time.
Rookie wholesalers and over-excited vets leave with the contract in hand, but they're missing something just as important: The keys to the place.
Remember, the seller may not be around much longer. They could already be relocated for a new gig, skipping town as fast as possible due to divorce, or impossible to get a hold of as they’re drowning in debt. The possibilities are endless: So you gotta get the keys when you have the chance.
Without them, you literally can’t do anything. This little mistake could blow a done deal.
I made $24K on my first deal — without any previous experience, credibility, or cash. Can you afford to let money like that go down the drain because of a careless mistake?
4. Set Clear Expectations
Plan ahead...it’s part of the process.
Most sellers aren’t too familiar with wholesaling. They knew they couldn’t go the traditional real estate route, so you became the solution to their problems. But they need to get up to speed on how things work. Explain the next steps to avoid surprises down the road.
On your appointment, be sure to reveal what the process will look like from signature to close. Get them on board and set your inspection date to ensure a smooth close.
Never Forget A Thing With Our Free Acquisition Manager Checklist
It’s a lot to remember. And it’s easy to freeze in the moment.
Now that you know a signature isn’t enough to close the deal, download our free Acquisition Manager Checklist here so you never blow a done-deal again.
With this checklist in your back pocket, you’ll be set up for success so no signature ever goes to waste. Soon enough, you’ll have it memorized, and be closing deals like a pro. Click here to get the checklist now.