General Real Estate Library Articles on home buying, selling, marketing and 203k Consulting
Finding and Qualifying The Tenant Buyerby Chuck and Sue DeFiore
Once you and the seller have signed your contract your job becomes to move that property to a tenant/buyer. Remember, to save time, to have your flyers and signs done before going to meet with the seller(these are in the lease purchase section of your manual). This allows you to drive the neighborhood before meeting with the seller to see where you can place your signs and flyers.So be sure to place your signs once your meeting with the seller is concluded. Next is to place your ad in the newspaper and any specialty papers in your area. Go through your manuals and make a checklist of all the other areas we mention to place your flyers and signs. Next check your database of tenant/buyers to see if any are looking for this type of home in this particular area. Make the telephone calls to the appropriate agencies we discuss in your manual. Once you start receiving telephone calls be sure to qualify your tenant/buyer. Can they pay rent on or before the first of the month? Can they make repairs? Is the assignment fee in their budget? Go through your checklist for this in your manual. Again, you don't want to make wasted trips, you are not a Real Estate Agent. Be sure they are serious. If they are, either have them complete your application by phone and/or set up several appointments and bring your application forms. Always be sure to tell the tenant/buyer about your procedures and fees. This avoids confusion and your wasting your time. Remember if a tenant/buyer wants you to hold the property, they have to leave a deposit. Be sure to give them a receipt for the deposit. This form is in your contract package, explain your procedures on this. Deposits are not refundable unless the tenant/buyer does not qualify. Changing their mind is not an option, since you have removed the property from the market to any other tenant/buyers. After the credit check and application process is fulfilled, you call your seller to tell them you found a tenant/buyer for their property, and then set up a meeting time with your tenant/buyer to process the paperwork. Assign the property and cash your check. Ain't lease purchasing a wonderful business.
Chuck and Sue DeFiore
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