The buyer pulls out a personal check on a $250,000 cash deal (this happend last week) What do you do ?
- Scream and yell ! Maybe argue a little bit.
- Tell the title company they should take a personal check.
- Arrange for last second seller financing.
- Get someone to agree to do a bridge loan.
- Keep your cool and have the buyer go to his bank.
Obviously number 5 is the best answer. If you picked a different answer, I would reconsider immediately !!!!
(Update - the buyer was reminded several times via email and phone to bring certified funds to closing)
So on to the next question:
When the buyer has not come back from the bank 4 hours later, what do you do when you call him and the buyer says "The deal is off - bank cannot give me the money." ?
- Scream and yell at the buyer and call the buyer names.
- Keep your cool and inquire with the title company as to what your options are.
- Ask the buyer if he is interested in receiving a loan from yourself.
- Ask around the office for the fastest hard money lender.
- Threaten the buyer that he will lose his deposit and get out your boxing gloves.
But there is not too much time to talk as the buyer just hangs up the phone !!!!
Oh boy, the thinking hat goes on... what is going on here ? Of the above, I guess there are a couple of options that are not too bad, but the best one is number 2 which is the one we did. Actually, I was in shock and dumbfounded not really knowing what to do next. The sellers were elderly folks and would be extremely upset if this deal were not to go through. But we had already talked about the worst case scenario. If we had to put the property back on the market, so be it ! But let's look into all the options first with this buyer...
A few minutes later, the buyer strolls into the office smiling with his certified funds for the deal !