Ex-husband backs out of L/O

[AngelMG 0]

Hey, Everybody! Have been having some great highs and disappointing lows lately. We had a L/O set up - were supposed to be doing the paperwork yesterday. And the ex-husband who is also on the title called to say he was not going to do it. His ex-wife who called us still wants to do it, but he is not cooperating, now. The only thing we have signed with them right now is a Purchase Agreement.

 

Is this enough for us to try to flip it to a buyer that can get financing or should we try to do straight option paper work with them?

 

Or how big of a problem would it be if we only did the paperwork with her for the L/O?

 

This is a general problem that we have been having. When we have a delay in signing paperwork, either because we need to get notary service or because they want to talk to their attorney or other 3rd party we have been losing a lot of these deals. What can we do to get the deal now so that we don't lose some of these great deals?!

 

Thanks,

Angela

[puls1234 0]

Angel,

 

In the 2 cooperative assignment deals I have signed up neither wanted to have their lawyer look at the papers. I have stressed the incredible benefits of the coop ass and how much money they will save and they can't get to the paperwork fast enough. Anytime something goes to a lawyer you know it is going to get struck down because that is what they are paid to do. What I say is, " This is when I am in their home after inspecting it" : I sure would like to get to marketing this property asap Mr. Homeowner so we can get a tenant buyer in here who is going to pay you full price plus for your home. The sooner I get started Mr. Homeowner the quicker I can have a tenant buyer in your home. I have the papers ready to look over here for you..... etc etc.

 

Urgency is key.....

[MichaelC 160]

Angela, as you are now finding out, it is imperative that when you are negotiating and working your deals you must have all the decision makers on hand. Otherwise, what you have experienced will occur more often than not. If makes no sense and is a waste of your time to successfully pitch your idea to one party, only to then have the other party on the title say no. And the reason they probably said no is because they didn't hear you explain the advantages of what you are presenting. They listened to someone else do so. Someone who is not nearly as adept at explaining your business as you are. So, your lesson learned here, Angela, is don't make presentations to half the team.

You say you have a Purchase Agreement signed by both of them? If so, without knowing all the details it sure sounds as if you have a binding agreement. And if you do, then whatever terms are spelled out in that agreement are valid, including assigning/flipping the contract. What paperwork is the husband now refusing to sign?

Delays in signing the paperwork are often deadly. Try and avoid this at all costs. You do not need a notary to have a valid Lease with Option to Purchase Agreement. If they want to seek an attorney, suggest you go over the contract together. This will sometimes ease their concerns and alleviate the need for the attorney. If they still insist on an attorney or other third party review, you should ask for that parties contact information. Then you can contact them and have more control over the situation. The last thing you want is to leave your contracts with the homeowner. And be sure to give any offer you make an expiration. You don't want someone shopping your offer.