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dionwisn

when closing a deal

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My question is when closing these L/P deals what should be mentioned of the finanacing after the option period expires and the house must be purchased? I sometimes throw in that i work with a lender who can finance them in that area but its not a truthful statement. What else can i say to smooth the deal out.

DION

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if the option expires then no need for funding, if you mean before hand then get them started early.....

 

Find a broker that will work with them. You might have them get in good with a LOCAL bank as well, in a year they may be able to help.

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Dion, if the deal in question is any kind of assignment, the financing by the t/b isn't your doing. That said, I still make a point of telling the t/b not to wait until week 51 of a one year lease to begin the search for a mortgage. Most, however, seem to do just that. In addition, I also tell the homeowner to stay on top of things with their t/b and try and prod them along. More than that, and you've gone above and beyond.

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Dion

 

For starters don't make any promises that you can't keep. If you don't have a lender to work with your Tb do yourself a favor and honestly make them responsible for looking for financing. I tell people that I can't guarantee that they will get financed because I am not a lender and that if they take good care of their credit by not making large purchases with credit they will have a better chance to get a mortgage. If they balk don't do business with them because if they don't get a mortgage they might cause you legal problems.

 

Gord

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Dion

 

For starters don't make any promises that you can't keep. If you don't have a lender to work with your Tb do yourself a favor and honestly make them responsible for looking for financing. I tell people that I can't guarantee that they will get financed because I am not a lender and that if they take good care of their credit by not making large purchases with credit they will have a better chance to get a mortgage. If they balk don't do business with them because if they don't get a mortgage they might cause you legal problems.

 

Gord

 

Your right promising them a lenders hand will only make things more complicated. But it does give the homeowner one less question to answer if there really trying to sell.

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