Are You Missing These Seller Warning Signs?

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If you’re new to my channel my name is RJ Bates III. Myself and my partner Cassi DeHaas are the founders of Titanium Investments.

We are nationwide virtual wholesalers and on this channel we share EVERYTHING that we do inside our business. So if you’re looking to close more deals - at higher assignments - anywhere in the country… You’re in the right place.

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Over 10 years in the real estate investing business
Closed deals in all 50 states
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​Closed on over 2,000 properties
​125 contracts in 50 days (all live on YouTube)
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Trained thousands of wholesalers to close more deals

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Chapters

• 0:00 Introduction to Seller Communication Red Flags
• 1:00 First Red Flag: No Property Access
• 4:06 Red Flag: Title Company Communication Issues
• 6:42 Maintaining Ongoing Seller Communication
• 10:22 Final Tips and Episode Wrap-up

Transcript

Speaker 1: 0:06

Welcome back to Wholesaling Red Flags, the series where I discuss things that are alarming and you should be aware of and also try to solve to make sure that your deal doesn't fall apart and not make it to the closing table, because we are all about closing funding deals. Today, we're going to be talking about seller communication red flags. Now, this is post getting the contract signed, so we're not going to talk about any red flags during the acquisitions phase. This is after you get the contract signed. The first seller communication red flag that you should be cognizant of is when a seller is not communicating with you or scheduling the initial access to the property. This is a massive red flag right out of the gates to where we are not allowed to do what we refer to as recon Get the pictures of the property so we can start our marketing efforts. The reason why this is a massive red flag is because there is a timeline, right. We have a closing date that we put on the contract and we need each and every one of those days, and so if a seller is not communicating with you about gaining access or allowing you to get pictures, every single day that goes by is getting you closer to where you don't perform on the contract. So when you get the contract signed, it's very important to set the expectations with the seller about what they should expect next. So in my case, the way that I explain it is is all right.

Speaker 1: 1:52

Mr and Mrs Seller, congratulations. You are officially under contract to sell your property at 123 Main Street. Here's what's going to happen next. Tomorrow my team is going to be reaching out to you to schedule when we're going to come out and do that initial walkthrough and get pictures and do our inspection. The next day we place that phone call, whether it's a dispositions manager, transaction coordinator, whoever it is on your team reaches out and asks for access to the property. Whether it's on a lot box, do they need to come out and show it to us? Is it tenant, occupied? What's going on? All of that should be inside of your CRM. Shout out to Resimply. If you don't have a CRM, use Resimply. It's the best CRM in the business. But the notes should be inside the CRM about how do we gain access to the property, what is the occupancy of this property, and then schedule that timeframe for you to go out and get pictures. Whether this is a known buyer. You hired a photographer, hired investor boots, whatever, whoever it is, go get those pictures, or, preferably, we get those pictures immediately from the seller or the tenant if it is occupied, okay. However, even if the property is occupied and you get those pictures back from the seller, you need to have that communication about how do we gain access for showings. We're still going to need that walkthrough. So the first red flag that you're looking for in communication from a seller is them answering the phone and setting up pictures, walkthroughs, access because, listen, they can still hold your feet to the fire if you don't perform on this contract. If you don't perform on this contract, they don't owe you an extension if they take an extra 10 to 14 days to give you access, unless you force that upon them. So be very aggressive in those early days to make sure that you gain that access.

Speaker 1: 4:00

The next red flag in regards to seller communication is with the title company. In regards to seller communication is with the title company. So the way that we handle transaction coordination with the sellers is the moment that we get that signed contract, we are then sending a templated email to the title company, ccing in the seller and explaining to the title company. Here's what's going to be taking place. We're titanium investments. We have a purchase and sell agreement with this property. We have included the seller in this and then, separately, we have just our own communication line email with the title company. So we will ask the title company has the seller filled out their seller information sheet? This is very important because this is the seller intake to the title company disclosing. Do they have a mortgage company? Are there any liens? Getting them all of their information so we can get any payoffs that are necessary to clear title and get the deal closed. So you want to make sure that the seller is communicating, because this is one of those issues that goes unforeseen. This is why you should always have a transaction coordinator, because it could kill your deal. It could kill the deal, especially if there's a timeline crunch. Maybe it's a pre-foreclosure or there's an auction date coming up. Sellers will sleep on the importance and the timeframe that is necessary to get all of the paperwork to get this deal across the finish line. So be very aggressive in your email communications or hire a transaction coordinator.

Speaker 1: 5:41

Personally, I recommend using easy REI closings. You find out more about them at titaniumtccom. Now, this is important because you want to make sure that whatever payoffs are needed to get this deal closed, get into that title company. The statements can be created and dispersed to all the parties. Created and dispersed to all the parties. We just had a closing that got delayed by a couple of days because the seller was not communicating with the title company and because of that, the buyer was not able to get all of the information that he needed to get his loan to close. So the seller not communicating actually impacted our buyer and that's what delayed the closing by a couple of days. So it's very important that you make sure that the seller is communicating with the title company.

Speaker 1: 6:35

The next level of communication that you need to make sure the seller is having with the title company is with scheduling their closing. Now, as funny as this may seem, you would think the seller would be like overly anxious and wanting to get this scheduled. But understand, the sellers are not professional home buyers or home sellers. They're not real estate professionals, so they don't really typically understand how these transactions take place. And so if a mobile notary is necessary or if they also want to go down to the title company and close in person, it's your responsibility to make sure that the seller is communicating with the title company and that is scheduled. If you think that the title company is going to take care of that for you, there's going to come a dime and a date where you are sorely mistaken and that's not handled and your deal, your money, is going to be on the line.

Speaker 1: 7:41

So make sure to communicate with the title company. Has the seller been scheduled? What time is that? How are they closing? Is it with a mobile notary? Are they closing inside of your office? What time is that? And then also follow up. Make sure, hey, day of closing is still everything good with the seller? Hey, seller, are you still good to close the title company? Do you understand what's taking place here and then post the scheduled time that they were supposed to sign? Follow up and make sure that that actually took place.

Speaker 1: 8:15

Again, be overly aggressive with your communication and making sure that the seller is always communicating. They are not the professional in this transaction. You are, and your money's on the line. So stay on top of all of the seller communications to the title company. All right, last and certainly not least, but just to wrap up this video on seller communication, it's vitally important for you to make sure that the seller is constantly communicating with you throughout the entire transaction.

Speaker 1: 8:50

One of the most tragic things that can happen to a wholesaler is that while they're under contract with a seller, the seller doesn't receive any communication from the wholesaler and they start panicking and they're inevitably going to receive another cold call or fill out another form Maybe they filled out LeadZolo's form, that's how you got the lead and then the next day they see property leads form and they fill that out and they go under contract with someone else. Because you stopped communicating and there is no communication, the seller panics because they are that motivated to sell their property. So understand that every single day that goes by in this transaction, so understand that every single day that goes by in this transaction, it's your responsibility to be communicating and basically catering to the seller to make sure that they don't do anything that can potentially hinder this deal from closing. Keep them updated about what's taking place and if you do things the titanium way, with transparency, you can explain to them where you are in the process, whether that's still marketing the deal out to the buyers or you're waiting to get buyers feedback and offers, whatever that looks like. Make sure communication is always taking place with these sellers so they don't panic and go try to sell their house to someone else. That's one of the most tragic things that can happen, but it does happen time and time again in wholesale transactions.

Speaker 1: 10:22

All right, guys, that's our episode of Wholesaling Red Flags with Seller Communication. Listen, at the end of the day it's simple Stay communicative with your sellers. Make sure they're communicating with title companies. More deals will make it to the finish line and more money in your bank account. Let me know if I forgot something in the comments. Show me some love. Like the video. See you guys tomorrow.