I am wondering what is best practice for getting the word out on your inventory before actually closing on the purchase (but after getting signed PSA).
I am currently in due diligence on a property in a rather hot market and would love, as a part of diligence to talk to builders and real estate agents about whether they have any interest/interested buyers. I spoke with agents and builders before making my final offer (to get a general feel for desirability/value without identifying the particular parcel) and it sounds like there is a general backlog of buyers with minimal supply in the market so I would love to get people's eyes on it ASAP in hopes any glaring issues to an end user would be made apparent to me prior to closing.
My main concern here is that someone could approach the seller directly before I get it closed, though I do have a signed purchase and sale agreement drafted by a closing attorney.
If you’ve got a signed agreement, you could post a listing with a disclaimer that the property is under contract, and you’re not the owner yet. I explain how in this blog post: https://REtipster.com/wholesal...
Not every state is okay with this though, so do your homework to make sure you don’t need a real estate license to do this where your property is located.
(Not legal advice here - I’m not an attorney) You could also try putting down a small earnest deposit on the property to give the agreement some “teeth”. Once money gets involved, there are actually some consequences for ignoring a contract... but prior to that, a PA (especially one like ours) functions more like a letter of intent.
@tclandbuyer Absolutely, I usually have the property droned and photo’d before I close on it and I start marketing it immediately. There’s nothing better than having the property sold before you close on it. That’s the velocity of money working for you.