Handy Mans Special means Bulldozer Needed (LA 845)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Hello.

Steven Butala:                   Welcome to the Land Academy show, entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:                            Hi, I'm Jill DeWit broadcasting from sunny Southern California.

Steven Butala:                   Today, Jill and I talk about handyman special, means bulldozer needed. All this week, we talk about annoying real estate agent driven cliches.

Jill DeWit:                            This week is all about debunking ... What's the right term for that? Debunking-

Steven Butala:                   Well, what it says in the script is infuriating.

Jill DeWit:                            Ah.

Steven Butala:                   Infuriating real estate cliches because they all mean that something's wrong with the property.

Jill DeWit:                            I get it.

Steven Butala:                   Before we get into it though, let's take a question posted by one of our members, on the landinvestors.com online community. It's free and as you're listening, please drop your questions into the comment section below.

Jill DeWit:                            Milan asks "Title companies are driving me crazy with their long close." (laughs) Speaking to the choir.

Steven Butala:                   Wow. Jill's got a lot to say about this.

Jill DeWit:                            Boy, do I. (laughs) "Few properties I'm buying through a couple of title companies are now in one month wait and counting.

Steven Butala:                   Yeah.

Jill DeWit:                            "And still, nothing is happening. When you contact them, they're polite and they say 'Gosh, we're still waiting for the title report. Grrrr,'" he wrote in. "My question for you guys is, what is your strategy to make sure the seller doesn't change his mind in this never-ending wait? I know, I know, they signed the purchase agreement, but I believe they can back-off from the deal anytime they want if they want to."

Steven Butala:                   Yeah, that's true.

Jill DeWit:                            "I'm thinking about sending a check for 300 dollars or so to keep them committed, what do you guys do?" I don't do that. I don't do anything-

Steven Butala:                   It's not a bad idea. I've done things like that in the past.

Jill DeWit:                            I would just include it in part of the purchase sale, like say, send them a thousand dollars non-refundable deposit so they know you're in and committed, and they have money in it and they're not allowed to walk, because they have money now.

Steven Butala:                   Right

Jill DeWit:                            Already in place, so that would be a good way to start it out. If it keeps happening to you and you're worried about it.

Steven Butala:                   That's actually the key, the whole key is, I think, maintaining conversation with the seller. Just saying, "hey can you believe this is taking this long? These idiots to get this deal done".

Jill DeWit:                            That's exactly.

Steven Butala:                   And if you can laugh together about it then you're gonna be fine.

Jill DeWit:                            That's what we do.

Steven Butala:                   But making a positive out of a negative here, it's giving you some extra time to get your ducks in a row to sell the property.

Jill DeWit:                            That's true...