How to Handle Multiple Land Buyers at Once (LA 1749)
Transcript:
Steven Jack Butala:
Jack and Jill here.
Jill K DeWit:
Hi.
Steven Jack Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill K DeWit:
And I'm Jill DeWit, broadcasting from the Valley of the Sun.
Steven Jack Butala:
Today Jill and I talk about how to handle multiple land buyers at once.
Jill K DeWit:
This is coming up more and more right now, and I love this. I was watching-
Steven Jack Butala:
A good problem to have.
Jill K DeWit:
Right. Several conversations in our closed environments on Discord and Landinvestors.com where people are going, "What do I do? I got this guy, and then I got this other guy. And I don't know how to juggle all this." So we can help you with that.
Steven Jack Butala:
Before we get into it, let's take a question posted by one of our members on the Landinvestors.com online community. It's free. And did you know that we have a full blown operational commercial printing company called Offers2owners.com. Jill and I set this up a lot of years ago. We've always had it for ourselves, but we set it up for the public to address this specific and customized needs. So, if you need to get offers out to owners to buy real state, this is the only dedicated place that I know of on the internet to get this done. We do about 700,000 offers a month. Email support@offers2owners.com and see if it works for you.
Jill K DeWit:
Cool. G-throat, "What do you do when you get..." Oh, we're just going to talk about it right now and then I'm going to answer it in the thing. So this is one of the questions that prompted this today. So Geeth said, "What do you do when you have two people wanting to buy your land after you've sent out purchase agreement to a different person 24 hours ago? The other two contacted me within an hour of each other and had wanted a PA sent to them now. I haven't received the PA from the first lady yet. She said she was having transportation issues and would do it tomorrow. Her purchase agreement has a hard number on it and has a hard date for the funds to be posted in escrow by. It's also worth noting that there's a place for me to sign on the document after she signs, and then I sent it off to the office who's closing it. Do I wait until tomorrow and see if the potential buyer sends it back and just tell them the two people it's pending? How could I better prepare for these situations in the future? Do you do backup offers on pending but accepting offers?"
Steven Jack Butala:
Before Jill answers, I'm going to just paraphrase this. This person Geeth in our group inadvertently and unwillingly set off a bidding war for his property, for his land. And he is asking what we do, if it happens often and what do we do?
Jill K DeWit:
Exactly. So you need to have you... I hate... This is a tough situation.
Steven Jack Butala:
I love this situation.
Jill K DeWit:
No, I love this situation, but you're like, you don't want to be a jerk to the first person, but there's a little bit of an element of she might fall through, this little old lady, and you don't want to lose these two people that are hot and excited and ready to go. So we could take... You know how real estate agents say, "Now accepting backup offers"? You could do a version of that and let people know that you're in number two position or number three position honestly and truthfully and say, "I'm giving this person," and I would call and set hard deadlines for the lady. If you don't know how to do this, walk over to your next door neighbor's house, help them take a picture of it with your signature and whatever some money we could get this done in 12 hours. I've walked people through this, not kidding, if they really, really want it. And, if they don't want it, just say, "Look, I've got two other people. I need to know now. And it's okay. We don't have time to waste. What do you..." Sometimes you give me this look like,