13 Aug Closing Contracts
When you are in the process of having a contract closed in Tax delinquent Investment you need to consider a time frame. Remember not to make that contract null and void, so give it a very good time frame of about 60 to 80 days. This is for your security, as well as the sellers, so there is still a way to back out of a contract, if you need to.
But, of course, you do not want to wait 60 to 80 days before you close. You want to close much faster. You want to close, ideally, as fast as possible, because the faster you buy it, the faster you can sell it, and the faster you make money. So, therefore if you work with a title company, make sure you send the sale agreement to the title company, once it is accepted. Tell them you expect them to close escrow on or before a specific date. You want the title to be ready as soon as possible, so if it can be ready the week after the sale that would be best. Then they know that they do not have to wait until the close of escrow. Very often, title companies wait until the very last moment. They are trained to wait on attorneys. They are trained to wait until the day of close of escrow comes and they close a day or two prior to that. The title should be ready a month earlier than close of escrow, ideally.
In my experience sellers are ready after 10 days. Then, they sit there and wait, and if you do not remind them. They just let the paperwork sit there for another 50 days before they say, “Okay, let's arrange for closing.” So, you want to make sure that you are on top of the situation. Remember, just because they have agreed to sell does not mean that they will chase after you, you still have to do some legwork. This is your investment and it is in your best interest to make sure it goes smoothly from beginning to end.
In Tax Delinquent Investing, follow through is just as important as acquiring and convincing the seller. You will be dealing with third party organizations that is used to playing the waiting game. Remember, this is your money we are talking about. Would you leave a wad of cash sitting around? I think not. Make sure you direct the third parties accordingly so that your investment process can go as smooth and seamless as it can be. Your investment is turned around faster and easier.
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