Check out this real world podcast with Dan Levy - MIS Student, Realtor, Investor, Business owner and MIS Mastermind member.

Archie Aliyar, Joe(Walter) Sosky, Zachary Smith, Stacy Sosa, Ron Weem, Shawn Edgar, Evetta Jones, Emily Erickson, Luis Hernandez, Hope Alday, Brandy Lopez, Stacia Banta, Josh Jimenez, Jeff Graver, Bill Mosher, Yvonne Barlett, Beverly Small, Nicole Bina, Jeff Rucker.

Debra Camino, Pierre schexneider, Mark Kalscheuer, Talitha Pitre, Winnie Guillory, Joshua Franklin, Rashanda Shillow, Florestine Clark, Malcolm Stewart, Natasha Engle!
 

Carey Lambert, Tracy and MIke Bohm, Kristy Robique, Juli Jenkins, Njemile Sauda, Susan Cobb, Simone Soignet, Dan Dominquez, Ann Lisa Garsaud, Micah Lambert, Paige Cosby, Bambi Guilbeau, Vanessa Blandeau, Glendalen Williams, Jacqueline Daniels, Erika Aziegbe, Ricky Patterson, Cindy Bowdon, Candace Hall, Letrell Johnsn, William (andy) Powell, Larry Gatti, Camilla Jarvis, Adam Willis, Megan Panella, Claudia Espinoza

 

1. Not having all the signatures. Try to confirm if there are other interested parties. The trade will fail if you don't have signatures from all the property owners. One way to do this is to simply ask the owners if there are other people who have an interest in the property or are on the title/deed. This usually works, but sometimes sellers won't tell you everything. During your due diligence and title search, you may uncover additional owners.

2. Tenants denying access. You should clearly write into your contract that you need access to the property for inspections.

The problem, however, might be that the tenants won't allow you into the property, even if the owner does. As a way to ease possible problems with tenants, ask the landlord to give you their phone number. That way, you can call the tenants yourself, and they can check with the landlord if they feel like it. That will help you build rapport with the tenants and ease their concerns. You can also bring them a Starbucks when you come over to view the property. If you don't reduce the risk from tenants, they can kill your deal.

3. Finding hidden liens. The seller will need to give you a clear title to the property before it's transferred. Have a professional title search conducted by a title company or attorney. You want to avoid any liens, which may unintentionally show up at the last minute. For example, the seller may be unaware he has a tax judgement against him, which could interfere with the sale of his property, if the price is below what he owes.

4. Communicating poorly. Be thorough and never assume. Go through the contract with the seller. This takes time, but it can eliminate problems on the back end of the deal. Discuss the Contract Process, Purchase Price, Earnest Money Deposit Procedure, Inspection Period, What “As-Is” Means, and Close of Escrow Process and Figures.

5. Sellers changing their minds. It happens all the time. But you have a contract! Before you get aggressive and threaten legal action, try to figure out the reason why. You can mitigate this situation by actively listening when you communicate with the seller.

In some cases, their situation may be something simple, and you can help them solve that problem. In other cases, you might have to become more aggressive about your legal rights. Before having your attorney contact them, perhaps you can send a scare letter by certified mail. This will get the ball rolling on legal action, and normally will resolve the issue by itself. But if the letter doesn't work, go ahead and have your attorney contact them.