Buyers, excited by a good deal, sometimes brag & lose the deal! I tell my Buyers, “Loose Lips Sink Ships,” “BAB” “Brag after you Buy”! Real estate isn’t war but it is competitive! Read below to learn 4 ways to lock up a deal! Click the photo to learn more from Professor Real Estate TV®!
“Loose Lips Sink Ships” is a saying used during World War II, the idea being that if you talked about ship movements the enemy might destroy the ships! If you brag about your deal before you lock it up, your competitor (other buyers) may blow-up your deal by buying it first!
1. Get your Financing in Order First. If you need borrow money, make sure you meet with a bank or lender first to know how much you can borrow to spend on the new property.
Sign a Contract. Make sure you and the Seller sign and date the contract. You don’t have a binding contract until both the Buyer and Seller sign. Even if you spent a lot of time preparing g the offer you sign, its only binding if the Seller signs it too!
Make a Deposit. Put some money down, aka make a deposit! To protect yourself, (i) read the contract to understand under what circumstances, if any, you can get out of the contract and get your deposit back and (ii) request (in writing) a confirmation of deposit letter from the escrow agent (the entity holding your deposit funds).
Close the Deal. This means transfer your money to the Seller in exchange for title to the property.
Now, you can BAB – Brag After you Buy!
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Disclaimer: Professor Real Estate® materials apply generally to real estate subjects and are not intended to apply to specific legal issues.
Copyright Professor Real Estate® Suzanne Hollander 2014.