LandInvestors.com Forums **Ask A Question** Push Through The Roadblocks

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  • #16236

    Matt Rogers
    Participant
    Post count: 48

    Some sales are easy & done in one call or email. Some are tougher. Here’s the rundown for a sale of one of my properties that definitely took some work.

    Bought 2.4 acres in rural Tennessee for $2,500 in early December. Retail for 2.4ish acres in this area was around $12-14k. I got greedy & tried to list at $13k to see if anyone would bite. They didn’t. Had a few tire kicker calls, but wasted 3 weeks at that price. We’re now at around Christmas time. Got very few calls on all of my properties for 2 weeks. Cut to mid January, I drop the price on this property to $10k. Get a lot of calls & 2 buyers I thought would for sure close. Both flaked out. Waste 3 more weeks.

    Now we’re at mid February. Drop the price to $8k, phone starts melting. Buyer calls who is serious & wants to close quickly. He drives 6 hours to go look at the property a few days after initial call. He tells me this lot doesn’t have electric at the lot line like I advertised (the county told me it did when I purchased). Don’t believe the county for much of anything. Do your own research. He likes it but is concerned about how much it’ll cost to run power to this remote area. I’ve now held this property for 70 days, way longer than I imagined, so I’m not taking no for an answer.

    I call around & spend all day on the phone with 3 different electric companies in the area, all giving me the run around. Nobody giving me anything useful. Finally find the one that services that area. The electric company engineer just happened to be in the area this property is located when I called him & he looked at it a few hours later. Finally some progress. He calls back & starts telling me everything, and I immediately called the buyer & conference called him in for him to ask all questions directly to the engineer. I sit on the line quiet for 10 min while they talk. Turns out it’s only going to cost him about $500 to get everything he needs power wise. Engineer hangs up & buyer tells me “Thanks so much for putting me in contact with him, nobody’s gone that extra mile before in my other land purchases.” Turns out this buyer owns land all over the country to park his RV on when he travels. He’s now ready to buy.

    I sign/notarize the new deed & send to his local bank, where he only has to sign as affiant, get notarized there, and wire me the money. Bank lies to me for 2 days and won’t wire me my money, saying there is issues with the routing number. Total BS, I’ve never once had this problem before with a bank. The buyer calls me & says the bank called him & thinks he’s getting scammed by me since my deed didn’t come from a title company or attorney. Yes, of course this is a small local bank. Buyer tells me they’re telling him to back out the deal. He yells at them that did his due diligence & he authorizes them to pay me ASAP.

    Yesterday the wire finally comes through after I called for the 3rd time and lit them up. It wasn’t pretty. Bank has no creative license here. Shut up, hit the button & send the money.

    Solve your buyer & sellers problems, like J&J talk about. This buyer didn’t ask me to do anything, but I took it upon myself to figure it out & this sale got done as soon as I did. Bank tried to interject & we fought through that. Every transaction is different. I had another sale a week earlier that sold to someone on my buyers list before I listed it online, with zero hassles. We all need more of those. When that doesn’t happen though, push through the roadblocks!

Viewing 7 replies - 1 through 7 (of 7 total)
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  • Joe McLain
    Participant
    Post count: 41

    Enjoyed this post. Thanks for the details. Great info.

    Joe

    USA Land LLC
    Participant
    Post count: 2

    They gave you a hard time because the law requires an attorney closing… Let us know if you ever want to wholesale anything. usa-land.com

    Matt Rogers
    Participant
    Post count: 48
    ProAdvanced

    @georgeusa-land-com I’ve done dozens of land deals in TN, and have closed them all myself. First time I’ve had any hassle. They ended up sending the wire, so must not be that enforceable.

    Jill DeWit
    Participant
    Post count: 439
    ProAdvancedStaffPrincipal

    You are correct Matt R. Keep up the great work!

    Dave
    Participant
    Post count: 1

    Thanks Matt for the post. Its a good reminder of what to be ready for…

    Paul Bilotti
    Participant
    Post count: 1

    As a NOOB this is a great post! I also love the idea of wholesaling the land as a way to get started!

    Jill DeWit
    Participant
    Post count: 439
    ProAdvancedStaffPrincipal

    @paul4b

    Hi Paul,

    As you can see – this is one of the great reasons we are all here. Helping each other so we can all do bigger and better deals.

    This website is filled with folks of all levels of experience so ask away!

    Glad you are here,

    Jill

Viewing 7 replies - 1 through 7 (of 7 total)

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