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Everyone involved will need time to perform their duediligence. Without a lender to verify funds, the seller will likely request proof of funds and earnest money from the buyer. Bankruptcy. What if the seller has declared bankruptcy? Why does it take this long?
Investors offer alternatives to foreclosure and bankruptcy About 60% of sellers who contact Ramcharitar are behind on their mortgage payments. While some homeowners opt for foreclosure in a distressed situation, others decide to declare bankruptcy. The buyer does duediligence during the option period in Texas.
Beyond doing your duediligence online, it’s also a good idea to pick up the phone and put a voice to the business. Harvell also suggests getting concrete proof that the buyer has purchased properties in their name as part of the vetting process. Verification of funds. Put a voice to a name. Verify past sales.
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