One thing we learned…actually the hard way is that many so called buyers show proof of funds or MIP and then back out of sales for a myriad of reasons. What we have learned to do with selling our Social and Professional HMOs are first do a memo of sale, have them do a survey and if they are satisfied with the results a small 2k non refundable reservation fee.
We have had buyers pull as they told us they were buying another deal and did not have enough funds….or they had a career change or even that their wife wanted to buy a house before an investment property…
Thoughts or comments?
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