Indianapolis was recently named as the 2nd most affordable city in the United States. Understandably, this has attracted the attention of many investors. In spite of the fact that most 'investors' who contact us are just everyday folks thinking they may have found a new way to get rich quick, we (me and my team members) are polite and try to give them the information they seek. Very few of these people wind up using our services to purchase property.
The latest contact we had was a woman who admits to being a novice. She has 'mentors' giving her advice and is more willing to listen to these mentors than the advice of seasoned REALTORS who do business in her area of interest. She only wants to consider bank owned and foreclosed properties. Today she gave us a list of ten requirements that the bank would have to agree to before she would bless them with the purchase of one of their homes. She actually thinks the bank is dying for her offer and will bow to her demands.
Among her demands---1) She wants the offer to be contingent upon approval from her partners. This is after bank acceptance, then she wants to go to her partners to see what they say.
2) She wants the bank to agree to let her sell the home to another party before she closes on it herself.
3) She wants 72 hours to deliver the earnest money and she wants to write a personal check.
4) She wants to choose the title company.
5) She wants the home taken off the market at acceptance.
6) She wants ten days to walk away from the deal if she is not satisfied with the inspection.
The other items are already written into the Indiana State Purchase Agreement, but she wants us to write them in again.
We have told her that banks play by nobody's rules and that she can ask for anything, but they have their guidelines and they are carved in stone. She said it sounds as if we don't want to work with her.....
Maybe it's just late and I am overtired, but I had to giggle a bit to myself when I read this. It never ceases to amaze me what some people do. Good luck to her! :)