Protecting Yourself From Scam Offer Letters: Another Example

Protecting Yourself From Scam Offer Letters: Another Example
Hi. I’m Beth with TB Properties Buys Land. In the last video, we talked about protecting yourself from scam offer letters and what a young lady had done to protect herself. Again, we’re still waiting to see whether she signs a contract or not. We’ve got another couple weeks or so to find out if she wants to move forward, and that’ll be her choice. I want to share a second example of what a gentleman is doing to protect himself from scam offer letters and to make sure that he feels comfortable moving forward with the transaction. So this gentleman lives in Florida. He’s got property up in Washington State, and he’s ready to sell it. He’s done with it. He pays taxes on it every year.

He says he’s not flying out there to use the property and he wants to move forward. What he’s asked us to do is he said, “Listen, I’m selling my parents’ home in another part of the country. I’ve got a real estate attorney for that. I would like to send your contract over to my real estate attorney to review it and make sure that everything’s okay before I sign it and move forward.” Okay. And I shared with him, I said, “That’s perfectly fine to do that.” We’ve had other people send our contracts to the real estate attorneys for review. Our contract is extremely simple. It’s just one page, so I don’t think his attorney will take a long time to look at it, but it’s smart of him to want to take that contract and to have someone else review it and look at it and make sure that there’s nothing in there that’s sketchy or that’s going to hurt him, or he’s going to lose his property or not get paid the full amount.

It’s always smart, whether you have a real estate attorney or it’s just yourself, to look at the contract that you’re signing and make sure you understand it. So if you don’t understand any aspect of a contract, ask questions. Ask questions to the person that you’re working with, ask outside questions. You should always get answers to the questions that you’ve got with regard to signing a contract. I can never offer you legal advice, but for my purposes, I would never sign a contract if I didn’t understand what was going on, if I didn’t understand the wording in it or any part of it. So he’s going to send that off to his lawyer sometime at the end of this week, and maybe we’ll find out the following week whether he chooses to sign with us. We’ll find out. Again, this is his property. It’s his choice. I walked through with him our process here at TB Properties Buys land. I told him that once we agree to a price, which we have, that we’ll send him a contract and he can sign that in white ink and he can mail it. He can e-sign it.

But once that’s signed in whatever way it’s signed, we send that to the title company and the title company opens up a file. We will send that file number over to the land seller if the title doesn’t automatically send that to them. Once the title commitment is in hand that comes from the title company, we take a look at it, we review and we say, “Yes, let’s move forward.” And they send out closing documents, and you are allowed to close in person if you’re close by and if you choose to drive in, or you can close remotely where they will email you your documents or they’ll overnight them to you, and then you simply sign and notarize those in front of a notary, whether it’s your bank for free or it’s a local postal center. They’ll also send you a UPS or a FedEx label so they can overnight those documents back. Here for us at TB Properties, we will receive our paperwork as well and we will be required to wire our bank certified funds to the title company or send a certified check, a bank check to the title company.

So the title is not going to close on the property until money is in their account, they’ve got certified funds, and until paperwork is in from both sides. That way the transaction’s safe for both parties. That’s how we work. We pay in cash. We close through title. We have a simple contract, and we try to close quickly so that you receive your funding quickly. But if you have any questions, feel free to reach out to us. We’d love answering your phone calls and emailing you, or even responding across the website. I look forward to hearing from you and do your due diligence before working with a land buyer or a real estate investor. Ask those questions and make sure you’re getting the answers that seem right. If not, go and ask a professional. Thanks again. Have a good day.
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