Sharing Daily Discoveries About Personal Finance And Business Topics

Having Backup Buyers

I was talking to a person who was in the business of selling properties and one thing he was surprised about is how people do not try to get backup buyers incase the original buyer fails to buy the property. For example, if someone already signs a contract and places a deposit with the intent of buying the property there still is a chance that they will back out and therefore it won’t get sold. He was saying how most people would just keep waiting for the buyer to pay the remaining balance as oppose to continually trying to find more potential buyers until the actual place is sold.

According to him, in his field he sees so many people try to back out of deals that you just lose so much time and money from waiting and getting no results if the person backs out. I suppose that can be relatable to other fields as well. In the larger perspective it’s almost like comparing people who run their own business and having a particular quota they would like to make.

It’s risky if your goal was to make say $10,000 a month and then once you potentially find that customer you just stop trying to find new ones as you just assume that the deal will go through. So if the deal goes sour you have just essentially lost all that time and money. It’s always good to have backups and not resting until your deal actually goes through.

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