Lost 2 months chasing a cash buyer who was just fishing for comps

I spent almost 8 weeks going back and forth with this guy who said he was a cash buyer for a duplex I had in Cleveland. He kept asking for more photos, more documents, wanted to see the rent rolls and utility bills. Every time I gave him something, he had another request. Turns out he was a real estate agent building a comparative market analysis for a client. I wasted all that time and probably lost a solid offer from another investor who moved on. Now I ask for proof of funds upfront before I send anything beyond basic info. Has anyone else run into this kind of time waster posing as a buyer?

2 comments

2 Comments

sageallen1mo ago

...and that's exactly why I started making them sign a simple non-disclosure agreement before I send anything past the first email. It sounds counterproductive but it actually scares off the time wasters and fishing agents. If they're legit, they have no problem signing a basic NDA that says they won't use my info to help someone else. The cash buyer who actually bought my last property signed it within 10 minutes. The rest of them usually ghost me as soon as I mention it.

janac511mo ago

Does the NDA make them push back a lot before they ghost? I've had people get real huffy about it, like I'm asking for their firstborn. But honestly, it saves me time and headaches, so I don't care how they feel.