“ If I pay my fee and Deposit am I 100% committed to the purchase “
A Big question that has come up recently from many of our investors is “ When I pay my deposit to the Title Company and my fee to Global Investments am I 100% committed to close on the specific property I have reserved ? “
We asked Mike Moodie the CEO of Global Investments INC to expand on this question and clarify exactly how this works etc.?
“ Absolutely not…. Even though the client client has committed to purchasing and has paid their Ernest Money Deposit and fee to Global Investments Inc. These two payments are only to take the property off the market and then we go to contract and then the inspection phase. The Investor must be aware that any contract is always subject to our own due diligence and inspection process. “
“ Once we sign the reservation and contract we have 10 days to carry out a full independent inspection. This is where we would check the main fundamental items in the property. Roof, foundation, electric, plumbing and also we check for any structural movement. If for whatever reason we don’t like something in the inspection we can simply cancel the sale and any funds paid are fully transferable to an alternative property of their choice. ( This its very rare as our suppliers give us excellent properties. ) Saying that normally like with any tenanted house the inspection can bring up minor maintenance items. Once we are happy that the house is in good standing and all the main items are fine we would ask the seller to take care of any maintenance items that are brought up by the inspection before we close. “
So the easy answer to this question is that if the investor has decided to commit to reserving a specific property they are not committed to close on that that property until we review and are happy with the property inspection etc. Yes they are committed to buy a property in the US if for whatever reason we decide to cancel the first reservation. At this point the team at Global Investments Inc will start working with the Acquisitions team and find a replacement property that is more suitable for the investor “
So if a client is 100% committed and has made the decision that they want to invest in the US then my advice is to choose a property and start the process with the knowledge that Global Investments Inc will do all the necessary checks before we close. However if there are any doubts or they are not 100% committed to investing in the US then my advice would be wait until they have all their questions answered and at the point they are 100% committed then we can start the process. “ Mike Moodie CEO at Global Investments Inc.
