GETTING STARTED
ME AND MY WIFE HAVE THOUGHT ABOUT INVESTING IN A HOUSE TO RESALE. WE LIVE IN THE ATLANTA AREA AND WAS WONDERING WHAT IS THE BEST WAY TO GET STARTED. I DONT HAVE MUCH MONEY TO GET STARTED BUT AM VERY HANDY SO ALL THE WORK, FOR THE MOST PART, I CAN DO MYSELF. I JUST NEED SOME IDEAS ON HOW TO GET STARTED WITH AS LITTLE MONEY AS POSSIBLE. ALL HELP AND COMMENTS ARE APPRECIATED.
First turn off the all caps (looks like your yelling). Second you need to take some time and learn the biz. Have you ever done anything like this before? If not you need to look at your plan ie :buy and hold, cash need for unexpected, credit or creative buying. What is your market like?
You have come to the right place please stay and read use the lib in your town for free books and ask question. We were all new once.
J
You have no basis to reneg on your offer.
Only if you have a mortgage contingency that gives you an out in your contract, can you cancel.
No, no mortgage contingancy.
WAIT! yes I do have a mortgage contingency.
You also need to see if the contingency period has expired. Typically you have X days to remove contingencies. Have you reached that point?
Not sure if that has expired but if it has not or if it has not what are my options?
You can always back out, but you may not get your earnest money back.
In light of the new information, it may be smart to walk away. Better to leave your earnest money behind rather than get into a deal that does not make sense.
Also, what are the disclosure requirements in your state? The seller may be in breach of contract for not telling you about the foreclosure.[ Edited by jthomas-slc on Date 09/27/2006 ]
What difference does it make to you if the property was in foreclosure, or not? It was a good enough deal to move forward with the purchase. What has changed?