Contract Deposit Always Required???
Quick question...all replies welcome.
I have a Pure Option on a property that expires this coming Tuesday. Property is a 2BR/1.5BA brick townhome in Bmore. It's been slow moving and is priced really low to sell quick--46K on a 60-67K block. Doesn't need rehab just minor kitchen and bath updates if wanted.
Here's my question...I have a guy(an investor) who really likes the house and claims to be able to do an all cash deal however he just put money on a couple of other properties and couldn't put a $500 earnest deposit on this contract until next Wednesday(he's also pre-approved for a bank loan...showed me paperwork regarding this). My normal response is no way but if we were to sign up the deal with him and then collect deposit next week(says he can put $$ on then) would we have a legitimate deal??
If so, we could have a contract by the end of our option expiration, get the property on it's way out of our hands and then hopefully settle (which as a cash dead would be quick) and be done with it.
What would you do or whaddya think???
Have him sign the deal and place a check for $500 in escrow with your atty.
You do have an attorney correct?