Need Advice On A Contract.
I need advice on how to structure a contract. The home of intrest is listed at 53k. They want 1000 ernest money firm with contract. I don't have that. Home after repairs should appraise between 115 and 119k. Want this home really really bad. Motivated seller... owner in nursing home and wants to get ride of the property. Any Ideas.
Beg, borrow or steal the grand. Half price homes are a good deal.
Call an investor, look in the paper for I buy houses, and flip it to him. Make 15K or so, and leave in another 20 or 30k for the investor.
Good Luck,
clint
You don't have the money, or you don't have the contract?
Someone at your local REI group could probably give you a contract they use. Make sure he or she is a real player. Then hit tell them about the deal and maybe they can mentor you and help you with this one.
Tell you what you need to do is definately put into your contract something that states the seller is of clear mind and body, etc.
I have a great document if you need one just private message me, because trust me, granny's family can come back and get nasty for her not giving them the property and they can sue you for taking advantage of her.
The Solutions Kid
[addsig]
I have a question...If this house is in her will and it's due to go to the grand kids, I have it under contract, and then she (God forbid) passes, what happens?
Can I still proceed? And How would I?
I am not la lawyer...however...I believe that they as inheritants receive the proceeds from the sale and the executor of the estate would be bound by the contract to close to you. Let me emphasize that you may be challenged as to her frame of mind. Do everything with as many witnesses as possible. Notarize her signature and yours on everything.
As long as it is a solid contract ( and she's not senile) you should be ok.
Hello BigOso,
You must have something of value that the seller is willing hold in exchange for the $1,000 good faith money. To be honest good faith money is only something to make the seller feel comfortable that you are not wasting their time, when you put the property under contract.
So get back in there and make that seller feel warm and fuzzy about selling that property to you.