Need Help Please
Need help with first deal. I have a property picked out I have financing now what do I do. How do I go about getting a contract that I can get out of if my lender dont like it? What is a earnest money contract ? Once I get through the first deal I will breath a sigh of relief. Thank You
Add a contingency to the contract which states- this contract is subject to loan approval and you can also add this contract is subject to satisfactory property inspection. Hope this helps.
Watch those "wiggle clauses" they can come back to bite you in your career.
Earnest money - Tells the seller you have an interest in moving forward to complete a contract. Your level of interest is measured by the amount of earnest money.
As a seller, which buyer would YOU prefer to HOLD a $100K house for: $5 in earnest money or $3K?
Eric & Rosa
[addsig]
Earnest money put as little in there as you can get away with on a sale to you. When your selling get as huge a chunk of that person into the deal as you can get. As for you escape clauses your on your own. There are certain escape clauses that realtors will key in on and tell you they wont accept. However there are some that are creative that they dont understand that are reasonable but very open ended and will cost them money to see it through. I have some of these for myself. Hey I dont give everything away.