Benefits of "Under Contract?" - Posted by David(ATL)

Real Estate Investing
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Posted by Long Beach Ed on January 17, 2003 at 11:03:21:

This answer may vary depending on state laws.

In New York, when you have a signed contract to purchase a property, you have more rights than the owner. The contract states, generally, that you agree to buy and the seller agrees to sell the house at the terms agreed upon in the document.

Traditionally, here in the NY Metropolitan area, you pay 10% of the purchase price at contract. Of course all this is negotiable. Most contracts here are subject to the buyer getting approved for a mortgage.

Here, most contracts are subject to the roof being free of leaks and plumbing and electric being in working order. Otherwise the sale is “as is” condition.

This is a document under which you are both bound.

You must find a typical document used in your state.

Ed

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Benefits of “Under Contract?” - Posted by David(ATL)

Posted by David(ATL) on January 16, 2003 at 19:12:05:

I’m need to know the benefits of placing a house under contract and what type of form do I need to accomplish that. I’ve discovered a vacant house that’s been vacant for about a year. I’m meeting with the seller in a couple of days and in the event that he will not consider my “subject to” offer or my “lease option” offer, I want to be able to prevent other buyers/investors from snatching it while I seek a Hard Money lender if he accepts a cash offer of 60% of FMV.

By the way, does anyone know of any Hard Money Lenders in the Atlanta area?

Thanks in advance!!!