Fix up prior to close? - Posted by Glenn Winterhalter

Posted by Ty on July 27, 2001 at 23:53:20:

Don’t Invest a dime into your on the title, I learned this the hard way. If you have an agreement and they back out, even with the best attorney and contract, it would have to go to court. Where your going to spend more money and time to have a lien put on a house, you don’t own. And you won’t be able to recoup you money until they sell the property. Then again why would they want to sell thier nice newly renovated home. Some thing to think about. Just the opinion of a new investor who almost lost $25,000 by making the same mistake your about to make. Ask yourself can you afford to have your money tied up for 3 to 4 months if a problem occurs?


Fix up prior to close? - Posted by Glenn Winterhalter

Posted by Glenn Winterhalter on July 27, 2001 at 14:57:51:

Is there an agreement I can use to protect my re-hab money I spend on a unit prior to changing title? I’m willing to surrender any expense if I back out, but what if he backs out? The seller seems willing to let me in to do some work but I would like it in writing.
Thanks in advance for any advice.

Re: Fix up prior to close? - Posted by Ronald * Starr

Posted by Ronald * Starr on July 31, 2001 at 23:44:41:

Glenn Winterhalter--------

Ty’s advice is good. However, if you should decide to spend some money fixing before the deed is in your name, why don’t you go to a real estate attorney and get as good a contract clause as you can? Why listen to non-lawyers?

Good InvestingRon Starr***