Re: geeeez oh peat! - Posted by JPiper
Posted by JPiper on November 25, 1998 at 12:18:33:
Understand that I’m not a lawyer, and I have not seen your contract.
It would be a rare contract that did not provide the ability to inspect the property, and provide some type of contingency based on this. IF yours doesn’t, shame on you. You successfully saved money on one of the most important elements of a real estate transaction…the contract.
Assuming the contract gives you the right to inspect, then the seller would be breaching the contract to not permit entry for the purpose of those inspections. What I would do is to have people drive by the property to check out the exterior. I would provide them with the numbers on the building. If they’re interested, I would write up a deal with them subject to their inspection and approval of the interior of the building.
On the day of the inspection, I would have these people come in to inspect. You could sell it to more than one buyer by using backup contracts.
On the day of the inspection, if the seller didn’t permit entry, I would immediately record my contract, thus clouding the title, and then turn the matter over to my attorney after an explanation to the seller about what is about to befall them.
Now here’s the real question. Is this all worth $6K?? Probably not. Sounds like you’ve got a very skinny deal, that you put together incorrectly. If you lose the deal it will have cost you very little to achieve some education. But I would try the above first. On the next transaction, get your ducks in a row.