Posted by ScottE on May 05, 2000 at 11:32:43:
Marlon,
Sounds fishy. For starters, have you checked the title to see if this person is the only record owner?
Scott
Seller won’t sign - Posted by Marlon(OH)
Posted by Marlon(OH) on May 05, 2000 at 11:25:49:
Have this ever happened to anyone before? Two days ago I met with a seller who owes about $15k on a $43k house. They told me they needed about $5k to move out of state. So I made an all cash offer of $20k with a 30 day close. I had plans to flip this one. They accepted the deal but then refused to sign anything. They said they had bad experiences in the past with contracts. I tried explaining that I needed a signed contract to get a loan from my lenders but they still refuse to sign anything. They want me to give them “cold hard cash” first and then they’ll do the deal. I was wondering if this has ever happened to anyone else and how did you deal with this?
Run don’t walk - Posted by Jim IL
Posted by Jim IL on May 06, 2000 at 23:06:52:
Marlon,
I am sure that you tried to explain to the sellers that they NEED to sign a contract to make the deal happen.
So, since they refuse, my advice is to quit wasting time with them.
Call them up and tell them why you are NOT going to buy the home.
While on the phone with them, ask them how they bought there car, there home or just about anything else?
This just sounds too fishy to me, and I would not even bother with checking the title on this myself.
There are other deals out there waiting for you that you may miss out on if you keep playing with this seller.
Have a nice day,
Jim IL
Re: Seller won’t sign - Posted by kevin
Posted by kevin on May 06, 2000 at 15:46:05:
are you sure these are thw owners of the home??hear stories all the time how people pose as owners ,take cash deposits and bolt!! this one sounds really fishy to me and would run like lightning from them
Re: Seller won’t sign - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on May 05, 2000 at 11:42:35:
Marlon,
It happens all the time it is a result of distrust on the part of the seller. It is a mindset that is difficult to overcome. If your numbers are correct I would strongly consider getting the cash up and closing for cash, with them. Do not give them a deposit. Be careful when you use a lawyer, more than one has renogotiated with the seller to leave the prospective buyer out of the picture. I know a bunch of good lawyer jokes (not here).
Bottom line is they can not get the money without signing a deed. If you are willing to put up the expense of title work, deed prep, and getting the cash together you can probably still do the deal…ED