Posted by Eduardo (OR) on April 21, 2000 at 16:51:39:
You asked a legitimate question. But sometimes we have occasions on this site where people respond to questions with stupid things and think they are being funny. The problem is that someone might believe and rely on them. Weasel clauses are put in by buyers, not sellers. A typical example might be something like this: “This offer is subject to the approval of my partner (lawyer, wife, mother-in-law, etc.) in writing within ten days of seller’s acceptance or contract is null and void and all earnest monies will be returned.” Good luck! --Eduardo
weasel clause - Posted by Ryan
Posted by Ryan on April 21, 2000 at 14:02:58:
I have heard people talk about putting a weasel clause into the contract and I’m interested in seeing some examples of what other people have used for thier clause in case some thing goes sour in the deal. I may have to use one of these and I’m not sure what to put into the contract to protect myself. Please help
Re: weasel clause - Posted by Rob FL
Posted by Rob FL on April 21, 2000 at 20:50:43:
I use the inspection and financing contingencies. Those are all you need.
I know the others didn’t mention the inspection contingency, but many times if you are trying to flip the property you don’t really know if financing will be used. Newbies really need to use that inspection contingency just because you don’t know what you don’t know so someone needs to inspect it.
Re: weasel clause - Posted by SCook85
Posted by SCook85 on April 21, 2000 at 18:52:27:
I fully agree with MDonovan. I think weasal clauses hamper your ability to buy properties. If I use a weasal clause it is a financing contingency. Most lenders will do their due diligence and if the deal is not good they will not give you the money.
Re: weasel clause - Posted by MDonovan
Posted by MDonovan on April 21, 2000 at 17:23:15:
I prefer either no weasel clauses, or just a financing contingency. If you do your due dilligence before signing, you should have no need to back out. So why complicate the negotiation. Save the negotiating for something that actually benefits your pocket. It helps to point out during negotiations that you are ready to buy now, with no strings attached.
If you are scared of things like termites or surveys, just use a financing contingency. The lenders will need these things before they will make the loan.
I know this is opposite of what most books will tell you, but it still makes sense when you think about it.