Posted by Mike Schmidt (IL) on July 25, 2001 at 13:14:18:
Not 100% sure, but I think what that means is there must be some monies that change hands and $1 just makes it a legal sale…or something to that effect. I am sure others that know for sure will chime in here.
What does this mean to me ? - Posted by Cre Barbee
Posted by Cre Barbee on July 25, 2001 at 12:44:16:
My first offer was accepted, however, on the contract it states that seller must net one dollar or can back out at closing. My question is why would they accept my offer if they wouldn’t net one dollar. Should I be concerned about this? The re agent says I shouldn’t be, but I thought I’d ask you guys for confirmation.
MY FIRT DEAL!!! I’M SOOOOOOOOO EXCITED!!!
Thanks In Advance
Cre,
KC,MO
Re: What does this mean to me ? - Posted by JohnBoy
Posted by JohnBoy on July 25, 2001 at 22:24:45:
Give us some details about the deal. what do the numbers look like?
Is the house over encumbered with debt? Maybe what they’re saying is that they will need to net $1 where it means you will have to pay everything off that is owed against the property, where the seller may owe more than what the property is worth and after you pay everything they will need to net a $1 to where they don’t get stuck coming out of pocket with anything. Basically, YOU get stuck with paying more than what the property is worth. If they’re only requiring to net a $1 it sounds like they aren’t looking to get any money out of this.
It’s hard to say without knowing any details about the property and the deal you made.
What is the property really worth? How do you know?
What does the seller owe on the property?
Are there any other liens against the property?
How much are you buying the property for?
What are the terms you are buying under?
Give us some details on this and then maybe someone here will know.