Posted by Ken on November 30, 1999 at 12:36:32:
There is nothing mysterious about addendums. They are just additional things that you want included in the purchase agreement such as weasel (did you ever try to hold one) clauses, contingencies, . . . I usually put them down as bullets. The attorney will then translate them into legalese.
WHAT TO DO WHEN YOU DON’T KNOW WHAT TO DO? - Posted by ANNETTE
Posted by ANNETTE on November 30, 1999 at 08:14:04:
I am just starting in the realestate business and I have come up against a couple of brick walls and I need some advice. When starting out in this business I hooked up with a company called “Sellers Little Helper” out in Kansas. Just as any beginner I had a lot of questions and needed clarification on things I did not understand. The gentlemen started out very helpful but then he grew laxed in answering my questions. He either answered partially or did not answer at all. Needless to say I no longer work with him. During that time I made contact with a motivated seller who is interested in doing business with me. It is a SFR that is being sold under contract for $70,400 and the appraised value of the home, I believe is 85-90,000. The house is in excellent condition and is in a nice middleclass neighborhood. The owners reside at another residence and was using this house as rental but than grew tired of landlording and just want out. I would like to do a flip with a double closing. I presented this to my lawyer a couple of weeks ago in which she was going to set up the addendum attached to the contract. My delima is my lawyes has dropped off the face of the earth. I have not heard from her. I have left messages for her and my sellers lawyer has left messages for her and still no call. This is unlike her because I purchased my first home with her and she was more than helpful with me and I trusted her.
I know that it is important to have a lawyer especially for what I want to do (flip/dble clsg). My lawyer stated that she would set up the closing and gather all info about the property, but to none avail nothing has been done. I know nothing about wording addendums but I’m willing to try. My seller would like us to get the ball rolling before the hard winter sets in. I have been working with the seller since Oct/99 and she has been more than patient. Should I go and look for another realestate lawyer? Oh by the way my seller stated that I should fax her a copy of the addendum and her lawyer would be willing prepare the contract.
Need your help ASAP. I must send a copy of the addendum to my seller todoay.
Thanks,
Newbie