Which contract to write.... - Posted by Sean

Real Estate Investing Real Estate Law
#1

Posted by Tom – IN on July 25, 2001 at 09:21:33:

I wouldn’t get the lawyer involved unless you have to. But why not do this one on a subject to? You have a real problem here of the possibility here of the seller dieing (sp) on you. Get the deed now, if you can.
Next time, tell the agent that he is allowed to structure his deals anyway he wants, this is how you want to structure your offer. Don’t let the agent think for the seller. Hope that you’ve bypassed the agent this time, and that he’s not getting a commission.

#2

Which contract to write… - Posted by Sean

Posted by Sean on July 25, 2001 at 08:51:39:

In April, I made an l/o offer on a $125,000 property. The offer was for $5,000 consideration, $700/mo. for 12 mos. where all funds would go to down payment. It had to go thru an agent who wanted to change it to a p/s with delayed closing. All agreed. After checking credit, she suggested to the 83 yr. old widow NOT do the deal (I’m in the middle of improving my credit after a 3 yr. old bankruptcy and 2 year old foreclosure). Well, as it often is, the vacant (she’s moved out of state to be w/family) house hasn’t sold. I’ve been in communication with the seller and she’s inclined to go with my deal. Well, after all this, the NEW DEAL will be: $1,000 down, $700/mo for 18 mos. on a purchase of $118,000 with all funds going to the down. After handling all the costs of the house for 18 mos., I think it will be much easier to get a good mortgage. Do I write this on a p/s agreement used in Tennessee?? Should I have a lawyer involved, at this stage, to give her a little comfort level re: legality?? In the p/s will be the requirement that the house appraise for, at least, $120,000 at closing. Any thoughts???
Thanks