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???