Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
trying to get my first deal and fell
Good morning all, I have few concerns. So I just started to seek the investor side of RE.
Currently have a 3triplex bought FHA retail price few years ago. Wanted to get more into the investor side
and got some education for the last 10 month from books and podcast. currently have a business so don't have the time to look for the deals from owners so I attending meetups, craigslist where I can build relationship with wholesalers as I live in a very hot Market which is Los Angeles.
Looked at a deal, numbers made sense in San Bernardino, CA. Deposit was 10k cash, which wasn't a problem, we were going to close with our own cash, quick fix and use as rental.
Well, I got some cold feet from the escrow and seller just need to learn from ya that have done this.
Escrow sent me an addendum to sign, that I said it was okay for them to release 10k which was the deposit to the seller prior to
close of escrow, which was in about 7 days from that day.
The only contingent I put was the property to be vacant 24 hours prior to close of escrow, as I didn't want to inherit a tenant.
That's the reason I wasn't cool with signing that addendum from the escrow company.
Can anyone give me some feedback on this, What risk do I take if I was to sign that addendum and the tenant doesn't leave?
Can I get my deposit back ? help