First Deal...Offer Made!!!

[Shaniqua Dupree]

Hello All,

I just put down an offer on a home for $15000. Asking was $30,000. I spoke to the bank representative before and he said the best he could do was above $20k. So I waited and asked again today and am putting in an offer at 15k. This offer has gotten past phase one. The "Yes ill put it in and see what the bank says" phase. My question is, I would like to have a contract/agreement/contingency stating that I would like to hold the property for X amount of days so that no one else can buy it. I need to get a few contractor bids on the property and let the title company do some research on it to tell me if everything is ok.  

If you have any other advice on the matter of having your first rental please don't hesitate to let me know. One last thing: Tips on Landlording.

[Jason Mak]

Most purchase contracts have some language that gives yous a due diligence period allowing you to do your research before your deposit becomes non-refundable.