Very Motivated Seller w/conditions

[Richard Carpenter]

Found this seller;

"My son has been so sick .. he has a kidney problem and i need help financially ... i am thinking of selling the property out asap on a cheaper price and i have been in contact with few investor.. But i want a deposit upfront to be able to cover my expenses here and when we close the deal the money can be deducted ."

This property is a 2 flat, 5bd, 2ba for 29,500;

Needs a lot of work to bring back it's glory. But it's stood for over 100 yrs, & with work will be ready for another 100. 1 3BR and 1 2BR unit both w/1 bath. Alum siding 10-15 yrs, roof 10 yrs, but the units, heat, elec and plum need rehab. As-Is. Could be a great money maker. 1 block from City College, close to stores, transportation & expressway.

This is a Chicago property that I have yet to get under contract, but the seller and I have something in common...Jesus! Even though we've only talket through email, and she's been talking to other investor's, she is still waiting for my decision. What do you guys think? Help me out here.

Thank's in advance.

[John Thedford]

I gave a seller some earnest money in advance. I had leverage over the seller because I had a 1st lien on the property with him. Even then, he went around my back and listed it with an agent. Weeks later, I got a call from a title company asking for the payoff. I informed the title co and also the agent that this guy had already signed a contract with me. If I didn't have the 1st lien mortgage, he would have simply sold it out from underneath me and walked with my earnest money. This is a perfect example why EM should never be held by the seller. If you want to buy the property, sign a contract and give the EM to a title company. Set a quick closing so the seller can get the funds fast and you get the property.