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Updated over 9 years ago on . Most recent reply

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25
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Matthew Reed
  • Lombard, IL
0
Votes |
25
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OMG 13 pages! Purchase contract.....

Matthew Reed
  • Lombard, IL
Posted

Ok, I got a lead on a house, I look at it and tell him I'll pay him $85K for it.  He agrees, says "send me a contract".  I used a one-pager that was in the class I took (I've used it twice before, both times rejected).  It has all the important stuff, the offered price, the amount down, etc.  He signs it but instead of $100 down he lines it through and enters $2000 down, and he lines through my title company and puts in his. 

I know it's not official until I initial the changes, but I decide to send it to my lawyer.

He goes nuts!  Why would you use this contract!!!?  He says.  "It has nothing about loan contingency"!  I say; no, it's a cash deal.  He says "do you have this cash"? me; "no, I'm going to get a hard-money loan" him "Well that sounds like something we need in there."  me, "No, this is presented to the owner as a cash deal, the loan will go through in 30 days.

Anyway, long story short he sends me back a 30 PAGE CONTRACT!!!!!

What do I do?

I can't send that back?  Can I?

I've bought other houses before, but I got them from wholesalers and they did the contract.

-Help!

-Matt

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