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Updated about 9 years ago, 10/20/2015
OMG 13 pages! Purchase contract.....
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