Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago, 10/20/2015

User Stats

25
Posts
0
Votes
Matthew Reed
  • Lombard, IL
0
Votes |
25
Posts

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

Loading replies...