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Updated about 8 years ago on . Most recent reply

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8
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Mark Mitchell
  • Investor
  • Hattiesburg, MS
1
Votes |
8
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I have a situation to see how to handle it:

Mark Mitchell
  • Investor
  • Hattiesburg, MS
Posted

I found a motivated seller who resides in California and owns a property that was deeded to her by her parents in Little Rock, Arkansas. The price started at $24,000 and we negotiated to $14,500. I went to look at the property again to make sure the price was a good deal and noticed a squatter in the house and a little damage. I informed her of that and she wanted me to expedite the contact to her. Oh, I forgot to mention this would of been my first deal. I had a few contracts I got from online, but i wanted to make sure it was legit, so i called a title company and they gratefully sent me one. Before I could finish filling it out, she text me last night and this morning waiting on it to sign.

I sent her the contract today and he is her response, then mine;
Hers:
Hello,
There's a few things that you need to correct before I sign it.
1. it's a cash purchase and there should be bank to bank information in the contract.
2. We don't need to wait until next year to close, unless you don't have the money.
3. Obviously I can't take a $20.00 deposit to hold a house until next year.
(Instead it should read closing will take place immediately, as soon as the contract is signed, and received a bank to bank transfer will take place the same day of received contract or contract is null and void)
Mine:
1. It is a cash purchase, I use first national title and they will call you and get your bank information and transfer you the funds.
2. We will close immediately, but I put that date so I can HAVE an inspection done and no surprises.
3. It's not a deposit to you it's to the title company, I do have the funds it's just to protect you and I, that's why I completed the document in that manner.
Hers:
1. this is a cash purchase, and you will have to put up at least $1,500.00 deposit to protect me and my time and interest in case you or your "partner" change your mind. the deposit should go directly to me, if closing doesn't take place the same day.
2. if closing will take place immediately, then we don't need to wait until next year.(the contract reads one way but what you are telling me is another) in the contract you wrote that yo don't need an inspection. you need to change the closing date to take place no later then Dec 19th, 2016.
any helpful suggestions would be greatly appreciated before i respond back.

  • Mark Mitchell
  • Most Popular Reply

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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    13,508
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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    Replied

    While you Could close in one day, you wouldn't have time to get a title search and and title insurance.  She is just clueless, or trying to pull something, insisting on closing the same day as signing the contract.

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