Need Help on my first offer for my first property

[David Olson]

Hello BP,

I need some pointers or lessons learned from anyone who can help me answer some of these questions. I live in Houston and currently have a property I am about to make an offer on to try and implement the BRRRR strategy with. This will be my first rental should things move forward. There is a $500 earnest required which is no big deal but it turns out the house is a bank owned foreclosure and therefore has no option period. IF I make an offer and it is accepted, am I legally bound to the property no matter what? What if my offer is accepted and after I run through the house with an inspector and a GC it turns out there are some underlying issues that would result in me not pursuing the deal? In this case would I only be out the $500 or am I stuck with the house?

I tried looking online for a real estate lawyer in my area but have come up short mainly because I cannot tell which ones are solid and which are not. Hard to find those that work with real estate investors. This plans to be the first of many rentals so finding a good lawyer I can consult with is much needed as well. 

Thanks!!!

[Marc Middleton]

Always use a Real Estate Professional to help you. Most banks will tell you the same as well when entering into contract with them . (Fannie Mae actually requires it). 

If there is not inspection period, then yes your deposit will be non-refundable. You are not obligated more than your deposit to buy a house. No one can force you to close on a home. 

A seller, however, can be forced by the courts to sell to their buyer.