Getting under contract now, to close in June?

[Sean F.]

Hello everyone,

I sent out some yellow letters to absentee owners in a small neighborhood I am interested in purchasing in for my primary residence. I received a call from a seller that wants to sell FSBO but they need to relocate family first. Would it be possible to get under contract now so I can secure my interest in the property and no other offers will be entertained?

I guess my question is related to the timelines involved once the contract is executed. (inspection period, financing, appraisal, etc...) does this pose a problem? Say the seller accepts my offer and we are under contract today, is there an addendum or stipulation I can add or should I just put the dates far out there enough and if we need an extension we can go from there?

[Wayne Brooks]

Sean,
You don't need any addendums. Just put closing, possession dates and any other stipulations, penalties, etc, in the contract itself. Put your EM deposit with a title co., not the seller. Make sure he has a clean title, and can pay off any mtg. before you commit yourself for a long time.