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Updated over 8 years ago on . Most recent reply

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Curtiss Sykes
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Curtiss Sykes
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Foreclosures

REO'S

Curtiss Sykes
  • Specialist
  • San Jose, CA
Posted

Hello,

I would like to know what's the one contingency i can add to a real estate purchase contract when dealing with REO's in case i have to back out of the deal if my end buyer decides to back out of the deal. I need one good solid clause.

Thanx

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Steve Vaughan's profile image
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Steve Vaughan
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Steve Vaughan#1 Personal Finance Contributor
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  • East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

'subject to partner approval'

It is a weasle clause as John mentions. I wouldn't accept that as a seller.

Always treat your natural person sellers with dignity. Don't waste their time if you don't have a buyer lined up.

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