Updated over 4 years ago on . Most recent reply
Purchasing with cash to immediately sell
Good day everyone. I wanted to post this situation and get some other investors opinion.
I am currently a real estate agent working with a client of mine to purchase a property. She is pre approved but does not have a lot of cash on hand. We have submitted many offers but she just can’t compete with the rest of the market. I was thinking about purchasing a property with cash and then possibly do a little work to it and then sell it to her. The point of purchasing to sell to her is that she does not have to compete with the rest of the market. In terms of protecting myself is there any documents that would be suggested for me to have her sign? Would it be smart to sit down with a real estate attorney and write up a contract? I have never done anything like this but I believe it could be a win win for both of us.
Any and all advice is appreciated! Thanks a ton!
Most Popular Reply
Anything real estate contract-related should always be ran by a real estate attorney if you are unsure about it.
What is your Plan B? Say she chooses all of the finishes but then changes her mind and doesn't want the house anymore. What happens then?
When it comes to homes and being on a budget, you usually get to choose between two of the three options: Price, location, condition. In this market you may only get one of those options. I'm a believer that there is usually a house for everyone, but buyers tend to want things without sacrificing for it. Maybe she should consider finding a different area to buy in or save some more money to get what she wants.