Chicago Real Estate Attorney

[Graham Smith]

Hi BP!

I am buying an off-market deal from my neighbor - he is currently finishing the rehab of his house and wants to sell it to me and I want it, but he wants 5% of purchase price first to "lock" in the deal. He is about 1 month away from finishing the rehab.

Any advice or anyone out there that knows how to do these off market deals where I don't get screwed?

Thanks for any help!

Graham

[Federico Gutierrez]

@Graham Smith, get a FSBO sales/purchase contract from a title company. This will make it a legal contract between you and the seller. The 5% purchase I WOULD NOT PAY DIRECTLY TO HIM, but put in escrow with the TITLE company who will do the title work on the property. Msg me if you need further assistance