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Updated over 8 years ago,
Putting first house under contact tomorrow!!!
Good afternoon y'all!!
Last week I posted about how I was meeting with a motivated seller at her house.... The meeting went extremely well (I made a bunch of mistakes, but you live & you learn). In person i offered the Gal 12,000 for her house, (Comps were 15k-30k) (All cosmetic repairs besides roof, so far) which was wayyy to much for a wholesale deal.
So today.... I shot her a text (unethical probably) that stated:
"Hey Mrs. Frances; hope all is well.
Sorry, about the inconvenience.
I apologize to inform you, that I did the estimates wrong, since I'm still getting used to the Jackson, Mississippi market. But based off of the comparable houses in your neighborhood... For a cash offer I can only pay $2,000. (Since I eat the closing costs, roof repair, & other cosmetic repairs... Plus possible repairs I don't yet know about.)
If this is something that still works for you, let me know. If it isn't then let me know what price does work for you, since I want to make this a win-win situation.
-Thanks in advance, Trey
Sorry about my mistake.
Hope to hear from you."
She replied with: "It'll work hope I can get 3,000 and that's fine, I'm heading to Vicksburg I'll be back at 4 can we meet [To sign the contract].
I delayed it to tomorrow at noon... Because I have no freaking clue what to do now.
I know how to get a Texas contract, but I have no idea how to get a Mississippi one. (I read a whole text book about Texas Real Estate contracts, but is that information applicable in MS?)
Do I need a title company at this point to validate the contract? (I think here they use attorneys?)
I guess my question is:
•When I meet with her tomorrow, what kind of contract do I need?
•When do I get the title company (or attorney) involved?
•Any info that lays out the next steps would be appreciated.
OH & I'm getting the house under contract for $2,000. The house is in a C/D neighborhood ... Since I'm new should I just wholesale the deal to get rid of it, or should I buy it & rent it out (She just had a tenant move out last month that was paying $400 a month in rent)
Sorry for the long post, appreciate you for reading!!
-Thanks in advance!! I'm excited!!(obviously) Trey