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Updated over 3 years ago,

User Stats

32
Posts
5
Votes
Sang Yi
5
Votes |
32
Posts

The good, the bad and the ugly truth on my vendee offer!

Sang Yi
Posted

Made an offer last month thinking it's vendee financing. 

Built 2017, 2000 sq, good location with school district in las Vegas. Listed at $278k. I sent a offer at listing and received this email below:

We would like to emphasize that the property is currently occupied. This is an AS IS sale with the following conditions:

  • Buyer would be responsible for eviction
  • No inspection
  • No appraisal
  • No Contingencies
  • Cash only. Hard Money may be considered if lender does not require interior access.

I understand the confusion. This is a unusual situation. Because the property is occupied, it will not be possible for an inspector or appraiser to access the property. Most lenders require an inspection and/or appraisal to justify the loan value. That’s why the only offer terms that can be accepted in this situation would be a cash or hard money offer with no contingencies.

I really believed at that time the property was easily $350k. How do you go about this without having 300k cash on hand??


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