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Updated almost 10 years ago, 01/16/2015

Account Closed
  • Real Estate Investor
  • San Diego, CA
9
Votes |
26
Posts

Seller trying to lock me in.

Account Closed
  • Real Estate Investor
  • San Diego, CA
Posted

So, I finally got my first deal rolling, however, the seller is trying to lock me in to purchase no matter what. Has anyone else encountered this issue? I sent him the contract and it sounds like he pretty much made amendments to keep anybody from getting out of the deal. I have yet to look at the actual contract but I'm pretty sure that is what he has done. He said he had his lawyer look over it and made changes so that if the other person tried to get out of it they would have a "leg up" on the other person. I have issues with this because I'm not a buy and hold investor AND I didn't get it for the price I initially quoted. I don't want to be sneaky or anything or put any verbiage in there that "tricks" him. Because I think that is just not a moral business thing to do. However, I do need to have a way out if once I shop it to my private investors they don't think it's a good buy. All advice is welcome!

Thanks BPer's!

Nick

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