legal contingencies in Missouri

[Eric Schuettenberg]

I read that some contingencies to get out of a contract are legal in some states and not in others? Obviously I hope I never find myself in a situation where I need to get out of a contract. However, in order to cma can any Missouri investors recommend a good contingency to put in a wholesale contract that is legal in Missouri?

Thanks

Eric

[Bill Gulley]

Use a financing contingency, if you can't get a loan you're out of the deal with your money back, but you need to apply, might make it contingent with a private lender or HML.

This partner approval stuff will get you nailed if you don't have a partner.

I really hate the sneaky snake tactics and so does the MO. RC, along with RE attorneys as you are not dealing in good faith, taking a property off the market while some newbie beats the bushes for a buyer and then can't flip it. Wiggle and weasel clauses are not a good way to go.

Disclose to the owner what is going on, that you might buy it but if it turns out that it doesn't really meet your needs that you know other investors who can buy it too, ask them if they care who buys it......they won't care! Then contract and do your thing......

Hopefully, if it is a residence that is occupied, you won't jerk them around and you'll know of real buyers for THAT property before you contract. Good luck :) 

[Eric Schuettenberg]

Originally posted by @Bill Gulley:

Use a financing contingency, if you can't get a loan you're out of the deal with your money back, but you need to apply, might make it contingent with a private lender or HML.

This partner approval stuff will get you nailed if you don't have a partner.

I really hate the sneaky snake tactics and so does the MO. RC, along with RE attorneys as you are not dealing in good faith, taking a property off the market while some newbie beats the bushes for a buyer and then can't flip it. Wiggle and weasel clauses are not a good way to go.

Disclose to the owner what is going on, that you might buy it but if it turns out that it doesn't really meet your needs that you know other investors who can buy it too, ask them if they care who buys it......they won't care! Then contract and do your thing......

Hopefully, if it is a residence that is occupied, you won't jerk them around and you'll know of real buyers for THAT property before you contract. Good luck :) 

 Thanks Bill, Sounds like great advice