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Updated about 5 years ago on . Most recent reply

User Stats

96
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Mark Marinaccio
  • Flipper/Rehabber
  • Agoura Hills, CA
25
Votes |
96
Posts

Seller wants to remove my escape clause

Mark Marinaccio
  • Flipper/Rehabber
  • Agoura Hills, CA
Posted

I have a seller that wants me to remove the language from the purchase offer that would allow me to back out of the deal but I'm hesitant to do it for obvious reasons.

Anyone have any creative ways to help protect myself if I remove that language, for instance can I add a line that lets me reduce the purchase offer by any amount I want should my inspection produce unfavorable results?

This is in Tennessee. 

thanks!

  • Mark Marinaccio
  • Most Popular Reply

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    Jerry Puckett
    • Wholesaler
    • Fort Worth, TX
    1,717
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    Jerry Puckett
    • Wholesaler
    • Fort Worth, TX
    Replied
    Originally posted by @Mark Marinaccio:

    I have a seller that wants me to remove the language from the purchase offer that would allow me to back out of the deal but I'm hesitant to do it for obvious reasons.

    Anyone have any creative ways to help protect myself if I remove that language, for instance can I add a line that lets me reduce the purchase offer by any amount I want should my inspection produce unfavorable results?

    This is in Tennessee. 

    thanks!

    What might that obvious reason be? Not having the money to close? Not having any intention of closing? No value judgement here, I'm genuinely curious.

    I read your inspection clause, and it sounds here like you are wanting to simply trade one weasely clause for another. Why not just a standard inspection clause?

    Have to agree with Ryan here...just be honest. What do you have to lose? Protect yourself from what? You made the offer..... The best way to protect yourself is by doing your due diligence. 

  • Jerry Puckett
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