Just Sent My First Contract

So my first deal won't officially be my first deal until I close, but I just sent over the contract for the agreed amount price.

My niece sent me the pictures yesterday and after downloading them and looking them over, I decided to buy the house. The owner gave me a price of between 20-25K, and even at that price, it would be a good deal. However, everything I've listened to and read on BP has taught me two things; if you don't ask, then the answer is always no, and if your offer isn't embarrassing, then it's probably too high. So I offered 15K and he took it without hesitation. The tax assessment has the land at 16K, so I basically got a free house.

I used the 1-4 Residential Contract (resale) and sent the contract over to him along with a detailed email about what I wanted to do next. I explained that I wanted an inspection done on the house to make sure there were no major issues like mold or termite damage. I asked for a copy of the key so I could put a lock box on the house so the inspector and contractors could get in without anyone there. The contractors would just be for getting estimates on the work that needed to be done. I also said that I would only do this if he was comfortable with it and that no work would be done until after close.

If I had decided to wholesale this deal, I would still close on the deal first and then close a second time to the flipper. I have the cash to close on the house, but I also put in a clause under SPECIAL PROVISIONS, 'Buyer to close in entity of choice'. This lets me assign the contract if I want.

Once I have the signed contract in hand, I will call the title company I have chosen and make sure they are investor friendly. I know this isn't necessary for this deal since I'm buying the house cash and not assigning or doing a double close, but I plan to have a long relationship with the title company and I want to makes sure they can do this in the future so I don't have to change companies later. If they are good, then I will email the contract to them so they can begin the process. 

I don't want to jinx anything so I'll wait to put the deal on my blog until after I have a signed contract. Stay tuned....