All Forum Posts by: Adam Schneider

Alejandro, 

You'll have more success finding a lender if the seller would agree to take a second position...

V.G Jason--

You asked why I said it's a 2 way street, and position it as a 1 way street because the seller can "No Representation" the disclosure. The reason it's a 2 way street is that, once the seller goes under contract with the buyer in NC, the seller cannot back out of the contract--but the buyer can terminate the agreement for "any reason or no reason" at any point during the due diligence period. Because of the DD period, without a certain amount of skin in the game, the agreement tilts in favor of the buyer. The DD fee and the DD period are designed to balance the relationship between buyer and seller. Theoretically, you could see a situation where a buyer goes under contract with a $1 DD fee and a 60 day DD period...decides at day 2 that he/she doesn't want the property, but chooses not to terminate until day 59. The seller has no ability to terminate.

It sounds like most people on this thread are viewing the issue of a non-refundable deposit from the lens of the buyer. From the lens of the seller, the DD fee is a vetting tool, and a protection against a buyer who locks up a property and wants to negotiate late in the contract. It's a 2 way street. There's a line in the standard NC P and S agreement (2T) for an additional deposit...you can always make an offer with a small DD amount, and then an additional deposit say 5 days later....to give time to do your inspection. Just a thought...

Deed of Trust and Mortgage.....six of one, half dozen of the other.

Did you have an attorney do the loan transaction? You should have a promissory note and deed of trust.

Thanks for sharing the journey!

I'd send a note to Brandon Hall, who is a BP member and CPA.

@Account Closed

Hello Kislay. You are top five all time BP posters, IMHO! Very kind of you to share your insight, and I appreciate the content and style.

@Meghan Rusen Have you considered structuring as a Lease-Purchase or Lease-Option?

@Christian Sidaros What conversations have you had with the NEIGHBOR?