All Forum Posts by: Austin L.

Thanks for the feedback, do you know if the loan company would make me pay for the appraisal and stuff even though the deal maybe canceled?

Hello everyone, A family friend wanted to sell one of his houses. We did a off market deal with no realtors. We agreed on a purchase price of 240,000. I found a simple online purchase agreement saying he will sell the house for 240,000 and I will buy it with a closing date of June 25th(one month). We both signed it on May 25th. The purchase agreement does not mention anything about backing out of the deal and no earnest money was deposited. The seller received his tax assessment today which has the house valued at 265,000 and in today’s market could probably sell for 290,000ish. The seller now wants to back out of the deal and list it with a real estate agent to get the most he can. Can he back out of the deal since it was an online simple contract with no specific mention of backing out of the deal? I already started the loan process. I have sent multiple documents to the loan company and locked in an interest rate. They are supposed to do an appraisal on the house today. Does the seller need my permission to back out or can he do it at his own will? Will I have to pay for the work the loan company has already done? This is in Washington if that matters.

Hello everybody, I am new to real estate investing and looking to buy foreclosed property in the SW Washington area. I have never been to an Auction and don't really know how the process works or what to look for. I don't even know if I have the cash funds to be able to compete on that level (107k in bank). The starting bid says 60k and 76k total debt. Do these lower starting bid properties normally go way above starting bid? If the property is purchased would I have to pay the unpaid property taxes separately or are the taxes taken from the purchase price? Also the website says no trespassing on property, so I'm assuming I can't take a peak inside before purchasing. What kind of do diligence should I do before attending one of these Auctions?