All Forum Posts by: Becca Summers

I should clarify I was reading this assuming closing date came and went actually. I don't know if that's true or not if the seller is asking for an extension you can negotiate what if you want . however if you are financing deadline has passed your earnest money might be hard. You might be able to use it as a loophole to get out of the contract.

@Braden because the buyer didn't close on the closing date. No seller in their right mind will go after them but I see this happen a lot when a seller or buyer want to go after earnest money they still have to sign all the closing documents to prove they did their end of the deal. 

@Elizabeth Mccord did you use the bank's contract? Most are date related so closing happens 45 days after acceptance so they didn't really pick the date. Why didn't your title company just have you close on the 19 being a cash buyer it would have been easy. 

If it's in the bank's contract you might have already agreed to the $100 a day for an extension. Make your Realtor or title company pay for it if you want to. 

@Peter J. technically you are in breach and they could come after your earnest money. Granted they are in breach and you could take damages in the same amount as the earnest money. 

I would just reach out to the seller and cancel the contract and make sure they agree to not go after your earnest money or you could ask for a price reduction. 

I've seen an estate contract that has the closing of the contract subject to the probate approval. 

@Stephen Witkowski I think you asking this question means you need an agent.  Once you've done a lot more you might not need one as @David Zheng said.

A Realtor will help you through the whole process from where to start, financing, house hunting, rent amounts, insurance, title insurance, contracts, addendums, inspection, appraisals, closing, walk thoughts, utilities, repair costs, ARV, and answer all the questions that might come up.

The hardest part is not all Realtor do work with investors or the work with them but have no idea what they are doing. You need to find one that invests themselves to help you.

@Jaiden Olsen I've had some of the same thoughts. I've always wanted a second home in Park City and might just need to make it happen by then. A quick search shows how expensive it would be. I know a lot of people talk about renting their houses in Salt Lake County for thousands of dollars so maybe buy a rental as a long-term and make the lease end at the time of the Olympics then do short-term rentals and convert it back when the Olympics are over?

@Kaden Murdock I would start with house hacking your own property. Buy something with little or no money down then turn it into a rental next year and repeat. Keeping your cash ready to jump when you can. Saving that much by 22 is great! Keep up the good work. 

Buying cash flowing property does happen just get really good at analyzing so you can jump on one when it comes up. I got cash flowing property off the MLS a few months ago because it had fallen out of contract. I was able to get it that same day.

@Peter J. Did you go to the title company and sign documents? They could say your breach of contract as well.

@Chris Marston You could do flips or Buy and Hold. Finding the flip properties are best with wholesalers. However, you'll need to get really good at value and renovation costs as some of the values the wholesalers send are crap. I would recommend picking your sandbox of where you want to invest. Then you can research that area and when the right property comes on your can jump on it. The next question is what is your plan for financing?

@Alexander Ho My best advice for those wanting to invest in Provo/ Orem is stay away from legal accessory apartments. They are not duplexes and the cities both are pretty stringent on this practice of renting both units if the owner doesn't live there. A lot of investors want to start this way and I've heard the city go in and make owners removed the second kitchen. There are other cities that are better about it but not Orem and Provo.

When it comes to condo's make sure you can rent them. Most complexes have an investor limit of how many units can be rented in the complex.