Hello - I am trying to do my first wholesale deal. The property is in Indianapolis which is where I live and the owner lives in California. We agreed on a price, so I filled out and sent him the contract and he is pushing back on almost everything. For example:
1. He wants me to deposit the whole purchase price at the title company and he wants the terms to say that he gets to keep 50% of it if the deal falls through.
2. He totally wants me to remove the portion about the property being "free from hazardous substances, and from violation of zoning, environmental, building, health or other govt codes or ordinances and that there is no material or other known defects or facts regarding the property that would adversely affect the value of the property."
3. He wants me to totally remove the portions that say the "Buyer upon giving notice enter the property and inspect, repair, market and show to third parties prior to closing date."
4.. He wants me to remove the portion about Contingency which says the contract is "contingent upon the buyer having the right to inspect all of the property, engage professional inspectors to determine the structure and condition and that the report must be satisfactory to buyer or all deposit money will be immediately refunded and all contract obligations considered void and the inspection shall be conducted within 30 working days from acceptance of the contract."
5. He wants the words in the Closing section to actually name a title company (which i have no idea what that is at this point) and to remove "Subject to a 90 day period in which the buyer/seller shall be permitted to clear any title problems"
6. He wants me to remove "Contract subject to an acceptable appraisal", "Buyer may assign or otherwise transfer any of the buyers' rights, title and interest in and to this agreement to a third party without the seller's consent" (Even though he didn't say for me to remove the line that lists my name as the buyer and then says "and/or assigns as buyer")and "Buyer may place signs and show property immediately upon acceptance of this contract by both parties".
7. He wants me to remove the item "Time is of the essence with this agreement" stating that both parties will diligently pursue the completion of the transaction.
Is this normal for a seller to be this picky about a contract ? Based on this information, should I just forget about this deal, especially since I have no experience at all yet? It seems like he wants me to remove some pretty important things plus the fact that I can't put the whole purchase price down as a deposit now.
I would appreciate anyone's thoughts on this. Thanks!
