Hey, Jonathon. You sent a very detailed response so I will answer to the best of my ability.
Hang on a second. You made a verbal offer and it was verbally accepted and you have nothing in writing and are printing the agreement to write up now?
- This is correct. 'If cash with a quick close should be changed' to 'quick close' that is fine but I am in a fortunate position that I can purchase the home cash if needed. I just assumed hard money was basically a form of cash as I don't anticipate ever having a transaction where I hand actual cash to a seller in my career. If this could be an issue in the future I will change the verbiage. I think this will answer your closing statement as well 'Hard Money acts like cash, but you are still borrowing and you should not say cash. Your contract can not say cash since there is financing involved.' Will likely need to change the verbiage as previously stated. Thanks for insight
Do you not have your own standard contract?
- I pulled one of the many contracts posted on BiggerPockets.com/files and found a buyer agreement that had the most downloads and included inspection requirements.
If you are using hard money do they understand the context and that it is not cash and that there will be some form of an appraisal?
- Yes
You said as-is cash offer contingent on inspection and those things are antithetical to each other. If you are making a true as-is offer, your inspections are for informational purposes or to uncover major things that could not have been foresee.
- In the nicest way possible, antiethical is a reach considering the seller know the context of 'As-is' and has agreed to an inspection. She is also a realtor (I should of included this info).
Thanks for the insight but I was really looking for next steps considering the missteps I currently made and what processes are open action items. Thanks
