I have a rather odd situation going on and would like to some advice from others who have traveled this path before me. I had a home under contract at a certain price. I had a home inspection done in advance of consummating the deal to make sure there were no surprising issues as well as had a contractor come in to provide an estimate on what it would take to make it ready; cost, time, etc.
Upon feedback from both the inspector and the contractor, about what the findings and what it would take to rehab this Single Family property , I decided to go back to the RE sales agent and ask for a $5k reduction in price based on the findings that turned up a few things that I felt would affect my cost. However, not only did the agent balk at the price but sent over termination paperwork immediately. In fairness, I also decided that I wanted to go from an all cash deal to a financed deal and explained to him that the request (having thought it through) was so that I could buy more homes with him and not use up so much cash on one deal. Apparently I underestimated how mad this guy got because he not only sent over the termination contract but has not stopped speaking. I've since squeezed a bit more from my rehab guy and even if I keep the price as originally negotiated, it ought to cash flow very well. I left another message for the RE to discuss and no return call again. I quickly assessed this was personal (for him) and may not have intentions to sell this property to ME.
Turns out I'm right. Had another RE agent call him with the same offer I initially gave and he said they will take it. As an aside, he did reveal to the other agent that he is not going to sell the property to a recent person who had it under contract because they tried to negotiate on price after getting feedback from their contractor. Problem: He doesn't know its me at this point. And, if he finds out, who knows what will happen! This property is in the state of Arkansas by the way. Was advised by my RE (now representing me) that I have two options.
1. Have a relative or friend I trust buy it and then assign to me through a quick claim.
2. Create an LLC in Ark and buy it with this method.
I realize this story sounds petty, immature and whatever other adjective you want to use but I can't make this stuff up. I don't want to do business this way and cannot believe it has gone this route. But, such is life. The numbers on the deal look good and I believe this will be a knockout opportunity. If you were me, which option would you do? Or, do you have a different approach that you would suggest?
Thanks in advance for your feedback and consideration......
