All Forum Posts by: Susan Franco

I have a contract on a house I rehabbed, and the buyer wants to go two more weeks berfore closing, its been 6 weeks already, should I let them extend this, or should I get a larger deposit? I got 1000 on a 225,000K house. Is there a length of time that is normal?

Hello,

  I'm new to RE investing, and this is only my third deal. I had a contract to sell a house for 225K with 1000 in escrow on 1/7 , inspections and appraisals are all done, closing was to be 2/21, and they called yesterday wanting to push it to march. I stupidly did not have a must close by date on my contract, they have offered to give  me more escrow to extend the closing, and I have this opportunity to have the contract amended I believe, and add it must close by _____, and demand more escrow, to protect myself. I don't want to involve an attorney, and they are willing to work with me, but I don't want to do anything improper.

Thank You! So basically you are using the option agreement, as a purchase agreement as well? Sounds like the one is serving as both., which makes sense to me.

I am a newbie here, and am getting conflicting advice from others.I got the seller of a property to give me a signed "option to Purchase"agreement, however I am getting differing opinions that you first need a standard sales agreement Prior, before the option agreement. This makes no sense to me, because I am just getting the option to purchase the property.Actually this advice was from an attorney, but I don't think he was familiar with wholesaling. What is the normal paperwork, and what comes first?

He has already taken my form to the title company of his choice.

Can the person I assigned my wholesale deal to close on the property without my knowledge, and cutting my assignment fee out of the deal?

Hello,

I am new to wholesaling and investing in general, got a house under contract to wholesale, and then when I assigned it I saw after the fact, that I did not have a date it must close by on there. ( huge mistake!) I spoke with the person I assigned it to, and since he keeps saying it will close any day per the title company, who is a good friend of his. I asked if we can put on there 30/60 /90 days. something that is agreeable to both of us.He flat out refused ANY date, and that is such a huge red flag to me. Plus he tried to put a lockbox on the house when it has not closed, which I refused to let him do.

I trusted this person because he is giving classes in my town about investing, and now I think I may have been had. I have consulted an attorney, but have not heard back yet, and wondered if I can get any feedback here?

Any advise?