Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Leon Chappell

Leon Chappell has started 22 posts and replied 73 times.

Quote from @John B Clark:
Quote from @Wayne Brooks:
Quote from @Leon Chappell:
Quote from @Jocelyn Kaufman:

You were right in going to an attorney, this seems like a sticky situation. I would do whatever your attorney advises. What date does the offer expire? Also if they didn't sign is it binding? 

Some people are horrible, I am sorry this has happened. 

Good luck!

That's the thing that's killing me. The contract didn't have a expiration date on it. 

it doesn’t matter.....you can withdraw any offer before you receive a notification of acceptance, and it is if it never existed. A contract should have an address/method for notifications, if not, send it to any last known address/email, sleep easy and forget it. Also, without a specific expiration date for an offer, it would still automatically expire after a reasonable amount of time, to be determined by a judge, if it ever became necessary.


Wise advice!  Any contract requires offer, consideration and acceptance to be a valid contract. If no money changed hands, and no one signed to accept, there are two pieces missing to make this a contract, but even just one missing still means it’s not a valid contract. I agree - still consult an attorney, but it sounds like you’re good to move forward, and as suggested, I would send notifications of cancellation to last known addresses (physical or otherwise).  Again, consult an attorney, though, as none of us are yours.  
Thanks. The attorney also said I should be ok to move forward. 
Quote from @Wayne Brooks:
Quote from @Leon Chappell:
Quote from @Jocelyn Kaufman:

You were right in going to an attorney, this seems like a sticky situation. I would do whatever your attorney advises. What date does the offer expire? Also if they didn't sign is it binding? 

Some people are horrible, I am sorry this has happened. 

Good luck!

That's the thing that's killing me. The contract didn't have a expiration date on it. 

it doesn’t matter.....you can withdraw any offer before you receive a notification of acceptance, and it is if it never existed. A contract should have an address/method for notifications, if not, send it to any last known address/email, sleep easy and forget it. Also, without a specific expiration date for an offer, it would still automatically expire after a reasonable amount of time, to be determined by a judge, if it ever became necessary.



 Thanks I appreciate your response. Its really bothering me. 

Quote from @Jocelyn Kaufman:

You were right in going to an attorney, this seems like a sticky situation. I would do whatever your attorney advises. What date does the offer expire? Also if they didn't sign is it binding? 

Some people are horrible, I am sorry this has happened. 

Good luck!

That's the thing that's killing me. The contract didn't have a expiration date on it. 

I signed to sell my duplex to a off market buyer back in January, they didn't sign it. They stopped responding, and the numbers I have for them are never answered. I want to sell it to another buyer now. I have even had a attorney try to get in contact with them the let them know I don't want to sell to them now. They still didn't respond to the attorney's email. Also the offer didn't have a expiration date on it that makes the offer automatically expire if not signed after a certain period. I was just wondering if I could go ahead and sell to someone else or am I still binding even though I tried everything to let them know I don't want to sell to them anymore?..... I personally feel like as soon as I sell to someone else the first people are going to magically get in contact with me like, they want to buy and try to sue me since I don't have the duplex anymore.

Post: Taxes on a Flip Bought prior year.

Leon ChappellPosted
  • Investor
  • Chapel Hill, NC
  • Posts 73
  • Votes 14
Hey, Lets say I bought a flip in 2018 for $100,000 and I sold it in 2019 for $150,000. Do I deduct the $100,000 purchase expense on my 2018 taxes or my 2019 taxes? If its the 2019 taxes, will I be taxed on the full 150,000 amount, or just the $50,000? I just want to know how to break down the taxes on my flip If I sell it in another year other than the year I purchased.

Post: Buying off market properties.

Leon ChappellPosted
  • Investor
  • Chapel Hill, NC
  • Posts 73
  • Votes 14

@Johnny Young Hey thanks alot man. Thats very valuable information.

Post: Buying off market properties.

Leon ChappellPosted
  • Investor
  • Chapel Hill, NC
  • Posts 73
  • Votes 14

If I send out a direct mail letter and the owner responds. What is the process for buying the property when its not on the MLS. Do I still need to have a agent involved somehow. I am still in process of getting my license.

Post: Making offers without being a agent?

Leon ChappellPosted
  • Investor
  • Chapel Hill, NC
  • Posts 73
  • Votes 14

For clarification I will be working with a agent but they would most likely be the sellers agent. I will be investing in different areas where I want always be able to find my own agent. I guess they would be some kind of dual agent. Is there anything I need to do to protect myself from any legal repercussions if maybe I need to walk away from the deal? I guess I will have to trust the agents I work with out of state.

Post: Making offers without being a agent?

Leon ChappellPosted
  • Investor
  • Chapel Hill, NC
  • Posts 73
  • Votes 14

How do you make offers without being a agent? Is there any legal implication with making offers? If I want to offer to buy someone's house what should I do first?

Post: Start a targeted Direct mail system.

Leon ChappellPosted
  • Investor
  • Chapel Hill, NC
  • Posts 73
  • Votes 14

Thanks for the tip @Matt M.