Help this newbie consummate his first flip deal, please! - Posted by Jack Z.
Posted by Jack Z. on April 08, 1999 at 16:50:38:
O ye who know,
I just got the terrific news that a seller accepted my purchase offer on a junker. I’m very confident I’ll be able to flip at a good spread, though it’s screaming to be pre-habbed, a la Joe Kaiser’s latest article. And though I have never been a big fan of manual labor, I can’t wait to dig into this one, because it will definitely make it much more marketable at a better price.
However, as the house is now under contract, and only under contract, the broker said I didn’t have the right to do much to it. He said only after close could I do it. Is that true? I thought I could clean it up, since it’s vacant, everything is included with the house (just really a big pile of rubbish), and it’ll only make the seller’s position stronger. What’s the deal? If I have no right, could I have my attorney draft a request letter to do what I want?
Please help. I’ve got it under a 30-day close agreement, and though I could come up with the money if I had to, I don’t want to. I want to flip it inside of the 30-day escrow. And I don’t want to advertise it yet, because it’s going to look about $10,000 nicer after one long day of rubbish removal and sprucing up. But, I don’t want to have to wait too long to start my efforts, giving me that much less time to sell.
And no, they would not have accepted a lease option. I thought of that.