Posted by JPiper on November 08, 2000 at 24:51:09:
I don’t think there’s a way to accomplish that.
I have sold unfinished rehabs to buyers. What I typically do is collect a large upfront non-refundable earnest money deposit, that is passed through to me. The contract contains appropriate language covering the fact that this money is nonrefundable…see your attorney for this.
But reality is that the buyer can choose to walk away from the money. I had it happen about a year ago. You can’t force someone to buy if they suddenly get cold feet and choose not to. But a large upfront deposit that is passed through to you and is nonrefundable goes a long ways toward assuring that the buyer is serious.
By the way, you want to have them prequalified with no contingency for financing.