Re: I need help with clauses - Posted by Pat
Posted by Pat on March 06, 2006 at 21:02:07:
I just received my monthly newsletter form the organization that got me started in this business some 14 yrs ago. In the article entitled “17 Mistakes that will Undermine Your Success”, points 8 and 9 may have a bearing. Here’s the gist of those points.
#8)Getting too Creative with the Contract:
“Many sellers view the buyer as an adversary.Presenting a confusing contract with clauses that all lean towards your best interest is not going to warm the seller to your offer. But that doesn’t mean you can’t throw in a few perks for your side.”
The rest of the point focuses on using familiar contracts (ie doctored local ones ), without the clauses you don’t want and leaving in the ones you absolutely must have.
#9)Always Angling For Escape:
" If you use too many weasel clauses you end up looking like a weasel.You should be able to tell within 5 to 10 days whether or not you want to buy the property. That is plenty of time to have an inspection done and find out if the property pesents any obstacles to getting a mortgage.If you have a Right to inspect and Right to cancel without penalty and a Right to cancel without penalty if your financing doesn’t work out (standard on most locally used cotracts), then what more do you need?"
Just food for thought. These guys guided me when I got started and I have always found their advice and strategies sound; resulting in success for me.
Wish you well.