I need some help please - Posted by Neil Blatt


#1

Posted by hk CA on November 29, 1998 at 12:24:24:

>Like I said before, I don’t worry about what ifs, only make offers.<

With a philosophy like that, you must be writing your two offers a day while you’re waiting for your court cases to be called.


#2

I need some help please - Posted by Neil Blatt

Posted by Neil Blatt on November 25, 1998 at 16:43:28:

I need a realistic weasel clause to put
in the contract for a fixer upper I want
to flip.

I’d really appreciate some help.

Neil Blatt
neil@dnet.net


#3

Re: I need some help please - Posted by Neil Blatt

Posted by Neil Blatt on November 29, 1998 at 08:45:50:

Thanks Y’all, I appreciate it
a lot. Neil


#4

Re: I need some help please - Posted by rudy gutierrez

Posted by rudy gutierrez on November 26, 1998 at 10:37:32:

Writr in the contract that the offer is subject to obtaining financing within 60-90 days.rudy-austin


#5

My favorite ESCAPE clause - Posted by Paul Macdonald

Posted by Paul Macdonald on November 26, 1998 at 07:49:30:

My favorite ESCAPE clause is:

This offer is subject to my written approval of a home inspection within 10 business days of final ratification.

Most seller and realtors are used to a home inspection. That doesn’t scare them. Most of the other ESCAPE clauses I’ve tried get blown out. And the realtor (if not the sellers) tend to get attitudes. And there is nothing worse than one of your average rocket scientist realtor not understanding and telling their sellers not to deal with me.

This clause lets me out two ways; 1) in my area the standard board of realtors home inspection clause states it must be a professional home inspection and the seller has the right to repair any defects found to keep the contract alive. This way my 6 year old son could “inspect” and I could back out of the contract. And I do not have to pay for a professional $300 inspections. 2) All other issues aside, no written approval, no valid contract.

Good Hunting,

Paul Macdonald


#6

Re: I need some help please - Posted by Rob FL

Posted by Rob FL on November 25, 1998 at 19:56:13:

Make it subject to your unconditional inspection within 15 days of signing the contract.


#7

Re: I need some help please - Posted by hk CA

Posted by hk CA on November 27, 1998 at 11:09:32:

It’s been my experience that most sellers (and I know I would) would reject this offer immediately. Who in his right mind would want to keep their property off the market for up to three months just to find out you can’t get financing and must return the earnest money? Offers should at least appear to be favorable to the seller.


#8

Re: My favorite ESCAPE clause - Posted by john

Posted by john on December 02, 1998 at 12:34:10:

i have done over 250 flippers and no longer use an escape clause. If all your terms are in the contract why would you back out of the deal? Early on, we did a deal and inserted an actual paragraph titled “Weasel Clause” that went on to say it was subject to a partners approval. No one thought anything of it! Good Luck!


#9

Re: I need some help please - Posted by Dalton

Posted by Dalton on November 25, 1998 at 21:19:13:

Rob…
the one “WEASEL” clause I put in all of my deals is
"This contract subject to the approval of my business partner within the next 7 working days" so if I’m unable to find an investor they can’t hold me to the contract

happy house hunting
Dalton


#10

Re: I need some help please - Posted by rudy-austin

Posted by rudy-austin on November 27, 1998 at 11:14:21:

make the offer and find out buy going with the agent or face to face with the seller and take a pre-approved letter from the bank or a copy of your financials and credit report to the seller. I make two offers a day and buy abou5t 6 a year and gross about 40k on each.rg


#11

Re: My favorite ESCAPE clause - Posted by Rob FL

Posted by Rob FL on December 03, 1998 at 19:48:21:

I still think it is best to have one or two escape clauses for 2 reasons. (1) Sometimes a change of events can cause the deal to go bad even if you have done all your homework. (2) Sometimes things happen in your personal life that cause your life to be in turmoil. There are such things as family emergencies.

my .02 worth


#12

Re: My favorite ESCAPE clause - Posted by Paul Macdonald

Posted by Paul Macdonald on December 02, 1998 at 22:16:58:

“If all your terms are in the contract why would you back out of the deal?” - Don’t know. Don’t care. If I do 500 deals (and you are way, way ahead of me so don’t read this wrong) and they are all great - great! If
one goes bad - for whatever reason and I want out - I want out.

Consider the multi-page real estate contract your realtor wants you to sign. It doesn’t have 600 lines of small print because all terms, conditions, penalties etc., etc., are going to be used. They are there for one reason only. Insurance for somebody. Nothing more, nothing less. And if someones tail is going to be covered I want it to be mine.

Good Hunting,

Paul Macdonald


#13

Re: I need some help please - Posted by Rob FL

Posted by Rob FL on November 25, 1998 at 23:05:26:

Sounds good to me. But I would think that if you are dealing with anyone that knows anything about real estate they would reject that contingency. If I were the seller, I would tell you to get your partner over here right now so we can sort this out now.


#14

Re: I need some help please - Posted by hk CA

Posted by hk CA on November 27, 1998 at 11:44:48:

If you have a pre-approval letter from the bank, why would the seller agree to a 90 day financing contingency in the contract? You’ve already been approved. And if the bank needs to verify the TMV of the house, it doesn’t need 90 days to do it.


#15

Re: I need some help please - Posted by rudy-austtin

Posted by rudy-austtin on November 29, 1998 at 08:26:11:

Just make the offer and quit nay saying.if they don’t take it come back with another until one of three things happen
1, It sell to other
2.it dissapears
3.you buy it.
Like I said before, I don’t worry about what ifs, only make offers.
some will
some won’t
so what
someones waiting