IS IT TOO LATE TO RESTRUCTURE THIS DEAL? - Posted by Robert


#1

Posted by Tim (Atlanta) on January 14, 1999 at 14:47:09:

Technically, yes, you can get out of this deal. Every inspection I have done has come up with some things that need to be repaired. Usually they are minor enough to ignore for the sake of making the deal. You could say that the seller has to repair these items .
Look in the contract you signed to see if it has a section about whether you accepted the property “as is” or with the right to request repairs. If it does, this is your loophole.

Be aware that if you back out of the deal, the seller may not want to talk to you about the lease option that you mention. He may need to get out from under the first mortgage for financial reasons. Also, if I was him, I might be miffed that you would not close on the contract that you signed.

Good Luck !


#2

IS IT TOO LATE TO RESTRUCTURE THIS DEAL? - Posted by Robert

Posted by Robert on January 14, 1999 at 13:11:22:

We have a contract pending with a seller on a 4-unit right now contingent on all the usual, obtaining mortgage, home inspection, etc. Question is, we feel we could have structured the deal better by owner doing a lease option (right now owner is taking back 20% mortgage) IS IT TO LATE TO RE-STRUCTURE THIS DEAL?