Posted by Jackie in Dallas on January 07, 1999 at 22:12:19:
No, I’ve never been stuck with a property - and I’ve never had to tell a seller that my partner did not approve the purchase. I know what my “partners” won’t buy and I simply pass on those kind of houses.
When I write the contract I use an escape clause, “contract subject to inspection and approval of the property by Buyer’s partner” If I cannot find a buyer for my contract then I have a way out.
My “creative way” to avoid problems is - I’m honest with the seller and tell them one of my partners “may” take title to the property. It has never been an issue and never caused a problem. I’m dealing with very motivated sellers that just want SOMEBODY - ANYBODY to take the house - they don’t care who it is.
And if I’m just the person that will help them get to the person that will actually buy they don’t care - really!
JP’s getting the next article tomorrow.