Posted by Bill S. (Ohio) on January 23, 2002 at 05:45:43:
Bipin, if you need someone to send you a purchase contract does that mean you don’t have a signed contract as yet? One of the things you learn real fast in this business is to get the agreements in writings ASAP—preferably as you are talking with the seller. My broker says that getting the deal on paper ‘keeps friends friendly and strangers honest’.
So far, you have a good deal set up here. You are dealing with an experienced investor who shouldn’t balk at paying you your fee. I’d say go for the simultaneous close so you only have to pay one set of closing costs. Just make sure that you are dealing with a title company that does these on a regular basis.
The only other thing I would say is ‘don’t get greedy’!! I’m sure you would like $5,000----but are you willing to risk blowing the deal? Offer to come up to $12,500 or so----you make less money but at least you’ve got something.