Posted by js-Indianapolis on April 17, 2003 at 05:42:35:
Doesn’t sound like you know what you’re doing.
I’m kidding!! Sounds like you’ve got a good business going on, and know exactly what’s up. I swung a hammer on my first house, and learned enough to know I’m not a rehabber. Put a nail half way through my foot one day (only half way because it hit my heal bone), and cut the tip of my finger off the next, cutting carpet. Going up on the roof? That’s what the guy I pay to fix leaks does. Not me, no way. You’ve got me beat, and I weigh a little more than 105 pounds.
On the note of this sketchy deal, I’ve got almost the exact same scenario on a place. Guy wanted 10K in earnest $$, no inspection clause, no “I can sue you if you flake after I pay for inspection, appraisal, etc.” clause, and on, and on. The part that’s really killing me is that I have a cash buyer lined up, and an attorney who is fine with representing me in a double close. $7500 profit, just for signing some papers. Oh, it’s only a $22,500 house, contract with the buyer is for $30K.
However, the fact that this guy is shady to begin with, has lead me to drag my feet on this one. I have been able to get him to lighten up on the contract. Also, I could get away with maybe $2000 in earnest money, but still don’t like that. Did I mention that I found this “seller” through a federal court case he lost? Yeah, real scumbag defrauding old people. Yet, I could make $7500, if he comes through. If not, I should be able to recoup my $$, if this lawyer is worth anything. First time I’ve used him though.
What do you think, after your recent run in with Mr. Sketchy? Should I proceed forward with caution, or just let this one go? Anyone else care to chime in, feel free.