Re: No offense but… - Posted by Brent_IL
Posted by Brent_IL on August 27, 2003 at 02:17:38:
And you can slip in an indemnification clause so that if he wins and you lose, he wins the obligation to pay himself.
Re: I think you summed it up nicely… - Posted by Jim (NY)
Posted by Jim (NY) on August 27, 2003 at 13:45:45:
Well said, JP. I was out driving my “farm” area on Saturday, and I saw several houses that were vacant, boarded up, trashed, etc. You get the picture. They were real eye sores…
In the same neighborhood, I came across a house that I could tell was rehabbed (sold six months earlier for 50% of it’s current value). It was the same kind of house as some of the ones that were trashed. This house, however, was immaculate - new siding, new roof, landscaping, etc. I talked to one of the neighbors and they told me how happy they were that someone came in and fixed up the run-down piece of junk that was next door to them, and how they wish that someone would come in and do the same with the rest of the junkers in the area. Now tell me - isn’t that a great thing?
In most cases it would appear with a foreclosure that you plan to rehab that you are doing a service not only to the seller (you’re not stealing their house - it’s not theirs to begin with if they’re in the first stages of foreclosure), but to the neighborhood in general.
Re: Ethics - I agree - Posted by Houserookie
Posted by Houserookie on August 27, 2003 at 11:46:49:
so why not do the ethical thing and report this agent to the real estate commission. This type of stuff makes it bad for the whole industry.
Witnessing a crime and not doing anything about it is accepting it.
Cheerz,
Even better… - Posted by JP
Posted by JP on August 27, 2003 at 09:02:36:
Get him to sign a deed and escrow it in advance with your option agreement. Then when you are ready to excercise your option he won’t have a chance to be “uncooperative”, hard to find, etc.
Re: Ethics - I agree - Posted by Jim (NY)
Posted by Jim (NY) on August 27, 2003 at 13:48:18:
Houserookie, I agree with you - where do I report them?