Offline"Great Single Family, Pool Home (non-opperational). Three Bedrooms Plus a Loft. Master is Downstairs. Garage Has Been Converted to Additional Living Space. Extensive Ceramic Tile. Fireplace in Family Room. Fenced Yard. Cental Location. Skylights are Currently Tarped. Seller Will Not Make Any Repairs. All Offers Are Subject to the Seller's REQUIRED Addenda (Generated at Offer Acceptance.) The Seller WILL NOT MAKE ANY REPAIRS. Buyer to Verify HOA (if Applicable), Room Dimensions, Lot Size and Taxes. If Offer is for Financing, Buyer is Responsible for the Cost of ANY Lender Required Repairs. Property is Sold AS-IS with No Repairs. This is NOT a Short Sale. If Offer is Cash or Investor Contract Is Not Contingent on Inspections. If Buyer Wants to Inspect it Must be Done Prior to Offer Submission. Seller Reserves to Right to Charge a $100.00 Per Diem Due to Any Delay in Closing at No Fault of the Seller. *REQUIRED ATTACHMENT IN MLS MUST ACCOMPANY ALL OFFERS*"
Hello everyone, what is mean by contingent on inspections, it's that mean can change mind or exit the deal?
Be happy and go healthy ^_^
Ling and/or Dustin
I believe that's what I put on offers in case I need an out. If something comes back on inspection that i don't like. Good luck with this one
"Contingent on inspection" is an exit clause that wholesalers use to be able to get out of a contract if needed. Generally I put a 14 day inspection period in my contracts stating that I have 14 days to inspect the property and decide whether I am going to buy it, renegotiate the offer or not buy it. This gives me 14 days to find a buyer and if I cant then I am able to get out of the contract with the 14 day inspection clause if I want to.
This is why this seller would not allow it.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
The sellers is not allowing you to have any contingencies or the ability to not go through with the deal based on what you find in the inspection. I think this is possibly an investor who knows his stuff, or he has something to hide. Best to pass on this one, as it sounds like you won't be able to have your terms or contingencies!
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I would steer clear of this one if you plan on wholesaling. Does not give you room for exit.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
The ad didn't say what the purchase price is, but considering it has a pool, it can't be super cheap.
The way I read it is if you're buying as an occupying owner and obtaining financing, the bank would insist on an inspection (and probably appraisal).
However, if you're a cash buyer or investor, you may not rely on an inspection as an exit clause.
It also indicates if you want an inspection, you better get 'er done BEFORE you submit an offer.
You could still wholesale this if you want, but you better have your ducks (buyers) lined up first. Look deep before you leap!
Have a lovely weekend everyone!
I will check on my buyers list again, just for sure it's doable. Thank you all again and again ^_^
Be happy and go healthy ^_^
Ling and/or Dustin
There are plenty more out there. Don't get yourself into trouble for just one house. They are not allowing you an exit for any reason. Find another house!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.