So what should you do if you get a property under contract and none of your investors is interested in it. You market it to the general public and still no bites.
Lets say in this case you had a 15 day inspection contingency clause in the contract and it's now day 14. Its time to back out of the deal so you can recover your earnest money before it goes hard.
Let assume you had the following contingency language in the contract. “This offer is contingent upon approval and/or inspection of the property by buyer and/or buyers partners within 15 business days of acceptance.”
You need to play off of the contingency language in the contract so it's readily apparent to everyone that you are backing out of the deal because of the contingency. The rescission like anything to do with real estate contracts must be in writing.
Here is an example of the notice I would send to rescind my offer. " My partners and I have inspected the property at (use actual address)and we have determined it will not meet our needs. Therefore I am rescinding my offer to purchase the property at (use actual address)."
I am not an attorney and this is practical not legal advice. Hope this helps.
So what should you do if you get a property under contract and none of your investors is interested in it. You market it to the general public and still no bites.
Lets say in this case you had a 15 day inspection contingency clause in the contract and it's now day 14. Its time to back out of the deal so you can recover your earnest money before it goes hard.
Let assume you had the following contingency language in the contract. “This offer is contingent upon approval and/or inspection of the property by buyer and/or buyers partners within 15 business days of acceptance.”
You need to play off of the contingency language in the contract so it's readily apparent to everyone that you are backing out of the deal because of the contingency. The rescission like anything to do with real estate contracts must be in writing.
Here is an example of the notice I would send to rescind my offer. " My partners and I have inspected the property at (use actual address)and we have determined it will not meet our needs. Therefore I am rescinding my offer to purchase the property at (use actual address)."
I am not an attorney and this is practical not legal advice. Hope this helps.