thanks again, we haven't exactly agreed on that price but he knows i won't budge too much as he's literally the first guy to look at it.
FSBO-need some realty good advice
- Thread starter Mephisto
- Start date
getting alot of earnest may not help since usually both parties have to agree how it is dispersed in case of the offer to purchase not closing. i would add in a clause that " time is of the essence in regards to closing". this means [at least in north carolina it does] that if buyer does not close then the deal is off and you lose earnest. you might want to write in that earnest is non refundable after the loan is approved and or all contingencies are removed.
Thanks guys, and rereading the posts i didn't realize the question of who will hold earnest.
So I should put in the purchase agreement that...
"the earnest money should be held by the Seller, and that the earnest money is non refundable after the loan is approved and/or all contingencies are removed".
and also that....
"time is of the essence in regards to closing"
That should cover both points you have made? I will email him these points to be put in the PA if that sounds alright. I really appreciate the help. Also when i talked to abstract/title company they said that closing is ideally about 2 weeks after PA is agreed on, guess that gives time for inspection.
Also one more question to either of you if you don't mind. The mortgage company he uses will line up the appraisal and he himself will line up the inspection, is that right? And typically the Seller pays for appraisal or is that highly variable?
He sent an email yesterday stating he's working on financing currently so we're doing the little dance right now, overnighted to him a property disclosure statement so don't think there's much i can do except wait.
So I should put in the purchase agreement that...
"the earnest money should be held by the Seller, and that the earnest money is non refundable after the loan is approved and/or all contingencies are removed".
and also that....
"time is of the essence in regards to closing"
That should cover both points you have made? I will email him these points to be put in the PA if that sounds alright. I really appreciate the help. Also when i talked to abstract/title company they said that closing is ideally about 2 weeks after PA is agreed on, guess that gives time for inspection.
Also one more question to either of you if you don't mind. The mortgage company he uses will line up the appraisal and he himself will line up the inspection, is that right? And typically the Seller pays for appraisal or is that highly variable?
He sent an email yesterday stating he's working on financing currently so we're doing the little dance right now, overnighted to him a property disclosure statement so don't think there's much i can do except wait.
Mephisto said:
Not hard to fiqure out I was in Reply mode when typing? went back and edited it right after
Anyways,
If you had searched, then you would realize that using an honest, professional broker is really your best bet. Not to say, you cant find a sucker who is willing to overpay for your property, and not hire an attorney, or an inspector, or family friend, etc. who's goal in life is to find things wrong with the deal. It can happen
Make sure you have enough earnest money, and have the title company hold it, and it is YOUR title company.
Wish you the best, and hope this deal works for you!
GL
Franky
Edit: Saw you posted right before me, so you know, all the above is what I had down. Started this 1/2 hour ago, but calls to me have delayed this. Thought I should explain this!
Also, now that Im in edit mode, I cant see what you just wrote :sadwave:
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Frankly Franky, I dismissed your advice after your first post so not completely necessary to repost on this thread. Thanks anyway.
Ok
I did not find it necessary either, just thought I would try to help you out.
GL on your firesale................
I did not find it necessary either, just thought I would try to help you out.
GL on your firesale................