BiggerPockets

Under contract

Thursday, August 20

We are now under contract on our Granada Hills home! Listed on MLS Monday and agreed purchase contract just three days later! Not too shaby!

Buyer has 17 days of contingencies and then must close or lose the EMD (earnest money deposit). It was difficult, to say the least, to inform the now back up offer buyers that they are not getting the home. They loved it and are quite dissapointed.

Competition is certainly fierec in our market and the back up offer buyers agent eluded to that fact by explaining they have been second best several times. I feel bad as I understand their position.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Comments

1. 

   Ted Harris Reply
   over 2 years ago

   Congrats Will .... sounds like you have plenty of other buyers lined up should these folks back out during their contingency period - gotta be a nice feeling!

2. 

   Jon Klaus Reply
   over 2 years ago

   Good work, Will! Maybe one of your back up offerers will buy your next deal.

3. 

   Will Barnard Reply
   over 2 years ago

   Added to the retail buyers list Jon!

4. 

   Will Barnard Reply
   over 2 years ago

   Update, original buyer had a family issue and regretfully backed out the next day, but the back up offer immediately took its place, no harm, no foul.
   Legally, the reason for backing out of the contract was not in place via contingencies and thus, it was my legal right to pursue for damages, but I had back-ups more than capable and I understood the reason, although I was not happy about it since I went out of my way to choose that offer over others.

   3 weeks away from closing now, can't way for the payday!

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