First Deal Turning Sour
Hello Everyone,
I trying to get started in the buy and hold rental property arena. I had what I thought was a good deal until the seller's started changing things.
Basically I made an offer on two properties, being sold as a package for which I was going to pay cash. The whole deal was for $27k. One property was empty and the other one had a tenant. The seller is supposed to have the tenant vacated and cleanup the property to the same condition as the empty unit. In speaking with my realtor we agreed on a $1000 escrow.
Now here is where things start to go south. I'm supposed to go and sign the contracts and my realtor calls me up and said that the seller's agent said they want $2000 escrow per property for $4000 total. Now this is on a $27,000 deal. This irks me but I say ok. I get to the Real Estate office and look at the contract. First thing I notice, it states the properties are being sold "as-is" and buyer is responsible for all CO inspection, etc. The MLS listing did not state that the properties were being sold "as-is" and when I first spoke with my agent it was never brought up regarding the properties being sold in an "as-is" condition.
They also did not have both properties lot and block numbers on the contract. They only had the lot and block number for one of the units.
Needless to say I did not sign it. When my realtor got in touch with the selling agent, they said they thought they had discussed all of this with my agent but they had talked about it with another agent who was looking to make an offer.
Now they want me to do the Home Inspection first and then if everything is alright then they will go through with signing the contract. At this point I'm thinking of just walking away from this one.
What do ya'll think?