Closing Attorney won't let seller sign contract
Hello BP,
I recently started looking for new ways to grow my wholesaling business and started placing ads on Craigslist in different markets I had a knowledge of, one being in Upstate New York.
I had a seller contact me with a property she needed to get rid of because it was becoming a burden. It's a multi-family unit built in the 1800's but has not been worked on since the 80's. I estimated it needs about $70k in repairs and the offer we verbally agreed upon was $60k. Looking at comps in the area the property can bring in $2k/month in income being close to a college town and to Poughkeepsie. ARV is $225k.
I overnighted a contract to her and she then told me she would take it to an attorney. The attorney called me and said she would never let someone sign a contract like this. This is a contract I got off of BP's File place and used before in California but the attorney said it is not valid in New York state and the contingency's are ridiculous (assignment, taxes, inspection periods, etc.) and she won't let her client sign it.
I need some input from other wholesalers, and/or buyers on how to salvage this deal and at least walk away with something from a very motivated seller.
Thanks