Virginia newbies first mistake

5 Replies

Hi guys, I'm a newbie in the Hampton roads area. I had a deal fall through last week.

I met the seller, we had good rapport and he was ready to sell. I told him I would send him the contract that night. I downloaded a random purchase contract, filled it out and sent it. Didn't hear back from him till 3 days later saying it was a no go. I asked why and he said the contract was ****. He had his lawyer look over it and the lawyer laughed. He said he heard people were going to jail for doing what I was trying to do. I explained to him that I was a new investor and I could get a official contract, but he was done.

That was my bad first experience but I'm not giving up. I want this and if I make mistakes along the way, GREAT. just more lessons learned.

Tl;Dr 

Does anyone have Virginia specific purchase/assignment contracts?

@Jamael Chappelle I don't have the contract you are looking for, but do you have your own real estate attorney that you could engage to assist you with this? I'd be hesitant to use contracts you find online (including BP) without having them reviewed/edited by your own attorney. 

maybe get a lawyer to give u a contract to purchase (usually free via the states RE association) in exchange for usimg him for closimg

First thing you need to get your head around is that there is no reason to ever make mistakes. They have all been made by others before you and all you need to do is put in the time to research and learn from others mistakes. A mistake in todays world, with the internet blasted with information, is not a learning experience it is unacceptable. Change your mind set. 

Make a conscious decision today to determine that you will learn from the mistakes of others and never make a mistake of your own again.

@Thomas S. Everyone makes mistakes every day. I probably made a dozen mistakes yesterday alone :-) @Jamael Chappelle I applaud your effort. You learned some great lessons to make you better next time, and other than the potential lost opportunity, it didn't cost you anything. Based on the sellers behavior, I'm guessing there probably wasn't actually a deal there for you so it's good you got out quickly. Run your contracts through a local lawyer (I can refer you to mine if you message me directly) and do a better job of letting the seller know what you plan to do with the property. If it's really a deal, the transparency will help you get to closing.

No one is born infallible. You cannot know every possible mistake there is to make. The better you understand failure, the better you understand growth. I consider myself a follower of a man born and raised in abject poverty, briefly feted as a teacher, and who was finally tortured and condemned to death as a rebel. When he died he was too broke to afford a grave, so his friends paid out of pocket to bury him, having been born, having lived, having died in a miserable little backwater of an empire that touched three continents, a child of a people reduced to slavery to their overloads.