If I have a house under contract, does that mean I have to buy? if not, why put a house under contract to bring in a contractor to quote me a repair cost?
@Daviyon Lockett Without having much more information, here in Texas there is an option period. Meaning you go under contract on a home and during the option period you get an inspection and/or bring in contractors. This is a period that allows you to use the info from the contractor/inspection to further negotiate with the seller. If you can't come to agreement with sellers then you can usually get the earnest money back. Not sure if that's how it works in GA. I hope this helps. It may be good to reach out to an agent where you are. If you're buying it from a wholesaler there may not be such a period; you usually have to do your due diligence BEFORE you go under contract.
@Daviyon Lockett it is your intention to buy the house, You do that because it shows the contractor that you aren't wasting their time dragging them to every house you look at to get a free quote. Usually once under contract and you get a repair bid if it is significantly higher than expected you can renegotiate with the seller.
And sellers love to renegotiate on the price! (That's a joke)
The due diligence starts when you walk in the front door. You run some numbers before calling any contractors and wasting there time.
@Daviyon Lockett You put a house under contract so that it can't be sold to anyone else during your due-diligence period. You can always include a clause that says
"subject to financing agreeable to the buyer". That should protect you from having to buy it for other reasons.