First Deal...Offer Made!!!

4 Replies

Hello All,

I just put down an offer on a home for $15000. Asking was $30,000. I spoke to the bank representative before and he said the best he could do was above $20k. So I waited and asked again today and am putting in an offer at 15k. This offer has gotten past phase one. The "Yes ill put it in and see what the bank says" phase. My question is, I would like to have a contract/agreement/contingency stating that I would like to hold the property for X amount of days so that no one else can buy it. I need to get a few contractor bids on the property and let the title company do some research on it to tell me if everything is ok.  

If you have any other advice on the matter of having your first rental please don't hesitate to let me know. One last thing: Tips on Landlording.

Most purchase contracts have some language that gives yous a due diligence period allowing you to do your research before your deposit becomes non-refundable.

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Congrats on submitting an offer @Shaniqua Dupree !  Way to hang in there with your price. What kind of offer did you submit?  All standard purchase and sale agreements I know of have contingencies that give you a time to check title, do an inspection, obtain financing, get an appraisal, etc.   At a $15k price point, you should be able to just have a title and inspection contingency I would think.  Either way, you will have a little time.  Trying to get them to a price this low may require a large EM deposit and as few contingencies as possible.  

Be patient. This isn't a Jack and Jill homeowner deal.  Banks have 'committees' that need to review things and they can move like cold molasses!

Originally posted by @Steve Vaughan :

Congrats on submitting an offer @Shaniqua Dupree!  Way to hang in there with your price. What kind of offer did you submit?  All standard purchase and sale agreements I know of have contingencies that give you a time to check title, do an inspection, obtain financing, get an appraisal, etc.   At a $15k price point, you should be able to just have a title and inspection contingency I would think.  Either way, you will have a little time.  Trying to get them to a price this low may require a large EM deposit and as few contingencies as possible.  

Be patient. This isn't a Jack and Jill homeowner deal.  Banks have 'committees' that need to review things and they can move like cold 

Im in no rush. Im going to be paying all cash though.

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