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Updated over 8 years ago on . Most recent reply

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Joel Wiegand
  • Lititz, PA
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2nd flip and working with buyer...some questions how to structure

Joel Wiegand
  • Lititz, PA
Posted

Working on a flip property and we have just a few more items to do so I put up a for sale by owner sign out front and a week later we have someone pre-approved for a FHA loan and working with a realtor. They are covering the cost of the realtor on their side. The problem is they are wanting to lay down laminate flooring all through the upstairs including the bedrooms where I was planning carpet. I think they are willing to pay any additional costs to have that done but the problem is, is if they back out or the house does not pass the home inspection, then I have a house with flooring that I believe will be harder to sell and cost me more to boot to have installed. Is there a good way to structure this deal so the risk is off myself if they back out or the home does not pass inspection? I am doing a few other smaller adjustments that I have not as much trouble doing... All they sent with the contract is a $1,000 deposit that is refundable if the home does not pass the inspection. Thanks for any thoughts.

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