Investor · Eau Claire, WI · Member since 2019 · 20 posts · 6 votes
Currently attempting to purchase a house from a wholesaler to BRRRR. I have never seen the inside of the house. His seller wants signed purchase contract and 10k deposit before allowing me to schedule an showing/inspection. The contingency would be on structural damage and mold. My thinking is house was built in 1947 so there's definitely structural damage. The structural contingency seems like my guaranteed 'out'.
My realtor says it's a bad contract to enter but I dont see the problem with it.
Any suggestions on the situation would be appreciated.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
7y
I'd listen to the realtor, the seller knows something you don't otherwise they wouldn't ask for such a large deposit. I might go with check in hand to an inspection but wouldn't put $10k down on a $70k property like that. Structural means different things to different people, there could be no kitchen, or fire damage or bigfoot's hideout you just don't know