Updated over 5 years ago on . Most recent reply
(Newbie) Earnest Money Deposit Off-Market Property
First, let me express how it is such a blessing to have the BP Community to turn to for credible advice without. I might have been ventured into real estate had I known something like this was out there!
On to my question. I'm interested in making an offer on a cash money deal with a private seller. The seller stated that he got the property through a tax lien auction and the county is ready to close. Apparently, he is trying to flip the property to someone else and use that money to close with the county.
Anyway, he stated that if I wanted to lock up the deal, I would have to put down a $1000 deposit, Purchase & Sale with an additional $5000 and all the money within days.
He goes on, that this is a City foreclosure and once the money is paid it will be sent to the city attorney. He will go to the Housing Court to get a release and draw the deed.
Does this seem like normal procedure?
Most Popular Reply
Doesn't sound like anything I'm going to do. You seem to be totally dependent on this guy being honest and knowledgeable.