Have you ever seen this? Is it shady?

Question

Florida question…we are investors, this would be our fifth short term rental purchase, and I have never seen this. Wondering if anybody knows the legality involved with both of these being checked.

we don’t have 100% trust in this real estate agent as we have only worked with them a couple of times.

We like to have the ability to walk away from a deal if something goes south and typically will use the finance contingency. I haven’t gotten a straight answer from the agent as to why both boxes are checked.

Let me know your thoughts!

Ray Hage · Answer

Hi @Kim Durst I am a realtor and investor in Fort Lauderdale. You absolutely need to have a financing contingency in there. In fact, I STRONGLY recommend you also have an appraisal and homeowners'/flood insurance contingency in there as well. An honest realtor will give you many avenues out of a bad deal!

James Carlson · Answer

"Is this shady?" should be its own BiggerPockets forum.

BP, you can pay me royalties for the idea in for the form of check or wire transfer.

James Carlson · Answer

My product hasn't gone to market yet, and already I'm facing stiff competition undercutting my price.

Kim Durst · Answer

Lady lake. The agent has since claimed she made a mistake and sent a doc u sign for us and the seller to correct it.

Adam Bartomeo · Answer

@Kim Durst What city is this in?

Kim Durst · Answer

Definitely shady. Therese a whole back story. We’re investors and have walked from deals many times. I think she was trying to pull a fast one. So many other things she did on this deal. This was a new one for me! Bye

Adam Bartomeo · Answer

Your agent is a boob and should be fired. You should only check on of those boxes...

Bill B. · Answer

Since @James Carlson is taking credit for “is this shady” forum I’m going to submit a request for royalties on a “On a scale of 1-10 how shady is this…” forum.

See, it’s totally not the same and I’m willing to take 90% of whatever royalties James is asking for. I’m saving you money.

Ps. No, this post is not shady.

Shawn McCormick · Answer

@Kim Durst.

I'd be happy to review your contract for you if you are comfortable with sharing it with me. Is the Realtor you are using your buyers agent? This is what they sent you to sign to submit an offer?

From what I can see this is not an option, the listing agent will reject this immediately. You have to choose a financing type and on page #1, you spell out purchase price, down payment and financing dollar or % amount..what did they fill in there?

The Florida FAR/BAR contract really has 3 ways out if you are financing. Inspection period, appraisal and financing (financing must be provided a denial by the lender). You can add in other contingencies, but those are built in.

From your screen shot, this contract does not appear to be the most commonly used "As-Is" or the FAR/BAR. So that alone makes this seem shady.

I am not a lawyer or giving legal advice.

Best of Luck

Chris Seveney · Answer

do not waive financing contingency.

Have you ever seen this? Is it shady?

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