Skip to content
General Real Estate Investing

User Stats

36
Posts
19
Votes
Kim Durst
19
Votes |
36
Posts

Have you ever seen this? Is it shady?

Kim Durst
Posted Feb 26 2024, 05:50

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!

User Stats

5,037
Posts
4,668
Votes
Taylor L.
Pro Member
  • Rental Property Investor
  • RVA
4,668
Votes |
5,037
Posts
Taylor L.
Pro Member
  • Rental Property Investor
  • RVA
Replied Feb 26 2024, 05:54

Not a lawyer but it looks an awful lot like waiving the financing contingency. Can't see the full text in the screenshot. If the agent can't or won't clearly answer the question then this would be my last offer with them.

User Stats

36
Posts
19
Votes
Kim Durst
19
Votes |
36
Posts
Kim Durst
Replied Feb 26 2024, 05:58

I thought the same thing however, both boxes are checked.

BiggerPockets logo
Find, Vet and Invest in Syndications
|
BiggerPockets
PassivePockets will help you find sponsors, evaluate deals, and learn how to invest with confidence.

User Stats

923
Posts
611
Votes
Ray Hage
  • Investor
  • Fort Lauderdale, FL
611
Votes |
923
Posts
Ray Hage
  • Investor
  • Fort Lauderdale, FL
Replied Feb 26 2024, 06:20

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! 

User Stats

15,081
Posts
12,474
Votes
Chris Seveney
Pro Member
#4 All Forums Contributor
  • Investor
  • Virginia
12,474
Votes |
15,081
Posts
Chris Seveney
Pro Member
#4 All Forums Contributor
  • Investor
  • Virginia
Replied Feb 26 2024, 06:34
Quote from @Kim Durst:

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!


 do not waive financing contingency. 

User Stats

990
Posts
773
Votes
Shawn McCormick
  • Realtor
  • Orlando, FL
773
Votes |
990
Posts
Shawn McCormick
  • Realtor
  • Orlando, FL
Replied Feb 26 2024, 07:15

@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

User Stats

2,278
Posts
2,455
Votes
James Carlson
  • Real Estate Agent
  • Denver CO | Colorado Springs, CO
2,455
Votes |
2,278
Posts
James Carlson
  • Real Estate Agent
  • Denver CO | Colorado Springs, CO
Replied Feb 26 2024, 10:01

"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. 

User Stats

7,071
Posts
8,705
Votes
Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
8,705
Votes |
7,071
Posts
Bill B.#3 1031 Exchanges Contributor
  • Investor
  • Las Vegas, NV
Replied Feb 26 2024, 10:27

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. 

User Stats

1,162
Posts
551
Votes
Adam Bartomeo
Property Manager
Pro Member
#4 Managing Your Property Contributor
  • Real Estate Broker
  • Cape Coral, FL
551
Votes |
1,162
Posts
Adam Bartomeo
Property Manager
Pro Member
#4 Managing Your Property Contributor
  • Real Estate Broker
  • Cape Coral, FL
Replied Feb 26 2024, 11:00

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

User Stats

36
Posts
19
Votes
Kim Durst
19
Votes |
36
Posts
Kim Durst
Replied Feb 26 2024, 11:06

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 

User Stats

2,278
Posts
2,455
Votes
James Carlson
  • Real Estate Agent
  • Denver CO | Colorado Springs, CO
2,455
Votes |
2,278
Posts
James Carlson
  • Real Estate Agent
  • Denver CO | Colorado Springs, CO
Replied Feb 26 2024, 11:20
Quote from @Bill B.:

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. 


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

User Stats

1,162
Posts
551
Votes
Adam Bartomeo
Property Manager
Pro Member
#4 Managing Your Property Contributor
  • Real Estate Broker
  • Cape Coral, FL
551
Votes |
1,162
Posts
Adam Bartomeo
Property Manager
Pro Member
#4 Managing Your Property Contributor
  • Real Estate Broker
  • Cape Coral, FL
Replied Feb 26 2024, 11:25

@Kim Durst What city is this in?

User Stats

36
Posts
19
Votes
Kim Durst
19
Votes |
36
Posts
Kim Durst
Replied Feb 26 2024, 15:20

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. 

BiggerPockets logo
BiggerPockets
|
Sponsored
Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes