Hi all, i have a unique situation. Fix and flip deal. We bought a property from a seller who later found out his bank couldn't release his property from the portfolio without a big payoff. Long story short, he tries to pay us off but we already started demo, etc....In the end we came to a deal to help his situation with giving him 10k on the backend of sale. I am looking for advice or any template I can use to create this agreement of us agreeing to pay him the 10k once property is sold. thanks
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
5y
Did anyone do a title or lien search on the property? How did you close, write the seller a check and start working? Was this a short sale? Sorry I have more questions than answers on this one...
I would speak to your real estate attorney and have them draft it. You already started work on a property and have not legally purchased it yet and need to in essence bring the seller on as a partner.
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
5y
Did anyone do a title or lien search on the property? How did you close, write the seller a check and start working? Was this a short sale? Sorry I have more questions than answers on this one...
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
5y
@Jordan Manning You are leaving out “the rest of the story”.....
Either you the property with free and clear title, or you didn’t. If you did, you don’t have to pay the seller anything else. If you Didn’t, then paying him now/later won’t help.