How to Re-Negotiate...and pay some seller fees
Hey everyone,
So the first deal I have under contract is a great deal. I have it under contract around 60% of ARV, INCLUDING all repair costs. The only issue is we don't have clean title (yet). We need to go through a quiet title action, and get it done before August (tax sale date).
I don't think this part will be an issue, but the problem is the seller cannot afford to pay the attorney fees to get the quiet title. I am a little reluctant to pay these out of pocket, as that is money I cannot get back. But there is a lot of profit to be made.
I am thinking I will tell the seller that I will pay it, if we lower the sale price accordingly. I know I will be taking some risk, but $2k will not bankrupt me if everything falls through, and I find that an acceptable risk here.
What do I need to do to get the contract price lowered? Have a new contract filled out?
I went through this process when buying my personal home, and I know we filled out an amendment, but if someone could help me out with what steps I need to take I would appreciate it.