We have a flip that we are hoping to close on within the next week. The title company is having so trouble getting one of the liens cleared up because the company is dissolved in the state of WI. The homeowner is okay with us getting in there and getting started now. My question is, does anyone have any documents with such wording? Thinking something aling the lines of a right to begin work clause?
Talk to an attorney, but I wouldn't just because the process involves risk if the deal falls through.
No this is a bad idea lol
I should clarify! I would only be starting demo. The deal will close it's just a matter of who receives the $300 for the lien.
Spending money on a house you don't own is a bad idea.
As tempting as it is, don't start anything (even demo) until the property is yours. Too much can go wrong. Too much liability. Even if you're 100% the deal will close, it doesn't matter because other things can go wrong. It's not worth the potential issues that could happen between you and the current owner, contractors, etc.
If you flip because you love the excitement of getting started on a new project only, go for it. If your doing it to make money, I would advise against it.
I've done this before, it's a stupid idea even without the title issue. I started work a week prior to closing and at closing the deal almost got derailed because sellers weren't truthful about plat survey and property lines. Specifically, off street parking. I was about to walk but the sellers ended up cutting me a 2k check at closing for dropping the issue and proceeding with the deal.