Offer Letter Escape Clauses

[Ryan Jones]

Question for those of us trying to use other people's money to assist in property purchase.

If you haven't acquired a partner(s) and are relying on that concept for downpayment and rehab costs, what do you write in your offer letters on properties as escape clauses in the chance you can't find anyone in time to partner up with you?

In other words, you submit an offer and it is accepted, but you can't find a partner or way to actually pay the downpayment and rehab costs. How can you get out of the accepted offer while minimizing repercussions?

Thanks for the tips and advice in advance!!

[Theresa Harris]

I'd get your ducks in a row before you put in an offer.