Updated over 9 years ago on . Most recent reply
First wholesale deal advice needed
I'm looking to get my first deal underway. I sent the seller a contract to sign, but they're looking to close in the next week. Unfortunately that will not give me enough time to market the property, to get the seller their money. I informed the seller that we'll have to wait for the title company to research the property , to ensure there isn't any liens on it. The seller replies with the following:
Because of the time it will undoubtedly take to close on this property through the title company of your choice, I recommend hard earnest money be stated in the contract. If you have concerns about the possibility of unpaid property taxes (to which they are none and can be verified online at Hcad.org), or liens affecting the property, we can make the earnest money refundable IF there are outstanding liens affecting the property.
If you are serious about buying this property, the suggestion I have made above should be reasonable and fair. The earnest money will be credited at closing and there are no risks undertaken by you should there be a lien that pops up. The option money is not necessary so we can delete that from the agreement.
Please let me know if you agree and I will execute the documents accordingly.
Any suggest on how I should reply? Thank you all in advance for the advice.