Small Business Owner 路 Fallston, MD 路 Member since 2014 路 145 posts 路 20 votes
an off market deal kind of worked out for me yesterday. We set and agreed on a property on a handshake with the property owner. How can I solidify this deal and make it mine in case the seller goes to someone else? Do I draft some sort of a letter and pay the property owner some money? I was only looking listed properties but this pleasant deal came through and now I don't have my guns loaded for this situation. This situation is kind of forcing me to become a wholesaler and I so don't have any experience with that. All suggestions are highly appreciated.
It'll cost me money to start settlement process with attorney's office and what if the owner backs out after 2 weeks?
Small Business Owner 路 Fallston, MD 路 Member since 2014 路 145 posts 路 20 votes
9y
thank you @Roland Paicely does a contract need fancy wordings as per your opinion? Should I pay the property owner a certain amount to secure the deal?
Developer 路 Santa Clarita, CA 路 Member since 2008 路 15k+ posts 路 10k+ votes
9y
You can have your attorney draft a simple (key word simple as complex can scare off sellers with items they don't understand) Purchase and sales agreement or you can get a blank one from any real estate agent in your area. If you are unfamiliar with them, you can offer to pay the agent a nominal fee to fill it out for you.