All Forum Posts by: Festus Edward

@Wayne Brooks Honestly, no reason. I've used LOI before and didn't have any problem with the parties acting on their words. Lessons learned

@Mike Cumbie I agree with you completely. Thank you

@Mike Cumbie I get your point. Are you suggesting to let go since it could be a waste of time?

@Charles Carillo Thank you for advice. Will call my attorney

I recently sent a Letter of Intent to purchase a property with offering price, through the listing agent's associate(she's also a realtor with Keller Williams) and the LOI was accepted the next day. A day after, I signed the Standard Georgia Contract provided by the Association of Realtors online with a clause stating that the closing attorney is required to counter sign in less than 3 days and the buyer(My partner & I) will wire the earnest money deposit. I didn't hear from both agent and closing attorney from Monday-Wednesday. After 3 calls and 2 emails to the agent, she sends me " The listing agent went with another offer they received. Sorry" ,

Obviously, this is unethical but do I have any legal recourse ? Advice from well experienced professionals in the industry will be appreciated. Thank you

@Alexis Hassun What rate were you quoted? The high rate could be due to market uncertainty caused by covid-19. Is the lender a bank, credit union or hard money type firm? How many points were you charged as origination cost? Answers to these questions will shed more light on why your closing cost is higher than usual. Hope this helps.

Hello all,

Currently doing a medium scale renovation on a newly acquired rental and it crossed my mind to asked here- to find out what has worked best for fellow buy and hold investors- Is it better for contractors to provide materials vs the investor? All answers are appreciated especially from experienced investors with several rentals.

Thanks,

Festus

@Rayshawn Holmes sent an email

Hi @Robert G. I'm looking for contractor for a project in Atlanta. Did you find any contractor you can recommend?