All Forum Posts by: Damien Buchanan

I represent a few home flippers in my market. Because of the lack of inventory, buyers & agents are more willing to take a risk putting unfinished house flips under contact. We've realized that there is no state approved addenda to address these situations.

My client's attorney will be creating an addendum for us to use. However, before we start that process, I wanted to ask the biggerpockets community what they believe needs to be included in our addendum. We want to protect the house flipper, but at the same time give the buyer reasonable "outs" for financing, appraisal, specific performance, etc.

Looking forward to hearing you ideas. Thanks!

@Rob YoungI have a follow up question about how to protect "a custom rehab".  From a contractual standpoint what would you include in an addendum to protect the investor, but also provide fair and reasonable "outs" to a buyer.

Basically, how many steps are there to close? 

If a title is clean after foreclosure, do you need title insurance when purchasing?