I currently have a deal under contract, however due to the fact that the seller lives out of state, she does not want to give access to the house. Her concern is break-ins as this is a house in a neighborhood under reconstruction. I have asked her for a lock box and the contract does state that “buyer shall have reasonable access”, she wants to cancel the contract due to not wanting to drive back to the state the property is in. I have told her that I can close fast, but will still need access to the property for an appraisal. She states that she wants a cash only deal without inspections, walk-throughs, and appraisals…Is it possible to assign this contract with out being seen? Please help! :help
File an affidavit with the county clerk stating that you have a contract on the house and let her back out if she likes.
Try to find a buyer, but if you cant let it go but remind her that the contract is still binding on her part.
If someone attempts to buy it, hopefully the title company will see your affidavit and they will contact you. At that point you can demand part of your wholesale fee be paid in exchange to release the cloud on the title.
I know that she lives out of state, but red flags go up when she is that adamant about not allowing you access to the property. It is possible that the home has structural issues or other serious problems that she does not want you to see. I could not imagine another investor putting down cash on a property that he has never seen.
How did she plan on giving you the key if you were to close anyway?
Tell her to “have a nice day” - NEXT!
Your seller is not motivated to sell. Let her out of the contract and move on.
SJB
I have to agree. I would move on.
Either “next”, or change the contract to a ridiculously low price based on some repair assumptions & then try to assign it. I no takers, then use your “out clause” to terminate the contract.
FYI: I had a potential deal where the owner lived out of town (about 300 miles away). I was going to offer a ridiculously low price. I told the owner that the price I could offer might be higher once I got a contractor into the property.
Have her mail a key to the Bank appraiser.or…local lawyer(you pay) or…The title company
Darin
I’d tell her if you can’t get in you can only offer her half of what she wants due to not knowing the condition of the house. :cool
Excellent point! I’ve told potential Sellers that if I could get in with my contractor, I might be able to give them a better price.
Tell her if you can’t get in you’ll assume the foundation is cracked and at a 45* angle, there’s no HVAC and mold is 4" thick on the walls…and you’ll make your offer accordingly. :cool