Alright guys, I'm about to do my first deal. I've built my buyers list pretty good (I have 10 buyers, 4 are individual investors, the other 6 are groups). I went and looked at this property today and took some pictures and sent the information to my buyers. I'm going to be buying it for $13,500 and wholesaling it for $20,000. It has an assessed and taxable value of $74,460 and will cash flow really well.But I've run into a challenge and wanted to know if anybody else has run into this and if it's really a big deal. The seller and I have a contract drafted but, I haven't signed anything yet because I've read through it and the earnest money is non-refundable with no inspection clause and he can only hold the property under contract for 5 days (so we will have 5 days til closing).Now, I have a buyer that's already very interested in the property, so I'm wondering if I can take my buyer to see the property and have an inspection done, even though there is no official contract yet. That way, if the inspection reveals something the buyer doesn't like, we're no worse off than we were before and then I won't have to back of the contract and lose my binder deposit.Any ideas? All advice will be much appreciated.Matt
If the house is listed with a realtor..I wouldn't do it , I would not take your buyer to see the house because you will then have to go through him to have access to the property and the buyer could just call the realtor and thats it for you, you need to tie that property up! having a contract will do that and nobody can make any moves without you!..and secondly i think fear may be an issue for you because I went through the samething, to cover your self put the house under contract if you only have five days you could always ask for an extention with a private owner all they can say is no and you will just be out your earnest money which should be only $10.00 maybe $20.00 if you want to be nice. If it is a private owner they could still go around you so I wouldnt take any chances. And if I was you i would tell the owner you need more then 5 days don't put your back up against the wall like that, there are to many other deals you could be working instead of dealing with someone who wants to close in five days thats BULL tell your owner you need atleast two weeks or 21 days there is to much that could happen in 5 days really...hope this helps