Hello all. I’ve been reading the forums a lot, but this is my first post after registering.
I’m wondering if anybody has a purchase agreement for Michigan.
What I’m trying to do is tie-up the property for 30-90 days while I get appraisals, approvals, etc…
I want to “block” an all cash buyer from coming in and stealing this one away from me. I just need a simple, plain purchase agreement. Nothing fancy, just something that will help me tie-up the property for a while.
Would anybody be able to help me here?
I found a complex with 55 units and it’s selling for just over $300k (Sounds great, right?)
Let me take a wild guess where it is. 7th mile in Detroit (the so called university district)? Those buildings keep falling on foreclosure. Brutal property taxes, 80% vacancy and high crime. I wouldn’t touch them with a thousand foot pole.