I want to place contract on REO property. I want to know what clause to write in the contract to walk away from the deal if my end buyer backs off.
Also what happened if the bank ask me to go to their Title Company and that title company does not do double closing?
VIII. INSPECTION OF PROPERTY: Buyer shall have until the close of escrow to complete all Buyer investigations of the property, approve all disclosures, and other applicable information, which buyer receives from seller and/or persons hired to inspect property on behalf of Buyer; and approve all maters affecting the property, including but not limited to, the marketability of the property, the elevation, grade, and topography of the Property and to conduct engineering and soil boring tests as the Buyer deems necessary in order to determine the usability of the Property. Buyer may in Buyers sole and absolute discretion, give notice of termination of this Agreement at any time prior to the expiration of the inspection period, and upon such termination, all deposits held in escrow shall be returned to Buyer.
That should do it and hey Michael where ya been? Herbster
Thank you for the information. Please give me some information for my second question.
what happened if the bank ask me to go to their Title Company and that title company does not do double closing?
You pay “All” cost associated to a real estate transaction as the buyer. Some directly and some are included in the cost to the seller and increase the sales price to reimburse the seller. With that in mind you should control where escrow is facilitated.
Also note that escrow and title are two different line items on a HUD 1 and some title companies will allow you to use your own escrow company…
Lastly if you cant use your own company to close then buy something else. Too many of us get caught up in “This is a good deal” not understanding there are all kinds of Good Deals out there… Make certain all deals fit you business model…