I put a house under contract which I am in the process of wholesaling. On the contract I put that it would be a cash sale but the investor that wants to purchase the property has to get a hard money loan due to the exstensive repair that the home needs. The seller has agreed to all of this but I do not know which form I need to use in order to amend the original contract. I would really appreciate any help!!!
Thanks
Michelle
There is a finance addendum for TREC contracts available at TREC.com or a title company or any Realtor or Broker. You would want to make a note on the original contract that you added this and date it and get all parties to sign addendum and initial the addition to the contract.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Hi Ted, thanks again for all of your help you have no idea how much I appreciate it.
Michelle
That’s still a cash sell to your seller…
No Need to change anything…
Where the cash comes from is not a concern of your seller… whether that’s a loan or not… To them… they get cash…
If you do a simultaneous close it wbe seemless…
David Alexander
You are right too David. I guess is the seller will do the deal subject to the new loan it could maybe save the earnest money from being at risk unless there is very little money at risk it would not make any difference.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Am I missing something… ?
If I put a contract on a house… for Cash at 40k…
The seller doesnt care if I get a loan… they just care that I get cash somewhere…
I don’t even need to buy it subject to…
So, If I flip it or close it on simultaneous is immaterial… it only matters that cash comes to the table someway… that’s the way the deal is written up…
No financing on the sellers part will happen…
On the buyers part… a different story…
David Alexander
I may be wrong and am only trying to help Michelle but if the seller is agreeing to change the cash contract and make it subject to getting a new loan that would be better for both buyers if there is earnest money involved. If only 10 bucks em then it is mute.
Ted Jr
Your right…
I thought you were saying go back and contract it subject to…
I misread it…
I agree… if there were alot of money on the table and the seller were agreeable… change it…
But, as long as the deal is going to go through… why bother with it…
Especially, if your just going to assign it… Get your earnest money back from the assignee… Make that his problem if he doesn’t close…
Or do a double closing to keep control…
Sorry for the confusion… (never claimed I could read, Lol)
David Alexander
I was not trying to be right but just to help. There are probably several ways to do the same thing and in the end none of it matters hopefully if it can get flipped and closed. Thanks for your input lately as i have noticed you have been stepping up your posting frequency. I love to read your posts.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
I just stepped in and stepped all over my feet…
Been years since I posted frequently…
Been kinda fun… lately…
David Alexander
I agree with D. Alexander.
The end result is the same.
David Garcia
www.classifiedclub.com/mall2/realestatecoaching.html