Kanjos 0 Report post Posted May 27, 2005 Hi: A seller said she's ready to sell, but I've found out she has a contract assigned for 60 day since April or so. 1. Can I still sign her and settle quick, my ducks already lined up??2. Is it legal for me to do, can other contract sue us or can they sue anyone?? and3. This comes down to a moral/ethical issue doesn't it? Being from NYC, I learned it's a dog eat dog business, you snooze, you loose. BUT I never accepted that SHOULD I? Man I could really use the cash and the beginning, this is my first wholesale/flip.... And yes, I have buyer ready with cash. Experts, pros, have you ever faced anything like this and what did you do? Please advice.... I just need one of you out there to second my decision... If it's illegal to do I'm not doing it anyway. But ETHICALLY????? IS THIS AN ETHICS THING. Thanks very much in advance, I'd like to hear anyone who has a comment. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 28, 2005 Kanjos, not sure I understand your question. Are you saying you have a homeowner who wants to cut a deal with you, but she is already under contract to do the same with someone else? Share this post Link to post Share on other sites
Kanjos 0 Report post Posted May 28, 2005 Yes, that's exactly it, and it's a contract for 60-days. What do I do? Share this post Link to post Share on other sites
mpine 0 Report post Posted May 28, 2005 Date your contract for the day the other contract expires. Market the property appropriatly with a moved back move in date. Mike Share this post Link to post Share on other sites
Guest Guest Report post Posted May 29, 2005 Thanks Mike. I'll present this to the seller (I think she'll take it) and take it from there, no need to market though, already have buyer, and confident he'll accept, since time on first contract is over in 2 weeks. I was kinda hoping to close before then (need the cash) but, late close, better than no close at all... I appreciate the direction and any other good tips, please feel free to advise this newbie in search of abandon properties to put under contract. Like finding owner information through other sources than zabasearch and/or the tax assessment office. And presenting offers to folks with said properties in area that's being rehabbed/and ARV going for $150-300. Lot's of folk are asking almost $100 for an abandon shack.... Share this post Link to post Share on other sites
mpine 0 Report post Posted May 29, 2005 I find going to your assessors office with their favorite candies a great way to get information without paying the $20 fee they charge (in my town office anyways, Strawberry Licorice is king) They will provide a survey of the property and assist you in looking up all the info on said property. Good luck, Mike Share this post Link to post Share on other sites
