Well, we negotiated the price. They wanted us to go up $10,000.00. My partners wanted to hold at our offer. They felt as Buyers, we are in driver’s seat. Hold firm, they’ll back down. If they want a fast closing they’ll come to our number. All of that may be true, but we want the property. The price is good, and we also need to settle soon to begin the necessary rehabilitation to make the property in rental condition by the summer. We came up $5,000.00 and they met us in the middle. Negotiations are about give and take. The bottom line is did we really want to lose this property over $5,000.00?
So, according to the terms of the contract, we are now in the Attorney Review phase. This allows both parties to have the Contract reviewed by their respective attorneys. During this period, either party can withdraw from the Contract for no reason. Attorney review runs three business days. It begins the first business day after all parties have received a fully signed copy of the contract. Our Contract was signed on Wednesday, so our Attorney Review period is Thursday, Friday and Monday.
I am meeting with my contractor on Saturday at the house. Because we plan to do work to the home, we agreed to buy it in “AS IS” condition. As a realtor, I do not generally recommend purchasing a home without a home inspection. Our contractor will be giving us some raw quotes and will do a quick inspection to make sure it is structurally sound.
I think I might want a miter saw for Christmas this year.