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Getting property under contract

DustinT

New Forum Member
Registered
Joined
Sep 17, 2017
Messages
14
Hello,

I have been practicing analyzing deals in preparation for my first purchase. I am just now talking to lawyers, mortgage broker, contractors, and putting together a team. I have come across a property that I feel is the kind of deal that I am looking for but I don't have everything in place. I am liquidating stocks to have the down payment in my account, I'm looking into contractors and so on. I'm probably at least a month from being all set in my opinion. Is there an option or a way I can structure an offer to "hold" this property until I'm ready? Any help would be greatly appreciated.
 

Devin Roberts

Devin Roberts - Brent Roberts Realty
REIN Member
Joined
Nov 17, 2015
Messages
126
Hi,

It really depends where you are looking and the condition of the market. In a slower market, longer closings can be practical.

To answer your question, yes it is possible. Can also do an option to purchase agreement as well. I would find an investment oriented Realtor in the area and get them to do the dirty work.

Thanks

Devin Roberts
[email protected]
Royal LePage Brent Roberts Realty
 

Martin1968

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Jan 22, 2017
Messages
235
At the time of making an offer you only need to pay a deposit. In case of a MF building you would have to give yourself (at least) a minimum of 1 month to get the deal approved (lenders inspections plus reports etc) and you would make that, incl financing approval, a condition in the offer
When the moment is there to close you need to bring the remainder of the DP to the lawyer a few days to a week before.
So nothing stops you from moving on it but make sure your offer reflects a timeline that you need to, to get all ducks in a row. Also make sure you can prove funds for the down payment.
 

Michel Lafleur

Frequent Forum Member
REIN Member
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Apr 30, 2015
Messages
205
Lock it up with an offer and a deposit, and ask for a closing date that works for your financing plan.
 

Thomas Beyer

0
REIN Member
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Aug 30, 2007
Messages
13,881
Get clarity on mortgage first as getting one is very tough these days.


Sent from my iPhone using myREINspace
 
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