Standard procedure for submitting modifications to purchase agreement

[crazyfacejenkin]

What is the name of your state (only U.S. law)? CA

I have gone through the purchase agreement and found certain areas I would like reworded. How does one normally propose these revisions to seller? Can I send a document that says which paragraph I would like changed? Should I create an addendum?

This purchase is REO, I went through this agreement with a fine-tooth comb and I have to say, they really want my deposit regardless of what happens! Is this normal? Most of the contingencies I want added are based on financing, inspection and taxes. Is there something else I should look out for?

[rowz]

you should look out for the fact that in most of these REO situations you have very little say in what the terms are.

It is my small amount of experience that you will not get a financing contingincy, or one for any inspections. why do you think that the price is low?

You should have an atty. that you can discuss each contract to purchase that you are abouut to enter into so that he can help guide you through the process of buying these low price properties. Once you become conversant on the process then you can fly solo.

The price of the lawyer is a cheap education.

[crazyfacejenkin]

Originally Posted by rowz

you should look out for the fact that in most of these REO situations you have very little say in what the terms are.

It is my small amount of experience that you will not get a financing contingincy, or one for any inspections. why do you think that the price is low?

You should have an atty. that you can discuss each contract to purchase that you are abouut to enter into so that he can help guide you through the process of buying these low price properties. Once you become conversant on the process then you can fly solo.

The price of the lawyer is a cheap education.

Thanks for the quick response, I wish they were cheap...

[Cedrus]

A good R/E lawyer in CA is about $200 to $250/hour. Spend two hours at one time or in increments to get the advice you need. It is well worth it for your peace of mind and/or if some problem might surface after closing.

[HomeGuru]

Good responses...