Locking In The Buyer Before The Property?
If a buyer finds a house they want (but they don't have credit for so they need my help), can I go ahead and take earnest money and an offer to purchase from the buyer before I have negotiated a deal with the seller? Is that legal considering I don't have title to the property yet? Any particular way to word this?
I plan to sell on Agreement for Deed and buy as creatively as possible.
JohnCl
I definately think you are on the edge, but why not go ahead and get the PA and earnest money check - hold them both and you should not sign until you get the PA with the seller --- you only are promising to seel when you sign the PA. I believe this is not necessarily operating in good faith, but as long as you are reasonably sure you will be able to complete your PA with the seller in short order I'd expect you to be OK. Just don;t cash the check until you have the PA.