Not Being Specific On Terms Of Contract
I got an owner to sign an earnest money/sale agreement today on a house. I had to bump my offer up $2500 to match another investors offer. The contract the other investor had presented to the seller stated that seller would recieve $ 140K when investor found a buyer and sold property. The first question the seller asked was how long before the investor sells the house and he gets his money as it was not listed in the contract. The investors reply was could be two months or two years. Needless to say I got the deal because of this but I had to up my offer to lock in the deal. My question is weather it is ok to leave out terms such as how long before seller gets there money. I can usually turn sellers my way but I dont want to have to compete with any illegal deals.
GJB,
A contract can be made for ANYTHING TheBuyer and Seller agree on...
TheContract "IS" what it states...
....as always,
GoodInvesting, Rocky