Wow. Times are changing and changing fast!
As real estate investors, we’re lucky to be able to do much of our work virtually or from home, but one thing that has become a major hurdle for most investors during the nationwide lockdown is TIME.
Most of our contracts bind us to a specific period of time for things within the contract that need to happen, like inspection periods, appraisals and more. This means that if you were to make an offer on a property today…the clock starts ticking.
…and what happens if the clock hits zero and you’re still couped up or all parties involved haven’t been able to do the things necessary to close?
One of the biggest fears for most investors is that they’ll get a deal under contract, but won’t be able to find a buyer and, during “stay at home” orders, those fears can easily spike. It’s understandable.
Here is an example of an “Addendum to Purchase” document that specifically deals with the Covid-19 issue. I think every investor should consider using it when making offers during these times.
It’s easy to explain to a seller.
And today, it’s my gift to you. You can download it by clicking the link below and let’s all get back to making offers and doing deals.
The formula for success is simple in this business…Make more offers = do more deals! Hopefully this addendum allows you to confidently move forward during this historic time in our nation’s history.