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Buying or Selling a Home/Difference between offered and what is on purchase contract.
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Question
We have been offered a contract to buy a property we own but the purchase price on the contract is more than what the buyer actually agreed to pay for the building. Is this a legal thing to do?
Hi Jim,
It is absolutely okay to write a contract for more than an agreed upon amount. Your buyer may have decided he would like to pay more for the property, but in all likelihood they increased the sales price and asked for you, as the seller, to contribute towards their closing costs and prepaid loan expenses. This is a very common practice with the tighter loan guidelines of todays market and helps the buyer by not having to bring so much cash to the closing table. If this is the case just make sure that the bottom line dollar amount that you agreed to is what you walk away with.
Good luck!
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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