OfflineIf you have to put in all these weaswel clauses and contingencies in the contract when your reassigning a deal, who develops the contract?
let's say I got the home owner to reduce the price of the home, and he excepts my offer, when does the contract begin? Could I say, hold on give me a day or two to develop the contract?
__________________
If your making an offer have it in writing, thus your contract. This way there's no chaging the offer after. If you make a verbal offer then get another invester the seller could change the price and then you'd be in trouble with nothing in writing. Do you have a realator as part of your team? Maybe they could walk you through a contract. I would also contact an attorney to make sure all the wording is correct. Best of luck
Im gonna make him an offer he cant refuse
Welcome to the DG family, glad you've joined us. YOU draw the contract up because YOU are the investor controlling the deal. Anything less would make it seem that you're an amatuer. Fax the contract as soon as you make an offer or it's as good gone. The contract begins as soon as it is signed by BOTH parties involved. Then you use another contract to assign it to your end buyer. Make sense?
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Bernie and Lena have good advice.
Just in case you were wondering who actually WRITES the contract, you use one that is already made, you just fill in the blanks with the info for your deal(Sorry, if that's not what you meant). You can use a purchase agreement from this site, one from a realtor in your area, or print a state-approved one off the internet. With any of them, you will probably want to have one on-hand when you meet with a homeowner, so that you can fill it out and sign it when you have agreed upon a prica, unless YOU need time to think about it. Sometime if you've negotiated a GREAT deal, you want to lock it up right then, because it may slip through your hands for whatever reason.
I knew a party several years ago that was selling their house. They had made a verbal agreement with someone for a certain sale price, and had agreed to meet the next day to sign a purchase agreement and take the earnest money deposit. In the meantime they got a call from a cash buyer who offered MORE, and they went ahead and took the deal. You can imagine how upset the first party was when they called. I don't know if they could have taken them to court for the verbal agreement, but I was very disappointed in the selling party myself. I could never do that to someone, BUT you never know what might happen when you're dealing with a seller (and money does talk, usually), SOOO all that to say, LOCK IT UP as soon as you can.
OK, enough lecture.lol
Hey, thanks for joining the DG family! You're in a great place to find support in your REI!
God bless,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249