OfflineI was wondering if I could use the contract wording that my past agent and I were using when submitting offers on properties? Maybe change it up a little here and there so that I'm the sole force behind the contract. I'll copy and past it(omitting the agents name and contact info)and replace it with my own info instead. Just let me know what, if any tweaks I need to make to it:
Buyer/Interested Party:
Bryant Slade
111 Bridge St
New Cumberland , PA 17070
Bryant Slade
Wholesale Real Estate Investor
New Cumberland Pa 17070
Let this letter act as the intent to purchase xx xxxx . The reason for this letter is to allow for an expeditious offer to purchase the aforementioned property at $xx,xxx without the future consideration of a counteroffer. In the event that the following terms and conditions are acceptable to you it shall be rendered to a Standard PA State A/S-R Contract.
Please note that the intent to purchase is based upon the following contingencies, and it is in no way a legal, binding document:
l contingent upon; a home inspection to the buyer's satisfaction
l contingent upon; a clear title
l contingent upon; subject to approval of buyer's partner
If the following contingencies are acceptable please contact B S directly. If they are unacceptable, I apologize for the inconvenience yet appreciate both your time and consideration concerning the matter.
Regards,
Bryant Slade
717-xxx-xxxx
Bryant Slade
Awesome! Thanks maximilion, I was thinking of e-mail but wasn't sure if that would be unprofessional.
Success and Nothing Less!
Hello, Bene here. I thought I add to the conversation in saying that legally a listing agent has to submit all offers irregardless of whether he or she likes them. They legally can not hold back an offer submitted. It must be said tactfully, but a possible way to alleviate an offer not being submitted is to mention to the current listing agent that if your offer is not submitted, then you will purchase the property from another agent. Then, the commission will have to be shared between two rather than one agent. Agents try to avoid sharing a commission with another agent.
I hope this adds some usefulness to the conversation.
Sincerely,
Bene.
FSBO located in another state that I've been submitting low offers to recently, has finally agreed to sell to me for $10,000 less than what he was asking for. I was actually nickel and diming him to get to my acceptable price range. He was selling for $25,000. I sent him my first offer of $7,750(refused). I then sent him my second offer of $13,750(refused) but, with a final "I'll accept $15,000 and no less" offer. Actually in my head from the start was $15,000. After all this is going to be one of those "sight unseen" homes and I really don't know what to expect from it except he did state that it would need some fixing up. But the price is right.
Now I'll have to get into contact with a relative of mine that lives in that state close to the property to get me some extra photos of it's interior.
Bryant Slade
Thats awesome, what do you plan to do with the property?
Success and Nothing Less!
twice the amount I get it for if I decide to buy it, or pass this deal along for a considerable profit to another investor that's local to it.
Bryant Slade
make that money!
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
max (haha everytime i post your name i make it shorter and shorter), sorry for all of the questions but how are you including your proof of funds letter in the offer? Most of the places I am going to make offers to require POFs with offers.
Success and Nothing Less!
I go to coastal-funding.com and request a POF's letter for whatever amount I intend to offer. After I receive it(POF's letter) I then copy and paste it in Wordpad and save it as "POF1" or so, and then whomever I've decided to submit that particular POF's to I attach it to that e-mail along with my "Intent to Purchase" letter.
Bryant Slade
Thanks for the quick reply! I noticed earlier that you said you could use the inspection clause go in with an even lower offer after you have made your first offer, but could you also use that to back out of the offer? Or back out because "my partner" didn't like the property?
Success and Nothing Less!
You can always add something to that effect to the addendum once the deals accepted that would allow you an easy exit out of it.
Bryant Slade