OfflineWriting up a contract for a real estate offer can be intimidating for many people. They feel as if they will make a mistake that will come back and bite them. Let's see if we can take away some of that fear.
If you are working with an agent then she will have state approved contracts to fill out. If you are making offers without an agent you can use the forms on this website located under forms and docs.
Read you contract FULLY a few times so that you know exactly what it says. Filling in the blanks is usually pretty easy if you understand the contract. Have your agent fill the first few out with you. With time you can have an agent fill out all of your contracts.
Also, use the coaches and other members of the DG family. Good luck to all of you.
Roy Voeks
Official RE Coach
The real estate commission website will usually have the latest forms for your state. If you can find them, it's usually best to go with the state-approved form, as each state has differences in what's legal in a contract.
... And if you make a mistake, or forget to add something, don't despair... There's always addendums; even experienced agents use them sometimes
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I prefer to fill the blanks in for the agents to submit. First things first..... you should know if your seller will allow assignments or not. Short Sales and REO's typically do not allow. All other deals get and/or assigns next to buyers name. Each offer should be submitted with your exit plan in mind. If a lender has a deed restriction.... which means you have to hold deed 3 months or so before you resell... I make these offers in another one of my many LLC's and I will simply sell the LLC to get around this. Agents will not always know what you want to do or even how to go about it... Its best if you are filling the blanks in. Hope this helps.
DG
Darren,
that is funny... you are DG!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I write sooooo many contracts, I bet I can write one while I sleep. I've used soo many different contracts from approved State Forms that the Local Realtors use to the shabby little 2 page wholesale contracts. Just remember...if you are told that you MUST use a certain contract by a Realtor..NO PROBLEM just omit or add anything that you need to be in or out the contract. You can draw one line through any part of a contract and initial it along with all parties or add anything for that matter.
Ive also use Land Trusts to get around the assignment issue, matter of fact thats my perfered method. Purchase the property in the name of the Land Trust then sell the intrest of the Land Trust. The Land Trust only gets created when the offer is accepted.
I try to make a habit of writing 5 contracts personally a day. I also let people watch online as I write them on my computer. When you actually see all the pages in a Realtor Approved contract that a professional Realtor uses...you will have more respect for the Realtor writing 200 contracts per month lol
*Disclaimer I am not an attorney nor am I offering any professional advice, just some thoughts I am sharing*
This is again appreciated,as a newborn into the DG's family please let me thank you all so so much for the informations provided.
We have written many offers. The first ones were scary, however as we learned what our offers needed to be for our buyers, it was easy. You need to find your buyers, know your exit strategy and the rest will fall in place.