Just getting started

Well I'm not exactly an expert, but I have done a few offers. Mine have been with FSBO's only, so far. I talk to them about my offer. If they are OK with it, I draw up the contract and we sign it together, then take it to the Title company to open escrow with my EM.

It's kind of a matter of learning as much as you can, but nothing replaces actually doing it. The first one is always the most nerve wracking haha.

When you are using an agent you can just tell them what property you want to make an offer on and then they will make the contract for you. They will ask you some questions as to what you what to put on the contract but besides that they will do it for you.
Another thing that I like to do because I am making so many offers is instead of doing a contact for each offer I make, I just have my agent submit a letter of intent first. Then if the seller accepts we then write up the contract.
The reason for doing this is because it just makes it faster and easier on my agent. instead of a 10+ page contract we just do a one page letter of intent first.

hope that helps.

roselani,

I am new at this too. And i must say you gave me the most straight foward answer on how to do the contract process.LOL Thanks so much! One more thing tho, if you can. So after setting a price and the deal, we sign the contract. Then I bring the contract to the title company By myself? What is a "EM"? also do we need to put a earnest deopoit down? thanks

Derrick

I am an agent and what I do for my investor clients is have them sign and initial a blank contract. Then, when I find a property that they are interested in, I just make a copy of it and fill in the numbers and dates.
It makes it much easier for me and the client.
If it is a listed property, you have to go through an agent to make an offer. Because the seller has a signed listing agreement with the agent.
Good luck,
Jim

If you make an offer on a property listed on the MLS system, you will need to go through a real estate agent. You tell them verbally how much you want to offer and the terms of the offer. They will type up the offer to purchase and submit it to the listing agent.

Thanks for your post...this sounds like the smart way to do it (signing & initialling a blank contract ahead of time).

-Teresa

On the surface, having blank signed offers from a buyer seems like a quick solution but in this day and age the agent is opening themselves up to some serious liability.

First, if taken to court, the buyer cannot testify that they signed the contract on that date. In effect, you committed fraud.

Second, what happens if you misunderstand your buyer on the phone and submit the wrong price and the offer is accepted? The buyer is going to be held liable for that offer. Who do you think they will come racing after when they have to back out of the deal?

Technology is available to instantly allow a buyer to electronically sign an offer that is emailed to them. It is much more of a protection to have your buyer review and sign every offer, every time.

Simon,I agree with you on the liability issue. So,I get both verbal then email confirmation of offer terms. That way there is documentation of what the buyer is wanting to offer.
I should have included that in the other remark. Thanks, for pointing that out. It is very important these days to cover your butt.

We have been trying since 2011 to start out Real Estate business but just cant get going.We are from Maine.we first are stuck on a buyers list.we put an ad on craiglist but we get no emails or calls.so can you help and point us to the right direction.we had a house but got no responses so we let it go.We want to Wholesale to FSBO.so can you give us so pointers what to say to them.how to get buyers coming to us.etc.We have been frustrated we almost gave up.

Change your wording and place the ad for buyers in several categories on Craigs list. Real estate services and real estate wanted are two good categories.
Go to any REI meeting or event you can find
Read Dean's books if you have not already done so.
Keep making offers. No offer, no chance on making money!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC