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
I couldn’t agree with RoyVoeks more. These are the documents that transfer everything from $5000 properties to mutil-million dollar properties. I would STRONGLY encourage you to get intimately familiar with these documents. You can use different contracts for FSBO’s than for listed properties. Get to know the different contracts used for different properties.
Another thing you should do is keep copies of these contracts with you in your car or satchel. You never know when you will need them. When you get someone to agree to sell or buy then get them to sign as soon as possible.
That brings me to another point. Keep the “assignment of contract” documents with you also.
Just to reiterate, obtain blank copies of the various contracts, familiarize yourself with them, and keep them with you all the time. This applies to business cards too.
It is also a good idea to be familiar with typical contingencies that buyers place in contracts that allow them an open door to back out of the contract. This may include home inspection contingencies, financing or even the approval of a second investor (which can be helpful for wholesalers). Having a well executed contingency can allow you to get your earnest money returned in the event that the transaction is cancelled.
Thanks guys for the info.Getting familiar with all the contracts is a must if you are going to get into real estate.Having a good agent or mentor is a plus who can hold your hand if you need it but remember,you need to have your outs just if things dont work out.
Aaron
Good stuff..
Aaron
Hi,
I am a new student, I am trying to send out offers, I found a site called Real Estate Mogul where people have posted a number of distressed deals for sale - owners and wholesalers). (Keep in mind I have not done my first deal yet), I sent e-mail asking for some information on the property (if taxes are due or liens owed and legal definition of the property so I could fill out an offer) but ****ed them off. I got the (Excuse me who are you? Do I know you?!) response...felt like a kick in the teeth...what am I doing wrong?....
P.S. Am I allowed to send contract directly as a buyer without engaging a real estate agent on my side to begin with?
Spinning my wheels, needs some help....getting that first deal is proving pretty difficult, feel like I am tripping over myself...
Thanks,
Lyca
Im not sure about that site you went to so I cant respond on that.
When you are making first contact you shouldn't go to much into detail, you might have come across the wrong way. Just let them know who you are and you are interested in buying their home can they please give you a call back.
On the call back let them know you are an investor and you can make an all cash offer, can they please give more info on their home.
Keep reading and asking questions on this site its full of helpful people.
Aaron
What is different within a contract for a FSBO?