OfflineI would appreciate anyone that could help me out with this dilemma.
Here it is....
I spoke with a guy yesterday that desperately needs to sell his home.He's tried Agents/Realtors, but with no luck. The house has been on the MLS for well over a year. He lives in a Luxury Home, the appraised value is $2.5 Million. He recently had it appraised and was able to prove it. It sits on 6.75 acres of land, a lake, pool, spa/jacuzzi and a lot more luxurious ammenities. But...I was able to talk him into $1.85 Million.
He made me an offer. He says, if I'm able to find a buyer, he'll pay me $200,000 himself. That's on top of whatever I make from the assignment. He also says that if I can just refer someone to him who purchases it without locking it up, he'll still pay me the $200,000. That's an offer I couldn't refuse. This would be my first deal, so picture making that sort of money on my first deal.
Now, here's the part where I need help. I feel sort of idiotic for having this issue, but as I look at the forms, I realize that I don't know how to fill them out. I've read the books countless times over the months, but can't figure out the "Agreement" to purchase form. I'm having problems where it asks about the title company, because I don't have a title company. The numbers part of it is also confusing me. Better yet, mostly all of it is confusing me.
If someone could walk me through the process, I would greatly appreciate it. OR...is there a way that I can leave the contract out of it and write up an agreement that he'll pay me for the referral after it's sold?
If you have a Finder's Fee Agreement you can get the Seller to sign that. Since you have pictures of the property already, create a Postlet at www.postlets.com and a flyer at www.vflyer.com You can also advertise property on www.citycribs.com as well as the other well know classified ad sites, CL (craigslist) and Kijiji. Also find as many other free classified ad sites as you can using Google search. The two sites I mention above (vflyer and postlets) they syndicate (send out) their ads to other sites.
In regards to your Purchase and Sales Agreement question, which contract are you using?
"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.
Thanks for your advice.
Would you recommend signing a finder's fee with the seller instead of putting a contact on it?
Get the seller to sign a finder's fee, the reason why I say that, is because at that price point you don't want to put yourself under the obligation to fulfill the terms of a P&S (purchase & sales agreement) contract if you couldn't find an End Buyer to assign the property too. He has allowed you to take pictures of the property (which I would recommend you getting more pics) so go market the heck out of it to find him some buyers. Does one of your friends do video production & editing? If you do know someone you could make a video tour of the property showcasing the inside and grounds of the property. To show prospective Buyers what they would be getting for $$$ with regards to purchasing that property on YT (YouTube). Any names of Buyers you get refer them to him (only after he has sign the Finder's fee agreement).
Would you recommend signing a finder's fee with the seller instead of putting a contact on it?
"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.
I think Im gonna go ahead and fill out an option contract just to get control of the property. Could you walk me through that?