OfflineI been reading and learning but I'm still kind of stuck in one place. I've found a few good deals but I'm not understanding how to lock them up. I have a few questions, if anyone can give me some insight on which way to go.
1. If I want to make an offer on a property fsbo or with a sellers Realtor, what contract would I need. Also, I see potential deals on the Internet but how would I make an offer through email? Would I need a contract to do that?
2. Is there a specific contract I would need to lock the property for up to 30 days and assign or double close it to my end buyer?
I'm totally lost with the contract issue. Any advice or help s greatly appreciated.
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you lock up a property--whether its FSBO and/or MLS listing--using a Purchase and Sales Agreement contract. You can also use a Letter of Intent to submit, any and all offers, to these two entities as well. If the Seller agrees and signs to the terms as stated in the Letter of Intent, then you would write up a Purchase and Sales Agreement contract having all the terms and contingencies in it. Reread Dean's two books until you have a firm understanding of all the Chapters. God Bless in your REI.
1. If I want to make an offer on a property fsbo or with a sellers Realtor, what contract would I need. Also, I see potential deals on the Internet but how would I make an offer through email? Would I need a contract to do that?
2. Is there a specific contract I would need to lock the property for up to 30 days and assign or double close it to my end buyer?
I'm totally lost with the contract issue. Any advice or help s greatly appreciated.
"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.
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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.
Like Alana said, you would use a standard Purchase and Sales Agreement (also called "offer to purchase", "purchase agreement", etc.).
You can use the one off the site, or get your state-approved contract online or from office supply store in your area, OR if you are using a buyers agent they will fill them out for you. If you are dealing only with the listing agent, you can also use them to do all the paperwork. You RE attorney could also help. Lots of options.
Then, for the "assignment of contract", the one from the site should work just fine. If you wan to have an attorney look over it initially, that would be fine too.
Wishing you much success!!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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I appreciate the info and help. I'm going to get out there and start making offers.