OfflineSo I want to make a few offers this coming week (my first offers following Dean's program), but I have two questions about what I actually have to do/say when I tell my realtor to make the the offer if I want to use these properties for assignment of contracts. Do I need to tell him to include clauses such as, but of course not limited to:
1. And/or assignee
2. a backout clause
4. Ability to do repairs before closing
Before he makes the offer.
Or can these details be arranged after the offer has been accepted? Also do I need to include an earnest money deposit with each offer, or is that also a detail to be handled after the accepted offer.
Thank you ahead of time for your help and responses.
Vince
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You are taking action and that is great!!! Be sure to offer on properties you can actually get a contract on as an investor. Don't offer on properties that will go to an owner occupant! They always pay more than an investor will. People can't keep a realtor because they make alot of worthless offers when they start out.
It is much easier to do contract assignments when dealing directly with a homeowner and using your own assignable contract. Getting a realtor to submits and/or assigns, assignable contracts and having them approved by the lender is becoming more and more difficult. Why would a realtor or more importantly a lender accept a contract from some one that can't close themselves and the deal is dependent on the buyer finding someone else to buy the deal? Not that it does not happen, it does all the time, however it is becoming harder to do so.
Use the inspection period for you "back out clause" the more back outs you use the less likely your offer will be accepted.
Hope this helps and once again congratulations on taking action!! You are now ahead of 90% of wanna be investors!! Make lots of offers on properties that fit your investment criteria!! Don"t just "pray and spray" your offers.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
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