Sample Purchase Contracts, Option Contracts, Assign Contracts, and Contract Termination form

Hi :
Does anyone have a sample or where to get one, for a Contract or Agreement for a Short Sale, between two DG Family memebers?
Lets say that one member have the buyer but needs funds, the other memeber have the funds, how this work?
Thanks,
Ernesto.

thank you for sharing

Thanks for sharing your file attachments. What does "8) Legal consideration for this agreement is ten dollars (10.00)" mean? Who is paying the ten dollars? And why is this legal consideration needed since this is not part of the earnest money?

Lease Option or Purchase Agreement? It could even be $5, but the title companies are going to need something to get the paperwork going, because they consider it legal. It doesn't have to be the normal $500, unless the seller is a bank. You can pay it and have your end buyer reimburse you is you want. I've even heard of investors doing $1 & getting away with it. It drops the purchase price as well.

The simple 1 page contracts, personally. They're simple to understand, and it doesn't confuse the seller.

* Option to Purchase (if you're finding a buyer for the wholesaler's property) *
Assignment Contract (between the wholesaler and you)
Purchase & Sale Agreement between you and him (when you have the buyer)
Assignment Contract (between you and your buyer)
Purchase & Sale Agreement (between you and the end buyer)

The title company will know what to do with all the paperwork. Both of you would be getting your fees, and the end buyer will be buying the property. Unless there's another way to handle this transaction, I hope it helps you.

Thanks for posting these contracts and explaining the use of each for different situations. I am currently in the process of completing my first assignment and I am very nervous because I was in doubt that I had all the paperwork neccessary. I do have a question when dealing with realtors and assigning REOs, would you use the same contracts or is there a different set. I understand in order to complete an assignment of an REO you have to do a back to back closing.

Thanks dude!

Thank You for sharing this amazing information. It will make my life a whole lot easier.

looking for the couple that attended the Realestate Conference 5/25/2011
at holiday Inn missoula

we met and spoke to you for a while on the evening, you were planing to attend the three day seminar and wondering how it's goin for you and would love to
follow up ..

looking foward to your response

Victor and Peggy, Missoula

This documents are perfect just what I needed...

Like Dallas said, have your attorney look these over. They are nice but somewhat generic. Every one of them had something that I would add. They are great to look over and give you a general idea of what the contracts should look like. Check them out in your state.

OK guys, you have an idea about contracts. Now learn what you really need to be paying attention to. Finding, evaluating and putting REAL deals under contract and executing your exit strategy. If you don't know how to do this all the contracts in the world will do you no good. This is the hard part of this business, not the contract!

Jcharles,
When offering on a REO the realtor will supply the contract, not you. 99% of REOs are NOT assignable. For your offer to be considered you will need proof of funds and a copy of the earnest money check with each offer, No weasel contingencies or the lender will reject the offer these days. Inspection period only. You must have a buyer in place to close these deals (double closing, not assignment) If the lender accepts your offer, earnest money is due within 48 hours in most cases. Check out my TF site below and watch the presentation. Has a pretty good explanation of the process.

Michael Mangham
MD Home Acquisitions LLC

Hello there "Thanks for Sharing"....John

It is likely that banks whom short sales are purchased from will only accept the state approved forms, like those from the Texas Real Commission in my state. Realtors are the only people that have access to those.

However, if you can find a bank that will accept others, they will need to approved by an attorney, and the forms should state so.

Nice Work!! for explaining it to us the new one now it is so simple.

Thank,
Wening

Success and nothing Less!

HI There,

Thanks for the contracts and thanks for sharing.

It makes more possible with less.

Dan
The Brit in Germany

I figured at least they could be a starting point for someone.

Thanks so much. It is a starting point for modification to your
specific situation. At least the attorney will have ideas and can
help you from there.

Thanks again.

Thanks, thishousebuyer for all the downloads of forms! Those will be a great help for me when I really get going!! I'm a newbie!

Thanks again,
Jeannie