Offer Template?

First of all: Make sure your agent is ready and eager to put in low offers for you. If they aren't then all of the rest of this will be a waste of time.

1.) Have you agent send you a blank purchase agreement that she uses for her transactions. Sign it as follows: (Your Name, and/or assignee). Sign and initial all the lines that are required and put down $500 earnest money on the contract. Leave all other lines blank, no need to fill anything else out. The agent will make a photocopy of it and submit it through email or fax.

2.)Go to www.coastal-funding.com and get a proof of funds letter. Type in your email address, your full name, where it says investor property address type in "(your town name) properties." Then put in $185,000 or whatever number you want to put in there. Hit submit, there is your proof of funds. Print it out and send a copy of it to your agent.

3.)Write a $500 check and leave the date and the name blank. Sign it and make a copy of it and send it to your agent. Dont have $500 in your bank account to cover the earnest money? Find someone to loan you the money. I have a partner putting up $500 for me in return for a 200% return, meaning she puts up $500 and gets $1000 back when I close on a property.

Nothing needs to be hard copy unless an offer gets ACCEPTED!
No need to write an earnest money check for every offer, no need to have a contract for every offer, no need to have proof of funds for every offer.

You will not be able to assign REO properties so sign another purchase agreement with just your name and do a double close when you get one of those accepted.

You are the last of the three young guns from a while back. Glad to see you are still hanging in there. Your 1st is not far off! The others quit!!

Michael Mangham
MD Home Acquisitions LLC

I don't ever quit once I start something. I had to take some time away and work two jobs to keep food on the table. Now Im back working 70 hours a week at my main job and setting aside extra money to invest in REI.

Im back on here to help the many new people I see. I will answer every question you have and if I can't answer it I will find the answer for you.

Bring em on!

Thank you so much! Do you put in any contingency phrases right in the contract or extra document for exit strategy?

Thanks!

There's no need to get into any details in the offer, that's basically just the price. Once someone excepts your offer, then the contract will have all of the details (i.e. and/or assigns, etc.). If you go to one of the DGer's website www.TheFlipKid.com he has a great one page offer letter. But, like Mike said above, you can just ask your REA to provide you with a blank one.

I just sent the following email to my REA to request similar information. Hope this helps...

====================================================================

Hi *****,

I hope you had a great holiday weekend.

I met with a few of my buyers this weekend, and they are wanting to pick
up properties in the ***** County and ***** County areas (with the
priority being in the ***** County area since they already have renters
for that area).

So, here is what I need:

1) A CURRENT list of properties with the following criteria
a) In ***** County
b) All brick
c) Min. 3 bedrooms
d) Max. listing price of $100,000

2) All EXPIRED listings fitting the same criteria
a) In ***** County
b) All brick
c) Min. 3 bedrooms
d) Max. listing price of $100,000

Here are the other questions I have for you:

1) Do you have an offer letter I can fill out and sign so you can just
change the offer price, and address for the multiple offers I will be
submitting?

2) Is there anything special that needs to be done to make offers on
fannie mae and HUD homes?

3) Is there anything special that needs to be done to make offers on
expired listings?

Also, if any of the offers require a proof of funds letter I can provide
that if they are actually interested in my offer. Looking forward to
hearing from you soon.

Thank you,

Stephan Roberts
Stepreg Properties
www.stepregproperties.com

check out post #1113 from Andrea... this thread has lots of good info...

http://www.deangraziosi.com/real-estate-forums/everything-else/86517/30-...

be careful when you use coastal funding; some new investors have used them and when the realtors verified, coastal funding said they knew nothing about the investor.

EM - I would do what Lane suggested; write out a check and when you're ready to close, borrow it and offer to pay at least 100% back!

Learning and progressing every day,
Valerie