OfflineI live in VA and I am interested in a property in Maryland. I want to write up an offer to present directly to the seller, since there isn't any agent involved. If I decided to use a Buyer's agent, how would they get paid, how much would they get paid and when would they get paid? Would they earn 3% or 6%. I am not sure.
Since this would be my first purchase and assignment transaction, if I decide to use a RE Attorney to draft up my purchase offer to the seller (and not use a buyer's agent), can anyone tell me approximately what it would cost me? The attorney I have in mind is Licensed in VA, where I live as well as in MD, where the property is located. Also I am confused about who pays for the title/lien searches? Does this change if the property is in foreclosure or is an REO bank owned property? And can the closing be in VA even though the property is in MD? Thank you for your help.
Nancy
to draw up a purchase agreement and he quoted me at $75.00. I live in PA but I'm assuming this is a good price because you can't get too much cheaper than that w/o it being free. As for your other questions I'm sure someone here can help out. I'm still learning myself.
Jeremy
Hey Nancy,
I live in Maryland and to draw up a purchase agreement around $ 125 to $ 150 dolars.Your first question : If there is no agent involve, you should not give any commision but if there is one you can negotiate buyer`s agent to 2% which means you can save 1% at closing.Another question`s answer is for title research, you should contact with title company and they can handle that for you.They usually charge $ 125 dolars per property. You are responsible for the fee. NOTHING IS FREE in this country...And last one is you should close in Maryland because if it`s REO you`ll probably use bank`s closing company....
Good Luck,
Sonny
Thank you for your valuable information. Since I am just starting out I wasn't sure about the costs to do this business. I thought since I am only looking to control and assign the property, and I would include a free and clear title and a satisfactory inspection as contingencies in the offer to purchase and purchase agreement, that I would not have to pay for a title search, title insurance or inspection. I think my next step is to sit down with a good real estate investment attorney. I have a few names, but what I am finding is some don't understand or support creative investment strategies.
One question I don't understand on the Purchase Agreement is concerning the 2nd deposit. I understand the earnest deposit to be submitted with the Agreement, but what is th 2nd (increased deposit) to be paid at escrow? Do I as a wholsaler need to write another check or is that for the buyer/investor to pay? What amount should I put in the blank on the purchase agreement for this deposit? As you can see I am confused about the process. I have seen Anita's completed Realtor's Purchase Agreement on this site, but does anyone have a completed Offer to Purchase and/or Purchase Agreement that is not from a realtor that they can share?
Nancy
This is nice marquet that had never been as good as today I see so many
RE deals every where, I am motivated to make some of those deal , but it
It need to be hard money. My credt is so low becouse of the economy and
Have of course no money. So I need a hard money . How can I find a cople
Hard money lenders.
call up a few diff. lawyers and get the best price, a bad lawyer is prob. gonna be at least around 100 bucks, a good one can be as much as 500
RJB
www.****
Free Real Estate Lead Generator
There is a book by Tyler Hicks that is a list of many real estate lenders including hard money. You can find it at http://www.iwsmoney.com/products.htm. While he's a bit of a hyper-salesman, he does provide many collected information packets such as lenders.
Carl
Hey, Everyone.
I have a signed contract between myself and the seller, and just completed an "Offer and Agreement to Purchase", between the original seller and a Buyer I found.
The attorney I'd contacted prior to getting the Offer signed said that once I had the paperwork gathered to; "just forward everything to me, & I will make sure to secure your interests on the HUD form in the closing transaction".
I'm a little confused as to what comes next. And to make matters worse, a preliminary Title Sheet showed some liens on the property which may wipe out whatever profit I wanted to make on the deal.
The seller assures me that the liens "should've been" taken care of in her Ch 13 bankruptcy.
Meanwhile, the Buyer is looking to me to provide all the answers and do research on this situation.
What role is MY atty supposed to play in closing this thing out?
What role does the seller have to play upon signing of that Offer to purchase?
And finally, am I the one negotiating with the lien holder(s), if they are any, to lower the lien amts. or is the seller obligated to do that?
What is the Buyers obligation upon receiving a copy of the signed agreement- does she contact her atty to do due diligence, & if so, why should I do the same?
I've already spent some funds on a Title Sheet and want to keep my costs down.
Any response from an experienced investor would be appreciated.
Thanks.
Z
Persist...until.
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