OfflineI am so desperate to make my first deal, so I need an advice to be on the right track..
I have a cash buyer that is looking to buy a townhouse for 65-70'K. I found a nice REO townhouse, 3BD/1BF/1garage, the price is $69,900 listed on MLS just a few days, good location.
I made a call to my buyer and told her I found what she is looking for. Now she is pushing me to make an appointment with a real estate agent, she wants to see the property and maybe make an offer.
Now, I am not sure if I have to submit an offer myself. My buyer wants to see the property first, so I don't know if she is really going to buy it. She never asked me for any fees, but I don't want to be out of the picture in case she wants to buy the property and will ask the agent to start the paperwork.
What is my status? Any ideas? I will pick everyones brain, plz help
Thank you
I think you could get her to sign a contract agreeing to pay you $XX.XX amount of dollars for finding her the townhouse if she buys it. That would be considered birddogging.
Good luck,
Brian
Thank you Brian for your time to reply, I was also thinking the same way
You may want to view the condo to see how much work may be involved. If you believe you can get it at a great price, you may be able to assign it to your buyer. If you write up a contract, include some contingencies that can get you out if the buyer does not want the condo. Also see if you can put your name or assignee as the buyer. Since it is an REO, the bank may or may not accept. In that case see if you can find a partner if the profit margin is large enough and then work out a deal with a double close with your buyer. I hope this helps. Good luck with this potential deal. Believe and Achieve!
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You should have an agreement between the two of you. I'm the type of person that my word is as good as my signature. You need to feel her out, use your gut. You may feel more comfortable getting something in writing but don't rule out a verbal agreement. If you can build a trust between the two of you - you may be able to work together on many deals.
Thank you everyone for the support and help! I really needed it!
What a wonderful place to ask for advice!!! I want to make it happen.
A month ago I have found a terrific townhome in good location for a 1/3 market price but I made a mistake
from the very beginning. I had no $46,900 so I called private money lender that was located in the same area,
and he asked me what my credit score is and wanted to fax him comps and all the properties that were sold in 6 month.
I did it in 1 hour. So, after that my target property was gone! How can I trust money lenders anymore?
Well, I am just very green in here and have to learn how to structure the deal.
I believe with all support from DG family I will do it!
Thanks again and good luck to everyone one their deals!