OfflineWhich form is the best form to use under student resources if i would like to tie up a property. I would like to just put an offer on it and hold it then assign to an investor.
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***Ms. Highly Favored***
Help need a form to hold a property..which one to use??
Posted on: Mon, 08/09/2010 - 12:55
bump
***Ms. Highly Favored***
Contract to purchase real estate is the form.
If you use a realtor they will supply the contract.
Do you have a buyer lined up?
Make sure your contract is assignable.
Have an inspection clause.
Don't waste a homeowners time by getting a property under contract when you have no way to close or its not a KILLER deal. I know a lot of people do this and teach this but it is not the right way to do business in my opinion.
What if that home owner really needs to sell and you tie up his property while you try and assign it and you have no success? Is that ethical? Now if you have your ducks all lined up and can flip it to someone right away then go for it.
If you have a great deal (65% of ARV after repairs) than a buyer will take it!
Good luck and go make an offer!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
did you mean the agreement to purchase or assignment of contracts?
hardworkpays35215@****
2053175954
So all in a nutshell what your saying is make sure you have a buyer ahead of time to flip it right away right? I definately agree with you on not wasting the homeowners time while locked up. It can cost them a potential buyer.
So would you suggest after finding lets say an FSBO for example, after speaking briefly with the homeowner and notating good information about them and the house, would it be a good idea to put a similar description of the house on say craigslist to see if buyers are interested in that particular type of home? Then go from there!
Just trying to understand it as well while trying to land my first deal still. Thanks!
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"We are all faced with a series of great opportunities
brilliantly disguised as impossible situations."
Just as michaelmangham said. Build you're buyers list. It does no good to send out offers knowing you don't have at least 1 or 2 end buyers, either another investor to wholesale the deal to, or a list of persons looking for a rent to own deal, something, anything.
Longhorn