First Contract SIGNED! Birmingham, AL Help!!!

I invest in houses 2 hours away from me and ANOTHER STATE. So there is nothing wrong with you getting a house 2 hours away from you.

So let me get this straight. You are getting a house for an investor, you got it under contract and YOU are the one selling it? What exactly is an arrangement?

If you are doing all the work for the investor, then I hope you are going 50-50 with him (his money, your expertise). Otherwise, it shold nbe, you locking the house and passing it on to him, and it should be his worry abotu moving the house quickly.

Am I missing something?

Yuri

I'm getting this house under contract for myself
to sell, assign, or wholesale.

I got the house under contract FROM an
investor that owns the property but
needs to sell quickly because he lives
in Colorado and wants to invest in
Colorado only. So he is selling all his
out of state properties.

Sorry for the misunderstanding, do you
see what I'm saying now?

So you are getting it from the investor. Now you have it under contract and need to move it. What are your clause? Do you have a time limit or you are getting it no matter what and if you can't move it, it's yours?

That you are basically needing to pass it on. I think (if you can do it), you should go to the house, area, and put up bandit signs in that area. That shold help get your phone to ring. Have you seen this house yet?

Go to your local REIA meeting, and broadcast it there. Also, throw an ad in the Thrifty Nickle, or local paper. Would he let you do a Lease Option, or is he looking just for cash? How did you come up with these numbers?

This is the contract contents: Sorry
consideration of the sum of $10 as earnest money due upon completion of inspection period, seller agrees:
The purchase price is to be $16.000 payable in cash at closing
The conditions of this Purchase are as follows.
a) Property ls sold in "AS-IS" condition with no warranties made by the seller. Seller will make Buyer aware of any
known facts that affect the value of the Property.
b) Seller and tenant (if any) will make property accessible to show partners, lenders, inspectors, appraisers and
contractors prior to closing.
c) lf Buyer rs unable to complete the purchase for any reason, the earnest money deposit shall be forfeited to the
seller as total liquidated damages and buyer is released from any further obligation under this contract.
d) lf Seller cannot provide clear title, Buyer will be released from any further obligation under this contract; otherwrse
Seller promises to sell under this contract
e) Buyer shall select closrng agent.
f) Purchase contract is assignable.
S) This agreement is subject to the final inspection and approval of the property by the buyer 10 business days after
the date this contract is received by buyer.
Taxes to be prorated, any previous year's taxes to be paid by seller. All attorney closing fees and customary closing
costs shall be PAID BY BUYER.
Closing date shall be on or before 45 days from the date signed below by Seller Seller grants any extension needed
to clear iitle or to complete closing documentation. Title to the above described real estate to be conveyed by
Warranty Deed or other customary instrument of transfer. Title is to be free, clear, and unencumbered, free of any
county, city and federal liens. All liens against the property shall be paid at closing by the seller
This offer. when accepted, comprises the entire agreement of Purchaser and Seller, and it is agreed that no other
representations have been made.
Addrtional Terms (if applicable):

-

He wants ALL Cash.

He had the contractor come by
that's where the repair numbers
came from and comps off of realquest
and appraisal.com

So you basically are buying the property. Did you set up a closing date yet? Just want to know how much time you have to move the property.

I have so many ways to get buyers it is sick no joke
you need to pm me for
my number cause i can't put it up on the post they wont let you
and CALL ME ASAP!!! MATTER OF FACT IM GOING TO PM YOU MY NUMBER RIGHT NOW
and also check out some of my other post all of them are under the forum of markerting to buyers and sellers

I WILL talk with you soon

Brian

Too bad you couldn't try for a longer inspection period. 10 days isn't hardly anything, unless you have buyers who act fast. Once those 10 days are up, you can't show the property to others. Everything else sounds ok, though.

That's fine, but I think a 2nd option helps, too.

I agree. I usually put 20-30 days in my contracts. Chances are, you will still do inspection as fast as possible to win some time and leverage, but at least with 20-30 days you won't be pressured as much.

Good luck to you.

Thanks everyone giving me suggestions!

@bexsentico I really appreciate you helping me
with finding buyers. I'm going to do some
reading on your posts. I hope to talk to you soon!

Yes that does sound better, 20-30 days inspection
period. I have another deal lined up so
this time around I'll use it.

Again thanks everybody that has suggestions,
keep 'em comming. LOL

Well I don't have an exact closing date
I just know that I have 45 days to close
and can get an extension if I need one.

If your closing is 45 days out, that really gives you up to that date to find a buyer. You stated that a $ 10 EMD is due upon completion of inspection;
if you can't find a buyer, the worst thing that will happen is you loose 10 bucks.
In the meantime you can also try to find someone with the cash that wants to rehab the property, don't be greedy on your assignment fee & it shouldn't be too hard to find. Heck if it wasn't so far away, We'd buy & rehab it ourselves. Good Luck, Gary/Jill

but I have a few cash buyers. What I need from you is the street address, since you said it was already accepted. If uncomfortable, you can send it to my PM. It would be good for you to add some info to your profile. I as well as some others dont like talking to strangers. Good luck.

@steve guy: Thank you, I pm'ed the address to you.

@gceriani: Thats what I was thinking just $10 bucks
I also have the option for an extension.

Hey guys just giving an update on things
I've been interacting here and on other
sites to find buyers.

So bexsentico had some
great and interesting ways to find buyers.

I went to trulia.com and asked a question about
finding investor buyers for my property and
I got answers quick from Real Estate Agents
and Investor buyers!

Some of the real estate
agents wanted me to get in contact with them
because they had a huge list of BUYERS. I was
excited about that because in the question I made
the statement that I DID NOT have any money
for a real estate agent!

I am going contact them today!

I am still in need of buyers in the Birmingham, AL
and Shoals Area AL and as alway suggestions are
welcome!

Thanks DG Fam!
Sabrina

Congratulations!

Keep going. Good luck and keep us posted.

Yuri

Sabrina,

The DG Family is here helping you and others the way it was designed to work on this website.
I am so happy for you making things happen and when you're in doubt ...ask!

Everyone will realize how important networking and having a 'Buyers list' is once you get a deal under contract and then say ...now what. TIME is of the essence.

Thanks to ALL that helped.

Best wishes'

Thank you all for your help and comments!
God Bless You!

Sabrina