2 Questions On Contract Offer To Seller and Earnest Money

First, the assignment contract and the purchase contract are two separate documents. On your purchase agreement (with the seller) you list your name, and/or assigns....IF it isn't an REO. (Most banks will not let you assign contracts.) FSBO is okay to do an assignment however. Also, if you are doing a FSBO, you can put any EMD you want as long as it is agreed upon by your seller. Then when you assign it, you give the end buyer the contract along with your assignment contract. Some end buyers will pay you on the spot for your assignment fee and others will want you to get paid at closing. Either way, you'll get the assignment fee you are assigning it for.

To make sure you have a purchase contract that is compliant with your state, check it out before you use it.

Hope this helps.
Shirley

I do understand 2 different contracts, but wondered if had samples or templates of offer present to fsbo after accept verbal offer. One that includes and or assignee plus has escape clauses like per inspection, per partners approval, per financing.

Plus, if I understand you right, your saying with my written offer to home owner, I can just add 0 or 1 dollar for earnest? This way if don't assign, not out money? Is that right. Thanks

however you can give $1 as EM as long as your seller accepts it...

also, you may want to update your profile and enter some info about yourself so that other investors know who you are and where you are, etc. and can network with you.

wishing you success,

Thanks-I just created an account late last night so will do that. I appreciate the answer about the earnest. Do you know where a completed template or sample would be with offer that has and or assignee like in student resources, but also has escape clauses included like per investor, per financing, per inspection etc...

Thanks

on the left at the bottom of this page there's a link 'student resources' with links to all of DG's "Forms and Docs", including Purchase Agreement, Assignment of Contract, and Inspection Contingency Addendum, etc.

http://www.deangraziosi.com/resources/real-estate-forms

Yup. Like I said before, looked under student resources and even a few samples found through forum but all don't have and or assignee and escape clauses like per inspection, per partners approval, per financing

Is there one that has all that complete already and one I can see here or somewhere. Thanks

In the forms and docs tab it will have a blank purchase and sales contract. It does have the and or asigns in the contract, but it does not have an inspection clause. In a contract you can always ad addendums to ad things you want in a contract that are not there. In the purchase and sales contract it has a place for additional terms and cnditions, which is where you can add anything you want included that is not already there. You do not need a lot of different escape clauses. Subject to a satifactory inspect, and give yourself 15 days to do that should be enough to protect you.

So under one that says purchase and sales agreement and then under ADDITIONAL TERMS AND CONDITIONS add escape clauses? If so, can I just put per 30 day inspection, per partners approval, per financing approval or is there a special way I should be wording it?

If just doing one dollar to lock up property for earnest and going to be working with cash buyers, is cash to seller at closing the full offer amount and if no loan, then can leave out or just put o.

Ideally want to work with cash buyers and homeowners with no mortgage, but if have one then is that where include existing loans and liens and does that mean new buyer has to accept loan amount or can it also be existing loan amount and new loan to seller 0 if being paid x for house. basically is it there deal to take care of the mortgage then. Just wanted to clear up last few questions real quick so can get rolling on building my buyers list and then sellers. Thanks

Earnest Money Deposit $______________________
Cash To Seller At Closing $______________________
Existing Loans & Liens $______________________
New Loan To Seller At Closing $______________________
Purchase Price

I have a contract to purchase with exit clauses that I use and I share it on my website for others to use. There are exit clauses in the contract

1. Contract contingent on Partnership approval
2. 14 day inspection period
3. The right to assign

Feel free to use it. Just copy and paste it.
http://www.realwholesaling.com/resources/contract-to-purchase-with-exit-...

Exactly what I needed. Thanks A lot.