OfflineHEY GUYS,
Thank you to everyone for all the help here. I've been reading alot from everyone and as well as deans books. I've learned so much in such a short time its hard to keep it all in. Any way im no longer just looking at houses and saying this is what im offering. I Want to make an offer by the End of the week. please help me out.
heres my situation.
1. I have Three buyers on my list. one who has no real limit of spending, just looking for good deals, a guy on craigslist who also said he finds houses for a huge % off FMV and is open to all deals and a freind who is pre-approved for 160,000
2. I've found atleast 20 houses all decent with only minor repairs, yardwork, paint, and carpet...which is either pre-for/forclo or FSBO thats been on the market for more than 90 days.
3. I know what i want to offer,just really dont know forsure on what the steps are....this is my roadblock...
i would like to submit offers on all 20 houses...but from my understanding, you need an EMD. usually 500-1k now i also know that your suposed to put it to be paid at closing so it doesnt really come out of your pocket. but thats only if you actually find a buyer...what happens if i cant get a buyer..?? i know theres escape clauses and i would like to see them.
please point me in the right direction. I would like to see a basic outline in which to submitt offers. and what needs to be accompied with them...proof of funds? EMD? i feel like im only days away from making this happen and i wanna be there.
thank you for readin this long post it means alot to me. im literally on this site at the lastest of hours when no ones on, and reading and readin...
you guys rock thanks in advance.
-Larry
impossible is nothing!
Hello all I just wanted to state that when my RE agent and I submit offers, in the additional terms section of the purchase and sale agreement we sate that "earnest money/initial deposit of, for example $1,000, due with in 7 days of acceptance or the contract is null and void.
Then we fax them a copy of a check and the have the time to collect the earnest money from an end buyer.
If that initial deposit is not paid in that specific time frame of say 7 days the contract is null and void.- posted by andrewoulleoue-i think thats how you spell it(lol)
any way....whats your guy's thoughts on this. thats the MAIN obsticle for me. the EARNEST MONEY. im still not really how its works completely.
thanks
-larry
impossible is nothing!
upping for more help...
impossible is nothing!
really would like to get some direction....after this im set to go!
impossible is nothing!
enroll in the success academy my friend
Joel Thomason
Thomasoninvestments.com
i dont have 1,500. nor do i even have enough to finance. which is like 600. my wife lost her job and one income is barelygetting us by....i wanna get a deal dont THEN joing the success acad.
impossible is nothing!
Thank you to everyone for all the help here. I've been reading alot from everyone and as well as deans books. I've learned so much in such a short time its hard to keep it all in. Any way im no longer just looking at houses and saying this is what im offering. I Want to make an offer by the End of the week. please help me out.
heres my situation.
1. I have Three buyers on my list. one who has no real limit of spending, just looking for good deals, a guy on craigslist who also said he finds houses for a huge % off FMV and is open to all deals and a freind who is pre-approved for 160,000
2. I've found atleast 20 houses all decent with only minor repairs, yardwork, paint, and carpet...which is either pre-for/forclo or FSBO thats been on the market for more than 90 days.
3. I know what i want to offer,just really dont know forsure on what the steps are....this is my roadblock...
You and your agent will write up your offer on a Purchase and Sales Agreement Contract. Make sure you put on the Buyer line: Your name and/or assignee. Or sign your name where the Buyer signs at the end of contract and put 'Trust, vested to be determined at closing.'
i would like to submit offers on all 20 houses...but from my understanding, you need an EMD. usually 500-1k now i also know that your suposed to put it to be paid at closing so it doesnt really come out of your pocket. but thats only if you actually find a buyer...what happens if i cant get a buyer..?? i know theres escape clauses and i would like to see them.
Have your agent strikethrough that provision and put in your stipulations, when you want to submit the EMD. I have never done what Dean has stated in his book giving the EMD at closing. Its up to the seller (Lender) whether they will even take your offer seriously because you're not putting up the EMD right away. IDK answer to that one either you'll have to see what their response maybe. If they accept that provision and the house doesn't close than there's nothing owe b/c you'll have your other stipulations (contingencies) in the contract to fall back on to get out of the contract (just may sure your agent puts them in before even submitting the offer). Seriously, thoroughly qualify your buyers so you're not wasting your time on them submitting offers they may never close on. FSBOs you shouldn't have any problems (if you negotiate) with a EMD.
please point me in the right direction. I would like to see a basic outline in which to submitt offers. and what needs to be accompied with them...proof of funds? EMD? i feel like im only days away from making this happen and i wanna be there. Yes you'll need POF when submitting offers on Bank-owned property. FSBO you can negotiate whether you'll need to show POF or state you were you're getting your financing from or get & show your buyer's POF letter. Your agent is there to help you utilize them for their services.
thank you for readin this long post it means alot to me. im literally on this site at the lastest of hours when no ones on, and reading and readin...
you guys rock thanks in advance.
-Larry
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
If working with a realtor right now who askes for hundreds of dollars in EARNEST money is stopping you from doing deals,then focus more on working with FSBO's. Also call the "I Buy Homes Ads". Ask them if you can wholesale one of their properties. Don't let earnest money be an obstacle in making deals.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
ATL, and build.
good looking out. thats exactly the tings i needed to clear things up for me.
thats puts me a step forward, ima be talking with my agent and partner and see if we cant put something together. i'll keep you guys posted...
again.
thanks for the help....
impossible is nothing!