Contracts and Offers

Hi all:
I have a renter who wants to buy my house in November. Reason being that I was going to put it on the market right now.
They asked me to draw up a contract that they will sign now, stating that they agree to purchase the property (all cash) by November 30th.

It is not a lease with an option to buy, but a little different.

Is there a form I can use for that, or should I come up with one on my own?

Thanks in advance.

Yuri

I'm a wholesaler planning on using land trusts to purchase REOs and then flipping them to my buyers with an Assignment of Beneficial Interest (ABI). I intend to make offers as, for example, "123 Main St Trust, Elliott L (my name), Trustee" as the Buyer. Questions/issues:

1. On a standard trust declaration form, who should I write in as the Grantor? Is it 123 Main St Trust? The Bank/Seller?

2. At the bottom of the form it has "Beneficiaries/Witness." What do I put there?

The "bird-dog" agreement that my investor and I used last summer was just a portion of a larger agreement between the two of us written up for our specific situation. So I do not have my own bird-dog/referral/assistant agreement to post. But here are a couple I found by googling. PLEASE remember to have them reviewed by an attorney and tweaked to what is legal for your state. I would be most comfortable with the one that states a flat fee for "assistant" services as this cannot be mistaken for a "real estate agent's" percentage.

I am totally confused by the forms on this site vs. the forms in the book. When I go to the purchase agreement section on this site there are three forms. Which one is the accusal purchase agreement?

Also, what forms from this site will I need to make the IEE system work?

If I don't use the forms on this site will I still have the earnest money exit?

One of my offers was accepted but I need to know what forms from this site to have the seller sign.

HELP!

Regards,

Ben

I need some help guys...I have many buyers here in San Diego, CA but they are all FHA/VA buyers. I'm struggling with this because of seasoning issues with the title. If anyone has any ideas or thoughts I'd greatly appreciate it. I'm drawing a blank.

I was wondering if any of you listened to the call on Monday night?

“The State of the Back to Back Closing” – Bob and Marc review and address the challenges facing investors trying to do short sale and back-to-back real estate transactions.

Marc and Bob wanted everyone who uses them to be on the call so they could tell you all why your deals are falling apart at the closing table.

They wanted to go over the paperwork and disclosure and show you what you are doing wrong and how to get more deals through by making sure you have all your "i's" and "T's" dotted and crossed.

At least I now have 3 that will accept and/or assignees contract in my area. This works for me so maybe it would work for you too. Now this if for FSBO's...and it helps to be a great talker to do this.

(This is a way to get talking to the escrow agent and making a friend...always make a friend first before asking them to accept your assignment contract)

What you do first is call a title company. Get in a conversation with the escrow agent first and let her know you want to find out how much exactly it costs to close a property for XXXXXX.

OK, now I am very confused. I don't know what the difference is in a Memorandum of Agreement, Recorded Agreement and an Option Memorandum. I know that in some way they are referenced when speaking about filing them with the County's Recorder's Office. What is the County's Recorder's Office and which of the above need to be filed, and who needs to file them?

Are there alot of you doing assignment deals directly with an end-buyer and with the homeowners, verses working with agents? I have been advised to make sure to get a fairly large earnest deposit from the end-buyer at the time I assign him the contract, that way he will have a vested interest in following through with the closing of the property weeks later. If he signs a contract that saids that he will pay a substantial deposit at closing or at escrow, I believe he can still walk away any time before settlement and not lose any money. Is this the case?

Can anyone share with me if they include a Right of Refusal in their Purchase Agreements? I had a real estate broker tell me today that when I write up a Purchase Agreement that I should write it up for 30 days, and make sure that I include that the homeowner and/or seller's agent can still try to sell the property on their own during that time; but if they find a buyer they are obligated to contact me and offer me first right of refusal. That way I have the chance to match their offer. Is this the way that most of you all are writing up your Purchase Agreements? Thank you for your help.