Contracts and Offers

Whoever Controls The Paper, Controls the deal;
Whoever controls the Deal,
controls the Money and the Outcome!

So here's the skinny.. I have a friend that is four months behind on payments, he's considering a BK, has a good job, but just upside down roughly a $100k. mortgage $285, FMV $180, needs some fence, landscape, kit-counter top wrk, permits or removal for slap poured in back yard. There's sentimental value in the property to him and would like one day to own it again. I'm willing to purchase the house for him and lease and/or rent it out to him or have a local investor to partner on the deal, but I just don't know the exact way to attack it???=/.. I see everyone's success and I'm sooo moved to do the same and I don't have the credit nor funds. I went to "coastalfunding.com" for the POF letter, which is cool..I can use that, but do I use that for my offer to the bank or what exactly???

I found a great deal on a house a REO, I went into the Realtors office to make an offer, The realtor was surprised that I only was willing to put down $50 earnest money. Now he says he needs a verification of funds from my bank or from an investor to prove I can buy this house. What can I do? I def dont have that much cash in my account, and I dont have a buyer yet. The home is such a great deal it wud probably rent for 3-4 hundred dollars above the mortgage, even in this economy, the price of the homes are dropping but not the rents. I estimate the house needs a few hundred dollars in paint and clean up. Rando

Hi DG Mebers...

In Dean's new book, Greg Murphy talks about 3 documents when getting ready to work his Lease with Option strategy...

1) Release of Mortgage Information

2) Agreement to Lease with Option of Purchase

3) Memorandum of Option

I found the Lease with Option in the Doc. section of the website...Is there somewhere on the site where I can find the other two...Are they posted anywhere? Having trouble finding them...

Thanks for your help!

Ted

Hello DG members. I thought I would share this little wealth of knowledge with everybody here, because I've found it very helpful.

I have read "Profit From Real Estate Right Now" and have been reading "Your Town, Your Real Estate Profits" and was finding it hard to speak to buyers/investors w/o having any real property to work with.

Hey I have investors willing to pay for finder fees but what comes next? Plus some one walk me threw from start to finish if they have time I'm a twenty year old jus gettin started need money and from deans book you can make money this way just need some help little better from some one elses view and actually done it thanks take care

Hey I have investors willing to pay for finder fees but what comes next? Plus some one walk me threw from start to finish if they have time I'm a twenty year old jus gettin started need money and from deans book you can make money this one just need some help little better from some one elses view and actually done it thanks take care

I was browsing about on the web not too long ago when I came across something I believe was called a "Super Option". It allows you to have an interest in the property so that you can sell it to someone else. It had nothing to do with a "Purchase Agreement" and it still allowed the seller to sell his/her property if they found a buyer before you did. I just didn't know if anyone has heard of it. It sounds like an ideal way to go about things if it is true. I was looking for the site that I bookmarked so I could link it, but I must have bookmarked it on the other comp. Anyways, if anyone has heard of this, please let me know. Thanks

What if you come front the seller with an offer to purchase with and/or assign and you have a contingent in the agreement to get suitable financing, and you explain to the seller your intentions that you my get a profit for handing off to a home buyer that needs financing that you do not have yet.
What I have read so far that we sould get frist a Investors Disclosure statement and Seller's Acknowledgment signed, lating the seller know our intentions, if we do not know yet if we are going to get a investor with there own funding sources or a home buyer that needs to get financing, and we come front seller with this Investors Discloure, and we do not have a lending source to put in the blank area under, financing according to accepted criteria of

I know we are to have this diclosure explained frist to the seller about our intentions that we my resale the offer to pruchase the property to an assigned buyer for a profit, as you know would be a equity exchange or a resale transaction fee.Well I have one very important question, about the second paragraph that said qualify for financing according to accepted criteria of_____________ and it's funding sources.what do we put in the blank spot,if we are going to have the seller sign this document frist. Remember at this point we do not have a buyer with financing yet and we do not have a estimate to offer for the property yet. Can someone help me with the correct answer, I know the process to get started, I just need know what goes in this blank spot?