Contracts and Offers

has anyone tied a property up with an LOI? if so, how did it work out for you?

Andrew

Another week gone and two offers made, one property was a brick home 3 br 2 ba on 5 acres ground, nice place, asking price was 143,000 offer of 100,000 made and if the owner would do seller financing, no deal seller will not finance and they are sticking with the asking price or just a little bit below, due to location could not find much about fmv and the like so I did not go with this one. On the second offer 3 br 2 ba brick, nice place as well on 3 acres ground, asking price 130,000, I offered 80,000 and requested seller financing, comeback offer no deal and no seller financing, my second offer on this one was 90,000 with lease option for 3 yrs to buy with a possible extension for another 3, same problem with fmv was not able to find much about it either.

We're wandering aimlessly trying to find a way through all this. We desperately need a mentor but can't afford the cost. We'd be delighted to split our first deal with someone in return for mentoring. Any takers?

Rick & Peggy

I am hoping the dg family could explain how to sign a lease option. I am going to look at a house today (4/30/10) and was wondering what the correct way was to sign the lease so that I can either lease to someone else or assign it to an investor. Would I sign my name followed by and/or assigns? If not how would I go about it. Any advice will be greatly appreciated.

Hi its Promeric again, I have locked down the sweetest deal in history i think the property only needs pipes and a garage moved off property. Deal is sweet but the part i need to get right is the language of the contract. I am using Dean's purchase agreement however in reading i find no where to put the terms "And/or assigns to" which is the main clause that needs to be put in the contract to flip to someone else. So question is this "Where do i put those words in the contract that im using of Dean's?"

Thanks in advance to all that reply!

Shawn
Promeric

So heres my question, do all contracts have to be reviewed by an attorney? I have used a options contract from uslegalforms.com for my state of NC and after having the seller look over we went to an attorney to sign and have it notorized. WAS THAT NESSECARY??

1. All contracts must have a notary (2)?
2. Do all contracts have to be reviewed by a lawyer?
3. I know we can file the contract with the register of deeds to make that contract valid, can I register the contract WITHOUT an attorney's approval? Any answers especially from anyone residing in NC would be greatly appreciated.

Hi its Promeric again, I have locked down the sweetest deal in history i think the property only needs pipes and a garage moved off property. Deal is sweet but the part i need to get right is the language of the contract. I am using Dean's purchase agreement however in reading i find no where to put the terms "And/or assigns to" which is the main clause that needs to be put in the contract to flip to someone else. So question is this "Where do i put those words in the contract that im using of Dean's?"

Thanks in advance to all that reply!

Shawn
Promeric

ATTENTION - CT (Connecticut) Investors - Question - has anyone used Dean's Contract listed above - I am having a problem, when I ask the Seller to agree to sign the Assignment Sales Contract, they reply that they will have their attorney look it over first and later the attorney will discourage the seller to sign it (perhaps the atty is not in favor of the writing of the contract) PLEASE HELP! Any Suggestions

So I finally had an offer accepted on a property. I locked it for $405,000 and I am selling it for $410,000. Property is worth over $525,000. I have been calling and writing emails all afternoon. Come to find a lot of my "buyers" don't look all that promising now. What happened? Oh well. I am placing adds everywhere and I will get this first one done! Man I need to. My garbage company just went on strike yesterday so I have no income right now. That is just another reason. GET'ER DONE!!! Let's see. I do have my exit strategies if needed, but I will do everything possible to not need it.

? owner financing..how does that work i need a simple example

Lease option- Is this when i purchase a property and then lease it for income until they buy the property?

Lastly
wholesaling- How does this work..i need a simple example to understand this also.

As I'm talking to other investors they are using these term's and I'm kind of lost. Please help!