Contracts and Offers

We put in a bid this evening after talking with our coach at Success Academy, and a couple realtor/investors here in the area. The owners have owned the condo for 25 years and the area is now half section 8, but its not run down at all, just a little rough around the edges. She wanted $39,500 for the 2bd/2ba, 900 square foot condo, owner financing. Her husband had quadruple bypass surgery a little while ago, his business is slowing way down, they have property at the beach for sale, the live on the lake here and also have mountain property, so they want it sold. In fact when we looked at it with her the other night, when we were leaving she asked us to just make an offer, so we put an offer in today for $25,000, owner financing, 7.5%, 20 year ammorization, with a 5 year balloon.

In the book PFREN when talking bout IEE strategy it talks about dealing with the seller personally but what if ur dealn with their agent do the same rules apply? Would it be a good idea to have her agent rep me in the deal to so he will go along with the whole process? Do i provide the forms to be signed or will the agent?

Hello. Can anyone tell me how I can protect myself (get paid) when Bird-Dogging?

Should I just take someones word that they'll pay me $$$?.

Has anyone come up with a Contract?

Any and all comments are welcomed.

Thank you!

I am new at this and I am currently seeking partnership with investors in the DFW area to get started so if anyone knows of any I would be so very greatful for the help. NewBee on the War Path to doing a bunch of deals.. Thank you in advance.

The Student Secrets book has an interview with Greg Murphy. He states he uses a Contract for Deed opposed to a lease option because a note cannot be created for this thing and the not cannot be sold to other investors. He states he uses a lawyer to draw up the contract. Question is what are we including in the contract? I don't know what to tell the lawyer to draw up because I don't know what to include. Is there a sample of this type of contract?

The Student Secrets book has an interview with Greg Murphy. He states he uses a Contract for Deed opposed to a lease option because a note cannot be created for this thing and the not cannot be sold to other investors. He states he uses a lawyer to draw up the contract. Question is what are we including in the contract? I don't know what to tell the lawyer to draw up because I don't know what to include. Is there a sample of this type of contract?

The end isn't the end. It's just a new beginning.

I was looking at what I hoped was deal #2 and received a counter offer that made the deal no longer appealing. So I said no thank you but if you change your mind, you know how to reach me. Sometimes you just have to walk away because the deal doesn't make sense.

So..lets say I have a pretty solid buyers list, and I am ready to start finding deals, can I look into assigning REOs and short sales and deals of that nature?...or are assigning contracts more dealt with FSBOs and deals that I can come up with from people not already involved with a broker of some sort? I have a good relationship with the bank staff where I bank and have already began discussing helping their books out. Any help is greatly appreciated.

-Jay

I'm a newbie that's interesed in doing assignments , but still kind of confused on the whole process. Do I need to sign a purchase contract first and then do an assignment contract with my buyer?

Any advice would be appreciated.

Lis pendens is a Latin term for "suit pending." In a modern application, it is typically used to inform a potential buyer for a piece of real estate that the title to that real estate is in question. There are several reasons a title Foreclosure dispute - If the property was previously foreclosed on, the borrower who lost the property may file a lawsuit if he or she thinks the foreclosure was not legal.