Contracts and Offers

I am about to make my first offer but I need to have a contingency plan when I am asked for proof of funds. This will end up being an assignment deal so I am not really going to be the purchaser, but I know the question of funds verification will be asked.

On p.71-2 of "Profit From Real Eatate Right Now" Greg M of Booneville, MS describes how he used a down payment from his prospective purchaser to fix up a property he had under contract. Since he doesn't explain how this occurred I am not understanding the process.

What prospective purchaser would allow his down payment to be used at all for anything other than closing the transaction? What happened to the escrow in this case? How did he convince the prospective buyer to allow use of the down payment?

I'm looking for a piece of advice...

So I found the great thread on here about:
AND/OR ASSIGNS - How to Use It and Get It Accepted!

I've tried searching all threads to be sure there isn't one out there answering my question. But please feel free to direct me to the right discussion if so...Rina, Anita, Joe, Sully, and so many of you....THANK YOU! You must get exhausted by the questions sometimes. You are so helpful!!

Here's my dilemma...

How can I perform a double closing, despite the potential risks?
In my last post, we uncovered three potential problems with double closings. Generally speaking, they are a overcomplicated, difficult, and occasionally dangerous technique. You can almost always use a different strategy to flip the property, such as an assignable contract or a simple purchase. Both strategies are far easier, especially for beginners.

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On 2:25am, August 30th, 2009 rmsuccess said:
Is it possible to assign a
Is it possible to assign a contract to another Investor if a realtor is dealing with the property? reason being I see a property below market value I told another Investor about it and it fits his criteria I do not want tell him the address or phone number of the realtor because he might go around me. what should I do? Help please! I can make at least 10 to 15 grand on this.

There are many things to be aware of when dealing with real estate agents in todays market. Agency Disclosure Addendums are part of every real estate contract in my state. (Missouri) This Addendum puts all parties on notice as to who is represented in the transaction and in what capacity. This addendum is one that I feel is necessary when dealing with real estate agents. I want to discuss one of the most common types of agency that is covered in most states - Seller Agency.

Hello, I have 2 realtors and I started submitting offers in my hometown at around 40% off FMV. Not so many bites!! The homes I targeted are all between $400,000-$700,000 asking price for a 3 bed 2 bath.

For sellers, 40% off of an $100,000 house is an easier pill to swallow than 40% off of a $500,000. $40,000 vs $200,000.

So i figure i have to change locations to one that is less desirable, and has more highly motivated sellers.

And/or offer less of a discount the higher the price of the house.

Has anyone implemented Matt's 25-1 formula? If so I need to know what you are listed as on the HUD1. Sine I am doing an instant equity exchange(IEE) what does my fee go under for the HUD1 so I get paid? This is the only part of the IEE process not covered in the book.

I'm new at this and am going to start by finding properties for other investors. Can I use the "Birddog Agreement" instead of using the assignment option. If I use the "Finders Fee" option what percentage would I ask for. Using the "Finders Fee" option seems a lot easier than using assignment.

Thanks for your help.
Susan

I guess this can probably go in this forum since it relates to refining my contracts.

I just got off the phone with a real estate attorney here in the city I live in. WOW, just WOW is all I can say. I did not realize how big and bloated some attorneys heads can be. After we talked a few minutes about what I was trying to do I asked that forbidden question, under the idea that it does not hurt to ask, of can he help me refine my contracts until I can get my first deal done and then I can pay him.