Contracts and Offers

In general terms we are very trusting folk here in the UK and we often rely on good will as well as blind hope, in the expectation that work being undertaken to our homes will be done to a high quality, within agreed costs and without any problems. In an ideal World this would no doubt be the case, however the reality is very different. TV shows such as Rogue Traders, Cowboy Builders and the like highlight some rather stark examples where the initial excitement of building works have quickly evaporated and been replaced with anger, stress and worry, as the relationship between a building contractor and householders turns soar. I published an article about this time last year (link), which provided some practical suggestions of how a householder can avoid this scenario happening to them.

Concerning a foreclosure, how can I benefit from a foreclosure when im the matchmaker? I cant do an assignment or a double close since im dealing with the bank right? Would I be able to bird dog it? If I bird dog it, with the agreement to have the buyer use my realtor (since it was my realtor who found it) won't I risk that the buyer develop a relationship with my realtor and then use him directly?

Im a bit confused with Assignments VS Double closes.
I know we shouldn't consider FHA properties or foreclosures since were dealing with banks. However, I've been told you cannot use an REO with Assignment of contracts yet you Can use an REO property to do a double close. Why is that when its bank owned?? To add clarity to that, when would be an ideal situation to do a double close??

any feedback would be greatly appreciated.

Are you involved in a real estate dispute, as either the buyer or the seller, where you want the other party to follow through on the signed contract? Under California law, you might be able to sue for Specific Performance. Generally, once a seller and buyer agree on a price for a property and a real estate contract is signed, the contract is legally binding. However, if issues arise during escrow, one party may look to legal remedies to force the other party to do something.

Buyer’s Remedy of Specific Performance

An assignment (Latin cessio) is a term used with similar meanings in the law of contracts and in the law of real estate. In both instances, it encompasses the transfer of rights held by one party—the assignor—to another party—the assignee.[1] The details of the assignment determines some additional rights and liabilities (or duties).

To encourage a seller to take you up on your offer, you have to do more than just propose their asking price. You need to be armed with great negotiation skills to buy the house you want in the event that the seller is hard to please, or if you’re competing with a lot of other buyers. These are some of the things that you need to do to ensure the success of your real estate negotiation.

Here are some helpful tips you will want to take into consideration when scheduling, and conducting a walk-through on a property that you are considering to purchase. I found this to be helpful and hopefully you will too. Enjoy.
Walk-Through Tips for Home Buyers
By: Michele Lerner
One of the most exciting days during the home buying process is your walk-through, usually scheduled on the day before your settlement. Just like it sounds, a “walk-through” takes place when you and your buyer’s agent explore your home-to-be and check to make sure it’s in the condition specified in your contract.

I love searching the internet for cool articles that can help us out as real estate investors. This article really can. I found one that talks about some basic things about flipping that goes hand in hand with what I teach people every single day. It’s good to see that we in Dean’s family are cutting edge and quite ahead of the curve as far as real estate investing strategies go. I hope you enjoy this article and get a little bit of insight from it.
Thinking of Flipping? What You Need to Know Right Now
May 6, 2013 By: Deidre Woollard

A solution for some buyers and sellers, and one some real estate agents say is gaining increased acceptance in the housing downturn, is making an offer contingent on the sale of a buyer's home. That's especially true as homes languish on the market month after month, notably in the upper bracket.

Specific time frame

Typical real estate contract contingencies give buyers time to have a home inspection performed or obtain financing.

A contingent sale offer gives buyers a set period, often 30 or 60 days, to list their home and enter into a contract. Most contingency agreements contain a kick-out clause: If your dream home's seller receives a non-contingent offer during the set time period, you typically have a day or two to rescind the contingency or risk losing the home.

Purchase offers are known by different names in different parts of the country, including:

Purchase agreement
Offer to purchase and contract
Deposit receipt
Earnest money agreement

The documents themselves vary according to the provisions and requirements of state and local jurisdictions. These days they usually are quite long.

In some states, only attorneys are allowed to prepare real estate contracts. In others, real estate agents may prepare such contracts using state-approved, pre-printed real estate forms. If this is the case where you are, your agent will have the printed forms that are standard in your area.
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