Contracts and Offers

I was wondering if a "Buyer's Agreement" with a realtor/ Broker is protocol for all states and do you have to sign in order to make offers? We will check with our attorney next week. Thank you all in advance. Laura

Today I had a question from a student regarding cancellation of a contract so though I would pass it on
Just like how the best time to think about selling a home is when you decide to buy a home, the best time to think about canceling an agreement is when you sign an agreement. Any kind of agreement. Whether it's an agreement to purchase real estate -- known as a purchase offer -- or a buyer's broker agreement, documents to refinance a mortgage, a listing agreement, any document that binds you to perform. Before you sign legal documents such as these, ask how you can cancel if things don't work out or if you change your mind.

I have been getting a number of questions lately using a strategy call "Land Trusts." So here is a breakdown and information concerning them.

A'land contract' (sometimes known as a “contract for deed,” "agreement for deed," "land installment contract" or an “installment sale agreement”) is a contract between a seller and buyer of real property in which the seller provides financing to buyer to purchase the property for an agreed-upon purchase price and the buyer repays the loan in installments. Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it for most purposes other than legal ownership. The sale price is typically paid in periodic installments, often with a balloon payment at the end to make the timelength of payments shorter than a corresponding fully amortized loan without a final balloon payment.

Do we use the same contract to buy commercial as we would for residential?

I think I have a very good deal on my plate and want to tie it up. A friend said he would try to dig me out a "commercial contract" and send it to me but he's not very good at follow through =)

So... is it safe to use a regular PSA from here?

Anyone who is getting out offers in competitive markets who is not getting offers accepted are definitely losing out on some of them simply because you are not providing a bank statement with your offer.

Below is a resource I found that provides you with both!!!

Steps to getting a proof of funds with a bank statement:

1. Click on: http://www.linksourcemanagement.com/Register.aspx?referrer=pmi
2. When it asks you for an Coupon/Refferal Code you simply type in david and it saves you $15
3. Good for unlimited POF’s with bank statements with no obligation.

It’s interesting to see the different tone in the media and from analysts about cash sales to real estate investors now that the market is improving and buyers are returning to the market. During the deepest troughs in markets from 2008 into 2012, the cash investor buyer was hailed as the saviour of real estate by helping to reduce foreclosure inventories and stabilize severely damaged markets.

If you have not had this situation, you will. You have a good property and you are up against your due diligence deadline. You have a buyer that needs a feew more days to get on the hook. What do you do?

Ask for an extension. Have your Realtor write up an addendum and get an extension on time. Almost every time you will be granted an extension. However, don't keep asking for extensions on the same property. You will get the first. It will be harder to get additional ones.

Remember the old addage, "The worst they can say is no."

Many times I am asked about what contract to use when writing up an offer. There are so many out there and there is even a good one on this site under the Forms and Docs in Student Resources.

I use the state approved contract for offers whenever I can. These contracts were developed by the National Association of Realtors. In most cases the contracts were written with or at least approved by the various Attorney General offices in the various state.

These contracts meet the requirements of the states where they are used. The Realtors continue to keep the contracts updated in conjuction with the various Attorney General offices.

These contracts can be found by calling your state's Division of Real Estate. You can download them usually for free.

We have our second deal under contract and sold - within a few weeks of achieving our first! Got it thru a direct mail campaign and have only had about 45-minutes worth of effort to make it happen! CA IS on the upswing, but wholesaling works every where. Something else that has proven to be true is that once you get the first deal done the others come a lot easier.