Contracts and Offers

Hello everyone I'm negotiating my first deal as we speak waiting for the REO broker to get back to me with an initial offer.

The asking price is: 197,900
Estimated value: 116k
CMA is: 110k
rent: 1500

Since this is my first deal I got all sorts of numbers and strategies going through my mind.

Now I have a cash buyer ready, 3 actually but only 2 will be interested, this is needs rehab, so do I contact my buyers first, before having the property on contract?

Or do I have it locked and then contact them?
What should I offer?

aaaaaahhh! please help !

I know since this is an REO I can't assign it so I'm going to do a double closing. I'm in CA and from the research I did it seems it's good to go.

But how do I lock it up?
and how would I receive my fee?

Does anyone have a blank copy of a joint venture contract?

Thanks!

Hello, My name is Kyle and I have been exploring how to assign a contract to an investor. I wanted to get some info from people with experience.

I have found several houses in which are vacant. I need to know how to find out who the owner is and how to contact them.

Do I need an attorney to get the contract legalized and into a title company?

I am still unsure of the whole process. I would be very grateful for any help I can get.

Does anyone know a lawyer in the Tampa Bay/St Pete area who does double closes?? I seem to be striking out on this one; Thanks!

I have been watching this property drop his prce in the last 6 weeks for 30 thousand. i know this is a great investment but i have no credit and money. i know if i can wholesale this property i can make money, but the property is a bank owned. My agent is saying that i need a proof of funds letter to present with my offer. can anybody help me or if you would like to partner let me know.

6 Weeks ago 79,000
Now 49,000
If any wants to partner on this, post.
thank you for reading

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.

Could someone please point me towards a good POF website?

Thanks!

Dear DG’ers,
First, thank you to all for sharing your input and resourcefulness in helping others get started; this is truly a great forum because of all of you wonderful and sharp people out there!

I am starting out as an investor aiming to do my first assignments and/or double closings SOON and am spreading the news to friends and family. Among the nay-sayers, the concern arose that I will be legally obligated to buy the property with my own money if the end buyer (C) backs out and does not close. So I have the following questions for the experienced investors here at DG:

In my state now when you submit an offer a pre approval letter or proof of funds letter is required. My credit is somewhere in the 100's so a pre approval letter is out of the question so i was hoping to use insiders cash however to get the proof of funds letter we have to submit who the buyer will be. I wont get very far with my buyers list if i can not give an address to the property and dont know what to ask for the property if i dont know if the offer is accepted or not. How do i step over this bump in the rd.

For all those DG investors looking to cash flow properties I have attached a simple rental application form that you can use to run credit checks on your tenants before you sign leases with them.

Enjoy,

D