Contracts and Offers

Hello DG family. A couple of quick questions for you today when it comes to wholesaling L/Os, if you don't mind...
1. When filling out an option contract does the sellers nameand that is on records have to go on the contract, or can it be just one of the owners if it is a husband and wife owning the property, or can it be both of their first names and then there last name together?

Example: If Guy Seller and his wife Girl Seller are on the public records for owning, can they only put one of their names or can the put Guy & Girl Seller on the option contract?

2. The purchase price on the option contract will be what I agreed on with the seller, not the option fee-which comes to me-right?

Thanks in advance.

I cannot find the big book that we were to recieve just for signing up to Joe polish's webcast with Dean? I don;t see it on here or at Insider Elite???

I cannot seem to locate a file on my computer or here on this site. I need a release of mortgage information form for a seller. Can anyone tell me where I may locate this form? Tammy

http://money.cnn.com/2012/12/01/retirement/reverse-mortgage-risk.moneyma...

When making offers, should I call them or just email them? I've listened to Dean when he did the empowering conversation with Joe Jurek, and they mentioned that it may be best to email them in when making an offer to a REO and it seemed they thought the same could be done when making offers to anyone so that you don't have to be worried what they will think or be embarrassed making a low offer.
It seems I should do both, but wanted to get other experienced perspective. I will watch the empowering conversation dvd again with Joe Jurek again, which I've done at least 10 times.

Most of deals out here in AZ are requiring 3K or more in earnest money to open escrow to engage in any offer submissions. Since I'm going to be making several offers what name do I put on the earnest money check? In the offers Im going to make there will be a 14 days inspection period so I can back out if anything unexpected is uncovered with the property.

Thanks

I have made my first three offers and its starting to become fun.

My first offer was $30K on a $68K home. The counter was for $68K with $2100 closing cost. My counter back was for $44,235 and he countered with $67K and $1500 closing cost. This home has been on the market for 404 days.

My second offer was $101,871 on a $179k home. There was not counter because the bank said there was no negotiating area. I countered back with $116,610 and has not heard anything. The upstairs bathroom for the two bedrooms is 6 x 14, and he stated it was sufficient. This home has been on the market for 461 days.

My third offer is for $41,700 on a $92,900 home that needs major roof and interior repairs. I am currently waiting to hear from that one.

An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer.

An option contract is a type of contract that protects an offeree from an offeror's ability to revoke the contract.

Consideration for the option contract is still required as it is still a form of contract. Typically, an offeree can provide consideration for the option contract by paying money for the contract or by providing value in some other form such as by rendering other performance or forbearance. See consideration for more information.
Contents

1 Introduction
2 Application of option contract in unilateral contracts
3 Assignability
4 See also
5 References

Writing up a contract for a real estate offer can be intimidating for many people. They feel as if they will make a mistake that will come back and bite them. Let's see if we can take away some of that fear.

If you are working with an agent then she will have state approved contracts to fill out. If you are making offers without an agent you can use the forms on this website located under forms and docs.

Read you contract FULLY a few times so that you know exactly what it says. Filling in the blanks is usually pretty easy if you understand the contract. Have your agent fill the first few out with you. With time you can have an agent fill out all of your contracts.

Also, use the coaches and other members of the DG family. Good luck to all of you.

Hello everyone

I have been learning from the forums about contracts all day, however there is a question that I couldn't find an answer for.
I realize that it is best to have a Buyers' List already compiled, with cash buyers prioritized. I know that when a person is buying with a loan we use the Instant Equity Exchange scenario, and when an person has cash, we do an Assignment scenario. What happens if we lock up a contract as an assignment, for example, but it turns out the buyer for this property needs a loan? Is there any way around this, contract-wise? Do we need to find someone else with cash, to satisfy the contract already drawn up, or can the contracts be re-done somehow to make it work?

Thank you in advance for clearing this up!