Contracts and Offers

Hello DG Fam,
I have a question that Matt Larson used in the book " Profit From Real Estate Right Now." He said the he locked a property under contract and then went to the bank and with contract in hand. He was able to get a loan for the property by using the equity or the assessed value. He then was able to close on the deal with a nice check and did minor repairs on the property and rented the property out.

Did I happen to read this right and are you able to do that now?
Please help me to understand!!!!

Thanks in advance,
Andre'

Keep pushing !!!

Ok i sent out letters to many real estate agents one responded back and told me this below, Is this someone i should try to convinced or just move on.

This sounds great, however most properties for sale at a good price are bank or government owned. They have a clause in the contract that prohibits assignments and flipping. I would encourage you to get your real estate license and simply make money on the transaction of the sale. This would simplify your process and make you money and your investors very happy.

Options to purchase, lease options and lease purchase agreements are three different financing documents. The variances are state specific and not all states have identical laws. Before entering into an agreement with a seller, buyers should obtain the advice of a real estate lawyer. The information below is an overview and is not meant to be construed as legal advice.

Basics of an Option

Buyer pays the seller option money for the right to later purchase the property. This option money may be substantial or as little as $1.

Buyer and seller may agree to a purchase price now or the buyer may agree to pay market value at the time the option is exercised. It is negotiable. However, most buyers want to lock in the future purchase price upon inception of the option.

Options to purchase, lease options and lease purchase agreements are three different financing documents. The variances are state specific and not all states have identical laws. Before entering into an agreement with a seller, buyers should obtain the advice of a real estate lawyer. The information below is an overview and is not meant to be construed as legal advice.

Basics of an Option

Buyer pays the seller option money for the right to later purchase the property. This option money may be substantial or as little as $1.

Buyer and seller may agree to a purchase price now or the buyer may agree to pay market value at the time the option is exercised. It is negotiable. However, most buyers want to lock in the future purchase price upon inception of the option.

Some of the best deals to be had out there are HUD, Fannie Mae, Freddie Mac, or Bank of America properties, but because of the deed restrictions they can be problematic to close using a simultaneous closing and still have the deed transfer the same day.

One way around this would be to draft your offer in the name of an LLC of the street address of the property:

Hey everybody i was hoping to get a little info on how to word to the seller what i am trying to do as far as assinments. How to talk to the seller when you find a good property. I have found 2 kick ass investors both said they would work with me and give me advise anytime i needed and the types of properties they are looking for right now. So if anyone could tell me how they did their first assinment or maybe how they worded to the seller what they wanted to do, it would be greatly appreciated thanks guys.

I put this in another topic, but haven't received the correct answer yet and was wondering if someone experienced can answer this...

I'm going to begin this monday building my buyers list, then sellers list, but wondered about one piece of the puzzle if using an agent like with the 25:1 strategy.

I now know that if working with agent and submitting offers to fsbo properties they won't mind about effort of offers because getting commission from investor you assign to, but my question...

While purchasing a real estate property, it is mandatory to have a properly executed or written real estate purchase agreement. A real estate purchase agreement is also referred as real estate contract or purchase contract. It is a binding agreement between two or more parties with legal clauses to avoid future disputes.
Hence, while entering into an agreement for purchasing a real estate property, it is advised to include some basic clauses that can expedite your registration process and saves the buyer from unwarranted delays. No doubt, real estate agreement varies depending on the type and location of the property. But, there are some clauses that can be included in all the forms of purchase agreements.

Can anyone help me find a good real estate agent? Or, maybe give me an example of how they found theirs. I have talked to a couple agents by calling them and neither of them new what assigning was and told me they would have a problem putting in alot of offers because it wasn't ethical. I know i should be getting frustrated but for some reason it just got under my skin. Thanks guys!

Hello-
Been looking through all the information, reading deans books and hitting the forum. I'm ready to roll.

Have a question on contracts and earnest money though. First...

I've looked through tons and tons of posts in the forum and even in contract samples available on the site but...

Does anyone have a sample or template of the contract for assigning you present to for sale by owner after they accept verbal offer.

One that has all including and assignee in the weasel or escape clauses that say per inspection, financing and partners approval.

It seems like a lot of those have a lot of things on contract like down payment, loans etc... im going to be working with cash buyers. Second...