Contracts and Offers

I have some tennants in my home that are interested in purchasing but do not have very good credit. we owe pretty much what the house is worth, and has negative cash flow. so my question is, can i sell it to my tennants on an owner contract, with a balloon payment to be made in 6 months, after they get their income taxes ? then they would also just need to get a refi type loan

we are new, so many questions: thanks for helping!!!

1. When Realtor sent us listing of houses, how do we start making offer on it? how much price to put it?

I have a flood of phone calls off my bandit signs I started running. I have a few that are probate relatives who are motivated and want the property sold now. What contracts can I use to get my offer in but in the same time protect me. I'm going saturday to view two of them. Any help would be great.

Thanks Frank,

I have not done this yet, but just wondering... How can you work a REA's commission into a L/O or owner financed property? Would they be paid from the down payment (their commission added to down payment) and if so, how would it be separated on the HUD statement?

Shirley

Ok, so I have this great(?) real estate agent that is very accommodating except that she takes these little "vacations" periodically. She never lets me know until after the fact that she will be unavailable. However, she continues to send me properties by email. Today I got several from her and I wanted to make an offer on one. I sent the offer then I get a message that she will be out of the office until the 31st and she will contact me then. She makes no mention of making the offers through someone else or anything!

I wanted to know if anyone has had any success in getting a house that was pending but then fell out of contract? If so, are you ususlly notified that the deal fell out at the time of the scheduled closing or sooner?

Thanks!

I wanted to see if anyone has has any success with getting a deal that was pending and fell out of contract and their's was a back up offer?

I found a house with a yellow sign in the porch window that said FOR SALE BY OWNER. It is right across the street from where my parents live and this is a really clean and low crime neighborhood. Three homes have sold wihtin the last month in this neighborhhod. Well me and my associate looked at the house on Sunday and this property is a diamond in the rough. Apparently the investor bought the property from the bank and paid 40k and is in the process of remodeling it and selling it for quick cash. But he hasnt had time to bring in his crew to fix up the place cuzz he owns sixty properties and works a full time job. The property needs work but it really has potential to be a good rental property.

Is it possible to assign a contract where the end buyer is financing the property?

Example:

A couple is pre-approved for $90,000 for a home purchase. I find a property, and get it under contract for $75,000 with a FMV of $95,000. I want to assign it for a $2,000 fee.

Questions:

1) Can I assign that contract to the couple?

2) Would the couple have to pay me my assignment fee separately? Or, can they roll it into their financing?

All advice is appreciated.

Thanks,

I have a lease option in the works. I want to verify the loan balance, interest rate, etc. Don't I need to have a contract signed or something, so I can go to the bank and ask for this information. If so, what form do I use?

Thanks a bunch
Laurann