Contracts and Offers

I feel strongly that ultimately the seller should pay for all (actually “most”) closing costs. But not in the way that you might be thinking. And this type of post will lead to the 101 hyper technical “but what if” scenarios and counterarguments.

I’m not talking about “Negotiate strongly and beat down the seller by getting closing costs thrown in, heck this is a buyer’s market!”
I’m talking about “The seller should care about their NET.” Once the net is established, go back and ask if the price can be adjusted (INCREASED) to include closing costs.

Randy Bailiff
Dean Graziosi Real estate Investment and Life Coach

I met a homeowner yesterday when I was looking at another property. she hinted they wanted out of their house but owes what its worth.My thought is just taking over their payments & they want 2000 to move into a new house.What contracts would I use on a deal like this.

Thanks DGers

Matt B

What do you do when after you have managed to find the property ,doing a CMA etc. and the realtor ask for proof of funds? You tell them all cash and they still persist to seeing proof? Move to the next?

I want to apologize in advance for my newbie question as I'm sure it has been covered.

I am working on my first deal which will probably be an assignment deal. i would like to review to make sure I have the process correct.

1) Purchase agreement with the seller with my signature with (and/ or assigned)
- POF letter at this stage?
- At least $100 refundable from me in escrow?

2) Assignment contract with the assignee (someone on my buyers list)
- require $1000 non refundable in escrow from
assignee?

Is this correct?

Also, in my purchase agreement, I will put 30-45 days to close so I can find an assignee?

What happens if I don't find an assignee within those 30-45 days?

I am about to make an offer on a shortsale and the realtor is telling me I have to put the name of my investor on the offer as well. That the bank wants to have all parties involved listed on offer. I'm in CT. Has anyone come across this. I'm going to put in an offer no matter what cause my investor likes the numbers on the property. Could be my first deal.

Asking price was $22K. It needs just TLC and had been on the market for a while. I offered $9,300 and they countered with $15,500. I countered with $9,400. They said okay if you pay all closing costs and realtors commission. I said $9,400 and I pay buyers closing costs only. They accepted!! YAAA!!

Hope someone can help me out. I know that I should be asking my attorney but, I want to at least know what I'm talking about when talking with a attorney and besides I know that one of you seasoned investors know.

But anywho, in this Purchase Contract, it's attach below, where it say INSPECTION. Is that my contingency (back out plan) or do I need to add a contingency on here?

PS: Both contracts are the same. Just different format.

I just got an offer accepted, but it was an REO and I couldn't get a clear understanding as to whether it would require 90 days before resale. I have applied for my LLC and will be getting it in the next week or so. Did I read someplace that banks will allow LLCs to purchase without seasoning.... or am I confusing it with something else I read? It was a great deal, but I would have had to tie up $1000 for 3 months plus holding costs. And that ain't happening! So I withdrew my offer. Was there something else I could have done?

Shirley

It closed last week and I picked up my check today for $1300. Not much but hey, more than I had before! I put 2 more under contract over the weekend. One is a duplex and the other a house. Now to begin my marketing!!

Shirley

I have an 'end-buyer' who is worried about her loan qualifications. She has an FHA loan. I told her and her agent that I can find her a home. The agent is on the train, but the buyer thinks that her 'loan' will stop the sale from going through. I haven't gotten my book "30 days to cash" yet but I have researched enough to know that it all boils down to the contract that I set in place. Is there something that I am missing by saying this? I want to find her a home she is happy with and she wants to make sure I make money on this.

Any thoughts?