Contracts and Offers

Looking for Advice on this one!

I had this property locked up for 5 months.

It is not a wholesale deal so my partner is a REA so we put this on the MLS to try and Help the Owner.

We finally have a buyer that is looking to put down 30,000 and finance the rest.

Also am looking for advice to do this Legally and safe for the owner.

The owner moved out of town for work and the house was not in any condition to put on the market so we put it on the MLS "As IS" for 67,000.

The house Arv is 100,000 but needs 20,000 in repairs.
We got an offer from another agent for full asking price.

Offer was 30,000 down owner to finance 37,000.
So I said we could do that with 8% interst for 2 years and they agreed.

Below is a link to find RE Attorneys in your area; also, there's an estimator where you can enter your zip code and it will give you the approximate fee charged in your area for Reviewing Documents or for Closing...

http://real-estate.lawyers.com/

hey dg family tomorrow we are doing a lease option deal...we hope. The seller is wanting us to find him a buyer who is willing to pay 700-750 a month and have a deposit. We called some of our tenant buyers and have about 2 that are serious about buying the home. The tenant buyers are willing to put down up to 4000 down and pay a little more than the average rent near by. We are planning to do a sandwhich lease or maybe just a lease option fee? my question is what contracts should i use and what questions and such should i disclose to both seller and buyer? Thanks in advanced

I'm at the stage where I'm getting ready to put in offers. I see a lot of different formulas out there based on all the research I've done so far on this forum.

30 Days Book does 85% to cover agent fee, bargaining adj, buyers market, and closing costs. Most of those aren't applicable to a rental investor. Then subtract for rehab, profit, negotiation room and fee. Just from running the numbers a couple of times, these can go real low.

That's ok?

Then I see a lot of people saying take 70% of the ARV and subtract rehab, fee, negotiation room. I'm guessing that formula has the end-buyer profit already built into it?

Do You Base Your Offer From The FMV or The Asking Price ?

I am reading Wendy Patton's book on lease options and subject to's, and she says that she carries a 1,000,000 policy on these homes for protection. Does anyone here do this?

Hello fellow DGers!!

Hey guys,

Sean here again, with another question. I've been working my butt off lately to close my first deal. Without going in to great detail, Ive been fully self-employed getting this REI company off the ground, among another couple businesses, but this is the one I am focused on the most. Seeing as it will be my foundation company giving support to any other business I may start in the future.

Hi I am attempting to do my first assignment and need to know how to obtain a proof of funds letter to submit my 25 offers.Please someone help me.

Can anybody tell me what quicksand issues are that I need to look out for in dealing with FSBO's. A fellow investor called me and put this in an email. It seems there is a lot I don't know. She also says to stay away from lease options and land contracts in Arkansas, although I know someone who is doing lease options here??? signed, baffled