Contracts and Offers

Hey DG fam, so i go to meet with my realtor to make offers and he is telling me that i NEED to provide a $1000 check for every REO and Short Sale property i make an offer for?? Then he says that when we make offers on "regular" listings we dont need to provide a check when making offers?

Is this right or do i need to tell him what Dean and Matt said in the live video. That once the offers accepted i will provide that check?

Thanks for all your help in advanced

Robert.

I responded to an ad in the local newspaper, by searching, FSBO, fixer, tlc, as is. found this gem

3 BR 1 BA appx 1200 sq foot, one owner. New furnace, water heater all appliaces stay.
Needs only cosmetic, every room carpet and wallpaper has not changed since OHHHH 1967? as well as carpet in the kitchen..lol, could use new kitchen cabinets, the ones in place are white metal

Seller has POA for Dad who is in senior care, and needs to get out of it, had it listed 3 - 4 months, no bites. Is JUST about to list with an agent on Wednesday price drop from 100,000 to to 94,000, needs cash for dads expenses.(seller has disclosed would take in the area of 85,000 but followed that up with "whatever it will take"

When calculating an offer to wholesale to a buyer how do you address how much to include for repairs since I am not going to be doing the repairs? I might think that it would take $10K in repairs but my buyers may think it would need $30K or more in repairs.

Thanks,

Mark

Hi All,

I am familiar with the assignment process and have done them before. I am a licensed realtor doing investing and wholesaling. Can i do a contract with the seller, then assign to my investor just as a wholesaler? I will disclose that I am licensed realtor of course but will get paid the assignement fee and not a commission. Just want to make sure this is legal. I already have the property negotiated and the investor lined up. I;m in florida.

I get a lot of calls lately concerning doing "Sandwich Leases" so I thought I would throw out some basic information on them.

One thing to keep in mind is that the property owner dictates the rules. they have in essence become the bank and we all no the bank makes the rules.

A lease in which a party rents property from the property owner and then subsequently leases it out to another tenant. In a sandwich lease, the primary party is both a "lessee and a lessor," meaning that the party both collects rent and pays rent. Not all property owners allow this sort of arrangement.

I am a newbie and have decided to let go of the fear factor. I have this deal and I want to try a lease option only because I feel I can do this comfortably. What approach would you take? Thank you again for your help.

The goal is to give no money down and to eventually get a person to buy it or rent it.

ABSOLUTELY BEAUTIFUL, ONLY 3 YRS OLD, BRICK HOUSE,
BEAUTIFUL LANDSCAPING, STORAGE ROOM, WATERFALL, POND, BEAUTIFUL PATIO,
EVERYTHING IS ABSOLUTELY BEAUTIFUL INSIDE AND OUT..
ASKING $129,995 ---ONLY $ 35,000 CASH DOWN PMT
AND TAKE OVER PMTS OF $1200.00 MONTHLY . BALANCE WILL BE $95,000
NO CREDIT CHECK, NO CREDIT CHECK, JUST MOVE IN..
I GUARANTEE YOU WILL ABSOLUTELY LOVE THIS HOUSE..

Real Estate agents are like race horse jockeys. A good one will win you some races you may not have won otherwise, and a poor one will cost you more than they will make you. The main thing to realize is that you are the one calling the shots and specifying the terms of the offer and the agent can offer his advice, but if they don't do what they are told they get fired!

What happens if i sign a purchase agreement with the intention of assigning the contract and for some reason i cant find a buyer to take over the contract. Will i have to pay for the house?

I'm wondering what parts I should include in this contract. And what parts I should Not agree too?

Like even if I find a FSBO, he still gets a commission from it?

I'm hoping someone can help. I'm going to look at my first property tomorrow to wholesale. This seller responded to a yellow letter I sent. The seller lives out of state(yes!) listed two years ago never sold, and currently has a renter in place. Please offer some advice opinions if you can on what to offer.(and get accepted...lol)

Details.
5 BDRM 2 Full Baths Appx 1018 sq ft

Seller says needs paint, possibly carpet and new kitchen cabinets (not sure if this is based on a cosmetic opinion or if they are not usable, will see tomorrow.)

Tax assesed at 225,000.
Here are comps in the area from my agent.

Sold SFH

$230,000
$224,000
$184,000
$266,000

Seller owes appx $175,000 and is current on all payments and taxes.