Contracts and Offers

Hi,

We are currently working together with an agent and we're about to put 2 offers out today. We have been emailing and one question that our agent has for us is this:

What amount would you like to put in escrow upon acceptance? $1500?
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What amount is he talking about? Is this the earnest money deposit? Or a down payment?
All the offers we are submitting are cash offers, as we plan on assigning them.

Any help will be greatly appreciated!!
Thank you all!!

Ok, so I'm not sticking to K/W and Remax. I was looking for a property on Zillow and another one caught my eye so of course a realtor contacted me about it. I told him I was a REI and explained what an investor friendly REA would be able to do and how I would make multiple offers on properties. He was all for it saying he understood and he would work with me. So that was 3 days ago. he was supposed to send me 35 listings and a list of cash sales in the last 90 days. Well, evidently, his broker got in the way because he has not contacted me.

I wanted a little support and feedback from my extended family. . .

Ok I am getting closer to closing my first deal just wanted go over a couple things to be sure I am prepared. I know this stuff but my nerves are going and I question myself. I have the purchase agreement signed with the homeowner and I have a potential buyer lined up as well should I use the assignment of contract form with the new buyer or create a whole new purchase agreement? Or should I just fill out the assignment of contract with them??

Just want to make sure I have all the contracts I need to go to closing

My new REA just sent me 21 listings. Quote

" There were 21 listings under $350K that had either been on the market an extended period of time, mentioned started home, were being sold as is (foreclosures and short sales). "

Is this enough search criteria? I am still having trouble narrowing down the ones that would even be worth my time...

She did NOT send me realtors NOTES. Do I need these?

Hello DG Family,

I wanted to know if any of you know what % of CMA and % of asking means on a pro-forma? I know that a CMA is a Current Market Analysis. What numbers am I supposed to put in there? Thanks in advance: )

with gratitude

Makeba

I am trying to figure out my offer amount on a property. My REA gave me 6 COMPS in that area that SOLD recently. I ran the 6 for price per square foot. Got rid of the highest, and the lowest. The average price per square foot for the comps is $146/Ft2.

Now I ran the 146 X the square footage of the property and it came out to 316,833. They are only asking 168k for the house.

Did I miscalculate? Is this the correct way to find market value?

Does anyone have a good one you could either post or send to us please? Didn't see one here on Dean's site. We have found an investor out-of-state that wants us to bird-dog in our area for her and though we could make a contract, we'd prefer one already successfully in use. Thanks.
eiginvest@****

Seller will take $20K down payment (his equity) and deed the house to the buyer. His mtg payments are $772 and he owes 79,950. He is asking $99,950 to get his equity. He states that he would also be willing to take $5k down and let buyer pay a portion of his equity over time and take $875/month as a rent to own. He offered me $5000 to find a buyer and he said he would add $5000 to the purchase price so that I would get my $5k. I have someone who might be interested because it's in the right location. If I just put the buyer and seller together, what contracts will I be using in order to get paid?

Today has been a really great day and it's going to end on a fantastic note. I received a message from my REA that they accepted my offer on a property I submitted last Wednesday. We've been going back and forth for a few days, but I have a super REA and she went to bat for me. The ARV is $264K & I got it for $118K, needs about $15K in repairs. I must say that the info on this site has been a great help so far and I look forward to not only getting more help and advise here but also being able to help others.

Thanks to ALL!!!!

I put in eight offers today on REO's through the bankers agent. I was supposed to sign on nine, but I will have to go back and sign on the ninth one later. I did not know if it was going to have enough to make money, but my partner says it will be plenty. Finally putting in real offers.