Contracts and Offers

Looking for some info?

I have a seller that is going to file for bankrupcy soon. (so he said)

He has a property that is worth ARV from a realtor 210
He owes 190 I did not see the house yet. But my realtor said it is in good shape.

BUT this is a very low spread so Lease Option or subject to. He has a low morgage payment and the house is in a Great area.

So my Question is if I get this house locked up on either options what would happen if he actually filed for Bankrupcy?

Does anyone know a good but reasonable lawyer in Maryland that can help you with making sure your contracts are legal when doing wholesaling and assignments?

But not a house yet. They want a lease option and they have $20-$25K down. Since I have never done a lease option and this could be my poential first deal ever, should I just act as liason between buyer and seller and get a "finders fee" from the buyer or should I try to do a sandwich lease option. If I just connect buyer and seller, do I use a bird dog agreement? I have to make this work somehow, but not sure which way to go. I know the sandwich lease option would be more profitable, but how difficult would that be for someone who has never done a deal. I'm up for the challenge but just afraid I might mess it up.

If I want to assign a Lease Option Contract, how is that done? Do I fill out all the information on the contract and use and/or assigns like on a regular contract? The owner is asking too much down for me to do a sandwich lease option..unless he can lower it significantly, there would be no money for me on the front side and not much in the middle or the end!!

To assign a L/O contract, do I use an ordinary L/O contract and use and/or assigns? The owner is asking too much down upfront for me to make any money on the front and not that much in the middle or in the end.

I live in Northern NJ. and I'm a newbie to real estate investing. Can anyone tell me what kind of clauses and ohter information is written into the addendum to assign a contract, need help in understanding what wording would benefit me in the transaction.

Ok so I was wondering about the earnest deposit in regard to fsbo's deals.

I know how it works when dealing with a realtor.

I also know just 1$ can be used as earnest money on a fsbo.

Here is my dilemma on fsbo deals that come across my path from my advertising I want to create a plan of action in regard to the earnest deposit. Some of these deals like two I have now are now going to make me much money if any. I don't want to send the earnest into a title company and get the proverbial ball rolling on the close if I cannot find an end buyer. Can I just give say a $1 earnest check/money order to the seller to validate the contract ??

I was wondering because I and my REI partner are nervous if they are actually bonafide legally recognized documents in California. Or would you suggest I get the documents elsewhere? Please help us!!!

I have not done my first deal yet. I am posting here in hopes of having a few questions answered so I can make that first deal happen.

I have a cash buyer (actually a group of investors) who have set the goal of buying 15 properties by the end of the year. They are ready to buy right now with cash. I will be assigning contracts to them.

I have everything set up to find my sellers (recorded 24hr line, flyers, business cards, etc.)

My question is about contracts. I have a lot of them from this site and want to make sure I have everything that I need and that it's all correct before I take the contracts into my first meeting with the aforementioned investors. In order to assign a contract to a cash buyer, what documents do I need?

1. Offer to Purchase (to be given to seller)

I am interested in making mulitiple symultaneous offers and am told that you "can't do that". I know that the 25/1 system requires this...am I missing something?