Contracts and Offers

As I said in the subject I found a vacant house fsbo it turned out to be a probate deal. I got a contractor in the house under the condition I didn't disclose any issues of the house. It took them 2 weeks to just show it to me because one of the executors was 30miles away and she is in her 70s. There is 3 independent executors that are heirs to the estate but they are amiable. So yea I finally get inside and I start regretting calling my contractor this place is a mess my contractor took 5 minutes and told me the place looked worse then another house he was working on that had fire damage from a lightning storm he was being paid through an insurance claim to bring to like new standards.

Okay here is what I am fighting with:

I am told your Maximum Allowable offer (MAO = (70%)*(ARV) – repairs) can be no more than 60% of the After Repaired Value based on a strong CMA and other evidence minus any repairs that are needed if wholesaling you need to use a percentage LESS than 60% in order to leave room for the next investor to make money.

So wholesaling it would be like the following?

So I need help with this one DG Family. I just came across an opportunity from a friend and fellow investor, who knows someone that is selling their town home in Los Angeles, CA. The seller needs a buyer fast and has $30,000 in equity. This is a great opportunity for me to jump on and I would like to hopefully profit on this one!

What I basically need to know is how do I get this property under contract so I can get a buyer to purchase the property? Granted, I've never done an assignment deal before, let alone an actual one as well. Also, am I able to use the contract forms from here on DG.com?

Last month i called a classified ad in the paper about a home sold as is. I talked to the daughter who was trying to sell the house for her mother. The property is a 3br 2ba sfh. It is owned free and clear which means there is substantial equity in the property which would attract any investor. The mother wants 50k and i got comps from a realtor i dont even work with. The problem with the properyy is it needs extensive rehabbing espescially foundational. I dont know the actual FMV or ARV value. Im going to look at nthe property tomorrow and possibly have a contractor come in and give me a true estimate of repairs. The daughter would even be willing to let me put it on contract and find a buyer since i told her my intentions as an investor.

i just got done here talking to a possible "Investor friendly Agent" and he said he would love to work with me but he has lets just put it as "ISSUES" himself right now...which is no problem....but he told me that i need to get some contracts drawn up or something so i can protect myself due to my out of state contacts and out of town contacts ...again just to make sure they dont just trample all over me....what he would like me to do is get it all drawn up and have my contacts sign it on how i will get paid mainly so they dont trample on me....now has anyone dealt with this already and can possibly lead me in the right direction as far as what i need to say ....or has anyone got any experiance with this they would like to help me with?

When I lock up a property do I need to call the escrow company and send them the money??? Or do I just lock it up and keep the contract?

Don M!

(note. this is on MLS listings not bank owned or FSBO, probate etc stuff not REO's)

I was wondering if all you pro's out there that understand assignment of contract up, down, forward, backwards, etc and more than likely know more about loans then I do so should be able to help here.

One question two problems -

My question

: Can an Assignment of contract (http://www.deangraziosi.com/documents/Assignment-of-Contract.pdf) be used for not only cash buyers BUT also people that require loans?

If so then maybe you can answer the problem that my Mortgage broker has to make this work for me as I am having conflicting issues between him and my title company with their issues on IEE-type method.

Both have some issue from 2008 where people were doing bad assignment deals

I am looking for some advice on using this form with the Seller of a commercial property. I was approached by some Investors that are interested in this specific property. It is not on the MLS or listed for sale at all. I have been gathering information for the Investors and working with the property owner. I would like to get this property owner to sign the NC/ND agreement. In it is specifies my consulting fee. It also states that a separate fee/commission agreement will outline compensation...the fee or commission agreement must be drafted and acknowledged by signature before all business/financial transactions. Is there a form out there or do I just print something up in effect. My plan was to have the property owner sign the NC/ND agreeing to my fee.

My realtor is finally back to work and shes ready to put in offers for me. She gave me these two contracts to sign, but I never seen these contracts before( contracts are attached). I don't want to sign anything and then later get sued for it. I think her and a couple of her friends are starting their own real estate company because I typed her name in the Massachusetts association of realtors and her name didn't show up. Shouldn't all realtors license in Mass be listed on that site?

http://www.deangraziosi.com/real-estate-forums/everything-else/87822/my-...

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