Contracts and Offers

http://www.deangraziosi.com/allforms

Remember to check the 'Forms and Docs' on the bottom left of page under Student Resources

Everyone I ask about this tells me that the contract is 'so easy' but yet nobody has actually showed me what contract they use to get a property under contract with a motivated seller.

I think it's very important to know what the contract means, and having all the contingencies and clauses in place that will cover you.

Is anyone using a simple one or two page contract to lock up properties? The State form is 14-18 pages long!

P.S. did not find an example in searching the site.

What is the OUT we must have when we put a contract (assignable) in place on a property. What if your buyers do not perform or are not interested in the property?

Do you set a shelf life on the contract 30 to 60 days?
And is that all there is to it? Then does the seller keep the Earnest Money, If any?

I ask this question because i heard an Guru mention that there is an OUT clause on his assignables, .....

TIA,

Gil

Whenever you are drafting an offer there are a few things that you want to make sure are not left up to the interpretation of the Seller, especially if you are not using your escrow company. Perhaps the most important one would be the contingencies “escape clauses” you use to get out of the contract before your due diligence has expired. The ones I like to use are as follows:
1. Buyer to have 5 days from offer acceptance to deposit earnest money in escrow.
2. Buyer to have 10 days from offer acceptance to perform due-diligence before earnest money becomes non-refundable.
3. Buyer to have 20 days from bank acceptance to close.
If the bank counters you back stating that your earnest money must go down hard, you can try this one:

What forms do I use?

Assignment of contract for = New Buyer????
Purchase Agreement with = Home Seller???

Hey Everyone,

We're back. Been away for a bit but, just got back from CA and the Inner Circle meeting and we're all fired up again.

I heard today on an offer that we put in 2 months ago. I guess the bank is finally tired of sitting on the property and may have decided to accept our offer. Before I re-send my offer I would like to run the numbers past someone.

Mike M., you out there? LOL

FMV is $170,000
Rehab is $20,000
I am thinking of offering $90,000 to the bank and reselling to our buyer for $100,000 (that is 70% of the FMV - rehab).

Since it's bank owned we can't assign it. So, we have to do transactional funding or hard money. I'm leaning toward trans funding because I just want to get this done quick.

I made several offers on short sales with my agent. Are these short sales difficult to deal with on a double closing?

I seen a potential property that I want to put under contract. Its a 660 sq ft single family home thats listed at 90,000. The area im looking at is active. I didnt see the house interior but the exterior dont look that bad at all, and its the cheapest house on the block. The thing that scares me is that its been on zillow for 440 days. There must be something wrong if nobody is buying this property. The house has a 150,000 ARV. Even when you caluculate the Maximum offer the house still cost less that what I will offer, unless im calculating the repairs wrong. If I make an offer on the house where should my offer be at?

Help!!! I had a great response the same day I placed an ad for finding a buyer... Turns out, buyer who responded to my ad is wanting to sell his property. He is retiring and moving south and does not want to landlord. Property is in a desirable location, I am taking pics tomorrow..

What document do you use to get paid if you refer a property to an Investor and collect a Bird Dog Fee? I have someone who may be interested in this already. This person is an Realtor/Investor who both wholesales and landlords.. In addition, should I have them sign a non-circumvent? Thanks!!

Holly

I need the form/contract to lock-up a property before I can assign the property to my buyer.

Dean mentioned that this contract is a simple fill-in-the-blank form with only three things that ever change ... address, closing date and offer price.

Does anyone have a copy of that contract or a link to the form if it is on this website?

I hijacked another thread before realizing the poster was needing a different kind of contract, so I thought I would start a new thread.

Thanks in advance for any help you can give me.

Samuel