Contracts and Offers

I had a agent tell me this:

The only thing I'd like to point out that you mention in your email is "submitting low ball offers". Honestly, low ball offers don't really work and is a tremendous waste of time not only for you, but your agent as well. This is why many investors never really wind up buying anything simply because they're not willing to "pay what it's worth".

Talk with Jeff and see where it goes, but he's not one to waste a lot of time with low ball offers since he's quite busy and successful getting investors homes at fair prices. He'll tell you "straight out" what he can do for you.

What do you DGer's think???

Thanks in advance for your input.

Sincerely,

Linda

I'm a BPO photographer and I had to meet a homeowner last week to take interior photos of one of his properties for the bank. As he begin to talk to me about what his plans where with the property, which was to do a deed en lieu he informed me that he has multiple properties in the Tampa, FL area that he is looking to off load (motivated seller) and asked me if I knew of any investors that may be interested in buying the properties from him. Now my question is should each property I assign have it's own assignment contract or can they all go on one contract as a package deal? They are all frame homes in the 3bd/2ba range.

I'm a BPO photographer and I had to meet a homeowner last week to take interior photos of one of his properties for the bank. As he begin to talk to me about what his plans where with the property, which was to do a deed en lieu he informed me that he has multiple properties in the Tampa, FL area that he is looking to off load (motivated seller) and asked me if I knew of any investors that may be interested in buying the properties from him. Now my question is should each property I assign have it's own assignment contract or can they all go on one contract as a package deal? They are all frame homes in the 3bd/2ba range.

Hello everyone,

I recently found a property that I would like to buy from the bank. It is an REO property. My intention is to buy this property and do a double closing and sell it wholesale to another investor/cash buyer. My question is what kind of contract(what is the name of it) do I need to submit to the Bank with what conditions if any. And how do I then do the double closing, meaning, what do I have to say or do to whom to get the double closing. Thanks for reading. I hope you can help me. Thanks again.

M.H

This for all of you who are wondering if it's ok or not to put "And/Or Assigns" on the Purchase Agreement after your name. I found a good article that explains why it's not ethical to put it after your name, rather than add it to the agreement somewhere.

Check out this article at: https://realestatepromo.com/Articles.aspx?ID=And-or-Assigns

Yes, I have searched and found that people are using coastal etc.

Now I am hearing that Banks are becoming privy to this tactic. Can't we just request this information from the buyer. This may not work with a double close though.

I'm also going to throw this in on the same post because my patience is running a little thin. I'm sorry.

I'm trying to get this buyers list and no Agents seem to want to give it to me. They will give me listings all day, but no buyers list!

I was even told by one that he has got several calls for the same thing lately and asked if I was on a team or bought a course lately and that providing me with that was beyond the scope of what he is to do.

I'm confused when I am submitting offers and determining FMV.

ex. I have a deal that I am working on and I have run comps and numbers just as it states in the RBBP. The comps come back and tells me the FMV is $83K. After I have deducted all the expenses, realtor costs, rehab, holding fees, and my wholesale fee I end up with a MAO offer of $43,000. However, the property is listed at $22K.

So my question is what do I offer seeing as how I am above the listing price?

Is the obvious answer that it is a good deal at $22K?

Should I run the numbers off the listed price?

If run the numbers off the listed price, my numbers tell me I should offer almost $0.

Any help would be appreciated.

I am attaching an LOI for a property I was working on so you can get an idea of how to draft one, or just use it and change the info to what you need, but at least you will have an idea. This one was for a large commercial.

When assigning a contract, how do you get around the earnest money requirement?

I recently put an ad on Craigslist and I then was contacted by a lady who said she bulk REO Portfolios available. She has a large variety of properties nationwide commercial and residential and non performing notes between 40 to 60% on the dollar. If interested and need more info. PM please