Contracts and Offers

I contacted a broker about a few properties she had listed for sale on CL. I did some research to try to and work out the numbers so I could make offers. Here's the info

#1
Asking 69,800----I offered $39,000. This property needed light cosmetic repair(2K)

#2
Asking $79,000---I offered $50,000. This property has a long list of things that need to be repaired about 10K worth. Now that I think about it that offer may be too high.

#3
Asking $108,900----I offered $37,000. After doing my research the asking price was way above what the property was worth. In reality I think the property was worth more like $70,000. Didn't need repairs and was already being rented

#4
Asking$128,000----I offered $70,000. This property is already rented and didn't need any repairs.

Hey everyone,

I would really appreciate any information concerning a few questions I have. I bonded quite well with Google trying to find the answers (I found some) but if anyone would be kind enough to answer and explain a bit more, I would be very grateful. Currently, I'm trying to learn everything I can about wholesaling, as I'm a bit nervous with the possibility of making a mistake. I apologize if my questions seem a bit foolish.(This is a whole new territory for me).

1) When I'm ready to assign properties that I have under contract, do I use a investor-friendly title company that I'm familiar with? Or do I use the buyer's? If I use my title company, does anyone have any suggestions on how to properly screen a title company to determine if it's right for me?

Hello! I am ready to start assigning properties and have a few quick questions.

1) Are the adds on craigslist "We Buy Houses For Cash!!!" good sources of buyers? Are they likely to buy contracts assuming they can get the property at a good discount?

2) I know I should consult a real estate attorney, and I plan to, but has anyone recently done contract type deals in California just so I know they aren't totally illegal? I've heard you can't do assignments if you have your Realtors license, not sure if that's true or not.

Any other advise for starting assignments would be greatly appreciated.

Thanks!

Currently selling a 3 bed, 1.5 bath sfh in Indianapolis, IN. Tax assessed value $40,400, repairs needed estimated at $5000. Area rentals range from $650-750. CASH only

Please PM me for more information.

Im just getting in to real estate investing and i need to know if assignments are legal in missouri.

California homeowners and borrowers who are considering a short sale and wondering about the consequences of this decision can take a deep breath and rest easier effective immediately.

Governor Jerry Brown just signed Senate Bill 458 into law. Senate Bill 458 expands upon previous short sale anti-deficiency laws. The previous law (Senate Bill 931) allowed homeowners to sell their homes at a value less than their existing first mortgage value and the mortgage holder would accept the short sale as full payment of the obligation. That is, the first lien holder was required to waive the right to pursue a deficiency judgment against the seller.

How To Close A Subject To Deal

A lot of people ask me questions about how to properly close a subject-to deal. A subject-to deal is closed just like a traditional closing where you go to a closing attorney or settlement company.

I would never advise closing a subject-to at the kitchen table. There are just too many things that can go wrong. Plus, if you ever have a problem and end up in court, you want to be able to show a judge that you went to a closing attorney and had a neutral third party take care of everything.

We had another offer accepted. Now, we need a buyer to assign the contract too. I have the info out to several buyers but, thought I would post here too. Just in case. Also, for any suggestions on the offer.

It is a single family, 4 bed/2 bath Colonial. It's situated on a dead end street. Very secluded! No neighbors next to it or directly across from it. It is a major fixer upper. The lot size is 83 x 175. Very nice property! Boat can be launched from it's shoreline. It does not have a garage but, there is plenty of room to add one. There is a kitchen on the first floor and second floor. It has beautiful views of the river from the wrap around porch and 3 sides of the home. Also, 2 shed's for storage.

I want to request a form for Option Contract. I would appreciate it ASAP. In the forms and docs section.

I am still new to this REI and I'm learning a TON! I am networking DAILY, and constantly building my buyers/sellers lists while looking for deals - posting adds, ect.

I have a fellow wholesale REI that has been sending me properties that he is getting locked up, and he's asking for non-refundable deposits for the Investor who is interested.

Can someone who is experienced in Wholesales tell me if you also do this? And the benefit of doing that, or is this necessary?

I can see where this helps to ensure that the investor has a Serious Interest in the property. I am assuming that this deposit is given only after the offer has been accepted.....

Thanks in advance,
Renae