Contracts and Offers

I locked up a property for $14000, 2 BR, 1 BA,, needs updating and repairs. The purchase agreement I used had about 7 pages to it.... Was that the correct one? Also, owner wants to close quickly because they want to move out of state by end of month so I made June 15th closing date. I want to assign to a rehabber.

Questions about contract:

1)Property: I listed school district, Lot #, plat book #, page # and Book # and page #. Is that enough information. It was taken off her deed or do I need to attach a copy of the deed to the purchase contract or is this necessary?

2)When I assign the property, does the original contract become a part of the assignment contract?

Hi,
I have a question in regards to property preforeclosures. How can ownership be trasnferred from original owner to investor without having to deal with the financial institutions. What forms are needed to finalize a contract and does the new owner have full ownership of the property? Thanks

When wholesaling or assigning your contract do you pay for the title search or do you usually leave that for the buyer ? Ty

Frank,

I just got done reading Profit From RE Right now. I read the entire book but have a few questions. I don't know if I'm confused or just don't understand when to do this.

When doing an IEE deal
Do you take the Purchase Agreement to the title company with the Investor Disclosure Agreement and the Discharge of Agreement to Purchase Statement?

If not, when do you do this?
Day of Closing?

Do you take the Purchase Agreement to the title company as soon as you and the seller sign it or wait until you get a buyer?

I have been awarded a contract on a house from an online auction and have already signed a P & S...I`m wondering ..Am I a fool for not bringing in an agent or lawyer into the process?..what could go wrong?

Ok I just spent an hour listening to some guru try and explain his mortgage assignment system. Not too sure what a mortgage assignment verses an assignment of contract. If anyone can shed some light I would be grateful. Thanks

If you have two nearly identical houses in sq ft,but their lot sizes are different,how do you calculate the dif and get an accurate comp?

Hi Everyone. I need some advice on where to go from here.

I made an offer on a house out of state. The offer was accepted, an Option to Purchase Agreement was signed by both parties, and the option fee was mailed to the seller.

I advertised the property, and now the problem is I cannot get in contact with the seller. He is not responding to my emails, nor answering/returning my calls like he had been previously. Seller's remorse? My guess is the folks that are contacting me from my house for sale ad, have since contacted the seller, and are now trying to cut me out of the deal. Seems pretty obvious.

Getting Around The Non-assignability Clause!
by Steve Cook

When I first started investing, contracts to purchase REO properties from banks were still assignable. Whenever I wholesaled a property, I signed a simple, one-page Assignment of Contract with my buyer which assigned my buying position in my contract with a bank to my buyer. Effectively, my buyer (the assignee) stepped into my shoes and closed the deal.

As more and more banks were burned by assignees who bought positions in their sales contracts but did not perform, they decided it was time to start to control the selling process and force the original buyer on a contract to purchase the property. Thus, they started inserting a “Non-assignability Clause” in their contracts, which goes something like this:

For me to find suitable financing by June 30th and its not moving at the pace he would like?

As investors we all know it takes some time to solidify your cash buyer and get them to commit. Yes, I have cash buyers in place, I am not looking for some here. There is the showing of the actual property to the cash buyer, the questions that go back and forth etc.