Contracts and Offers

I would like some help evaluating a deal I'm considering making an offer on.It is a 3bed/2bath and probably needs 15000 in repairs.It is not in bad shape.Has new stove and roof and new master bathroom.It is a foreclosure and the price has been lowered to 189,900.

Hey guys, Im looking at a 5 unit 2/1 complex in a desirable historic area in Birmingham AL. It is hard to get comps as these apts are unique and no comparables in the area. Ive heard about using CAPS to evaluate the value and have read numerous articles, but still not sure. Let me post the important infor and maybe some of you (Mr. Trustpoint comes to mind) can help me. The owner has recently been transferred from Bham to DC and doesnt want to deal with the apartments any longer.

List Price #205,000 Purchased 2007 $165,000
My comps (???) 184,000
Gross Income 25,200
Prop Taxes 2,300
Insurance 2,200
Misc Exp 1,800
Mortage Payment 12,960

These are some sample contracts that I would use, but I would suggest running these by your real estate attorney to see what they say before you use them.

I need a simple 1 page purchase agreement for locking up FSBO deals in Illinois. Does anyone have one you can send me via email or just copy and paste it on this thread?

So how do go about locking up a contract for an assignment deal, with no proof of funds? At this time I wouldn't be able to get prequalified for a loan, due to credit issues. At this time I'm currently searching for homes out of state, preferably REO's, to rent out but evidently I want to start working on assignments. I'm in Queens NY(a real estate) hot
spot, and with limited funds and bad credit, assingments would probably be my best shot, at least for now. I still have a lot more learning to do.

I found this information very interesting and wonder if anyone has used this and if so, how were the results? This could be useful to areas where there are typically multiple offers. - Wendy

The following is from an article by:
Elsie L Huxtable
Broker/Realtorv Keller Williams GSRE
Seattle, WA

"What is an escalation clause? In short, an escalation clause is an addendum to an offer to purchase a property. It gives permission to increase your offer to an amount you specify in increments you also set forth in the event another offer exceeds yours.

In the current recession, you can harness the strategy behind escalation clauses to increase your profits, while helping to keep from overpaying for a property.

Here's an example:

Hi DG family! We're hoping someone can help.
We have a house under contract and a buyer lined up.
The buyer has bank financing / not cash.
The buyer already had the inspection done and is ready to move forward and has agreed to our price.

The seller's attorney does not want to disburse our investor fee at closing.
We sent him the Discharge of Agreement To Purchase from DG along with a new P&S with the new buyer information.

He states that it would be illegal for him to enter our fee on the HUD-1 form.

Has anyone dealt with this issue in the past? We really don't want to loose this deal.

Please help. Thanks,
Studio 4

In the student resources section of the website there's a list of forms and contracts.Which contract would be used for assigning to other investors ?

What do you do once you've locked up a home on contract?...Do you have someone come in and assess the repair cost etc ?

Hey guys

After the Matt call i decided to put together a template of my offers so i can get on the same boat he is on.

I am putting some stuff together however, I am not liking it, any one seen any templates online that have already been done so i can get some ideas.

Thanks in advance

David