I am a new (obviously) investor. I have been following the steps in the book and in the blue print. I called on a house as I was driving and the owner wants to sell. There's no mortgage on it. I don't have any responses yet on my buyers list. I am still working on it! What do I do to lock this house up! I don't want to mess up! Please help! I'm fast forwarding in the book now to try to figure it out.
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EEEK!
You made the call! Great!!!!
Look at the RBBP-- scripts for FSBO
Basically it goes like this:
Comp the property!
Find out why they want to sell.
Listen carefully.
Tell them you'd like to help them out (YOU are a cash investor)
Kindly find out what is the lowest they can take.
Using your Purchase Agreement (from RBBP), make an offer that makes sense: Quality average comp amount X .85 - estimated repairs - profit (for your buyer and you) = offer amount
Make sure the offer states:
"your name / and or assigns"
"subject to my partner's approval"
includes a 14 day (or longer) inspection period
$1 earnest money
Cash closing at Title Co name TBD (this will give you time to call Title Co's and or call RE Clubs in your area and speak to the organizer-- they can be a wealth of info (a good way to get a referral for a Title Co and/or RE Atty
I think that covers the basics (if not someone jump in here!)
Hope this coincides with your RBBP (working from memory here) but wanted to get you something since you posted 7-8 hours ago!
Tina
Do it!!!