ACTUAL - Purchase Agreement/Offer

this will give me something to work on because the one i have is the one from this site and its much different but i just wanted to see how it was layed out with clauses and ....and/or assigns buyers.

I have a local investor that has invited me over to her house sunday to show me how to fill one out here in florida.

thanks again

it shows the offer any any contingencies like closing time, fees, etc.

I looked over your offer to IndyMac bank. It appears to be a REO property. I am a loan officer and was curious if this offer was accpeted or not? If so, how were you able to attain financing on a non owner occupied property with out a minimum of 15% down? That is cool of you to share this info. It is fun to see real life scenarios and not just stories. Thanks for sharing.

yes it was accepted and I assigned it a few days later

Anita did you use these contract to put an offer on the house and then assing that house? I'm doing it right now I found the 3 houses that are good dials and did you use an Agent for that dial. Thank you.

You can get the same contracts from any real estate agent,. Just ask them to print you out a blank purchase agreement with attachments. Yes I used my agent

Thanks Anita thaese is my firs dial and I realy want to make it. Sorry to ask so many questians but what attachment?

Another questian how much money did you make (if you don't mind)and what was your offer on the property and what did the owner offer was befor that?

all of that is in the purchase agreement. When you sk for the blank purchase agreement from the realtor ask for all addendum's that can be attached to an offer. If you print out the one I have about it has a lot of attachments to it so just look through those

Thanks I did printed it out and I did look treu it but sins I did not see a blank one yet I did not know sorry but thanks anyway.

Your always step ahead of everyone else. Thank you so much for all the help and assistance with the info and the materials you posted up in here. It will help a lot of us who's out there tryinig to take action and making our dreams becoming a reality. Great job and wish you all the success in the world. You know your my idol!

Lloyd

I appreciate that but I figure if we are ever going to learn then someone must step pout there are show what we are actually working with and putting this purchase agreement on here gives others a good idea of what they look like, how they read, what they say and how you can manipulate it to suit your needs.

So I hope it is useful to someone else.

everywhere I go on this site, you contribute so much. Just wanted to say thank you for sharing.

Do you actually purchase the property (even if only on paper) If so, did you have to put up money? If yes, how much for how long?

Secondly, the party you assigned to...do they know how much you got the property for? How much do they know?

Can you please give us a run down of the steps you took to make this happen?

Many blessings to you.

Thanks a bunch for posting that... it helped clear up a few things, although I still am confused of course!

Good to know your right up there in Palmdale. I'm down in Orange County =)

Happy house hunting!

-Travis

It nice that you found it of some help Travis and yes I am not too far from you. Let me know if I can help you or if you have any questions

Cant someone on this site give this woman an award or something? She has helped SOOOOOOOOO much to a point where she doesnt even need to be, yet she continues to contribute, help, guide, advise. SHE DESERVES AN AWARD FOLKS. Student of the year or something, I dont know, but she deserves something!

Beth

you are more than welcome and dont forget you can cll me anytime. i enjoy you guys on here sooooooo much. thank you

Hi there elijah! I hope you are doing well. Good luck to you with your son! I am a single mom with two teenage daughters. I had a two year custody battle. I was wondering if you could give me a little insight. I am in Lakeland, Florida and very new to this. I just finished reading Dean's Millionaire book. I don't have alot of money/credit to work with, so I want to start out with assigning deals with a finders fee. I noticed you said that you were meeting with a local investor to learn how to fill out a Florida Purchase Agreement. Could you explain and/or show me a copy of how this form is filled out? I really want to do this and there are so many good deals around my area, but I am extremely nervous. I don't want to get caught holding the bag. (O: Thank you for your time!
Marcy
[email protected]

Hi Anita,

Just saw your post for the agreement (all ten pages). Thank you so much. You are always so helpful. Love reading your post. Keep up the great work.

Geri.

anita,
i've just read your purchase agreement and it was helpful.
do you know if they are basically the same in all states or drastically different? also, even though they are from realtors, can they be modified to the investors needs? thanks in advance

dee

I do notknow but I DO KNOW that most of the pertinent info contained in the are the same. Where you will find differences is in the state statutes. So just ask your realtor for a blank purchase agreement

Hi Anita,

I looked over your contract and I am a little confused. I have a few questions to ask you. I have worked with a couple of Real Estate agents and they told me that I would lose my deposit if I don't buy the property.

1. Did you put down $500 deposit?
2. Did you already have a buyer lined up?
3. How did you flip the property?
4. Did the buyer go to closing with you to buy the property?
5. What if you didn't find a buyer, do you lose your deposit?

Thanks,
Juanita

Thanks for sharing your experiances would help us a lot especially me the new comers.

Thanks so much,this cleared up some questions I had .
Would you be able to show a lease/option contract filled out?
Also where would you put in the escape clause?
Thanks again Anita!!!!
Don

Anita I see this question allready in here but I do not see the answer yet. How were you able to talk the banks into allowing you the assign your contract? I have not seen one that will do that. Also did you provide some type of proof of funds with your offer. Thanks

Anita... U are awesome with ALL U provide to us on this forum!!! Again thanks so much for your time and energy!!!

I was reading this blog and it is really a great information, Thanks for sharing.
I went to the LA county web page and look for this property and it says it was sold in 8/01/08 for $144K, so what happen on this deal? The offer you had was for $160K.
Thanks again.
Daniel

Every REO that we have purchased specifically says in the Seller's Addendum that the contract is non-assignable. Be very careful and don't assume anything. Read EVERY word of the Seller's Addendum, and keep in mind, every Seller has a different Addendum. When I say "Seller", I'm referring to the bank that owns the property.

You also have to put an earnest money check into escrow with either the listing agent or your buyer's agent. The minimum we have had to put down was $1000.00, and in some cases 10% of the purchase price if the offer was all cash. You risk losing this if you back out.

REOs can be very tricky. As my Real Estate Broker constantly reminds me, "you are swimming in dangerous waters." Do your homework, these purchases are a lot different than ordinary ones.

CTP

When swimming in shark-infested waters, just have your chainmail on and you're good to go. (contingencies)
Thanks CTP. You're right. It's good to be careful, but don't be SCARED to do these buys. I've had REO banks even accept a contingency of conventional financing in a couple of my offers (I've not had to use it yet, but it was there when accepted), which means you can get them even with traditional financing. You're not disqualified if you don't have cash.lol Especially now I would think banks are pretty desperate, too, even if they don't act like it.

I've only had to put down $1000 once. All other offers have had only $500max (and only when accepted). Of course, it might depend on how things are handled in different areas of the country. And it may make a difference if yours is the listing agent and the one that works directly with the REO lender. (It's really nice to have a great RE agent on your side)

Anyway, just remember that all things are possible.

Rina

P.S. Appreciate you sharing your experience and knowledge.

Definitely agree,careful, not scared. The REOs are by far some of the best deals out there. 95% of what we are buying right now are REOs, and usually 45-50 cents on the dollar. Our main strategy is buy and hold. This is truly the opportunity of a lifetime.

CTP