OfflineI was wondering if I could use the contract wording that my past agent and I were using when submitting offers on properties? Maybe change it up a little here and there so that I'm the sole force behind the contract. I'll copy and past it(omitting the agents name and contact info)and replace it with my own info instead. Just let me know what, if any tweaks I need to make to it:
Buyer/Interested Party:
Bryant Slade
111 Bridge St
New Cumberland , PA 17070
Bryant Slade
Wholesale Real Estate Investor
New Cumberland Pa 17070
Let this letter act as the intent to purchase xx xxxx . The reason for this letter is to allow for an expeditious offer to purchase the aforementioned property at $xx,xxx without the future consideration of a counteroffer. In the event that the following terms and conditions are acceptable to you it shall be rendered to a Standard PA State A/S-R Contract.
Please note that the intent to purchase is based upon the following contingencies, and it is in no way a legal, binding document:
l contingent upon; a home inspection to the buyer's satisfaction
l contingent upon; a clear title
l contingent upon; subject to approval of buyer's partner
If the following contingencies are acceptable please contact B S directly. If they are unacceptable, I apologize for the inconvenience yet appreciate both your time and consideration concerning the matter.
Regards,
Bryant Slade
717-xxx-xxxx
Bryant Slade
you're taking ACTION! There is nothing wrong with borrowing an idea from your REA (say x-agent) to submit consideration offers to Sellers. So now get out there and make things happen! One more thing, the listing of the contingencies, you can make that a numbered or bullet list but other than that GREAT JOB
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Good catch! I didn't proof read it before posting. Good thing I posted here first before submitting, huh? lol
Bryant Slade
Now get out there and go make that M.O.N.E.Y. Reminds me of that movie with Redman and Method Man and the guy that couldn't talk but he had the grill on his teeth, saying 'I need $' or something another. Anyways, Now get OUT THERE AND GO. LOL
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Bryant,
I'd love to know what response you get. I've only worked REOs through my agent & I'm finding it to be difficult. Not necessarily w/ my agent, but the "gatekeeper" listing agents seem to be holding back offers to try & incent bidding wars. A bit frustrating since we don't know if they really have the offers they say they do, or are they just bluffing to try & drive up the offer prices.
Maybe going straight to the bank directly is the answer???
Robbie
Joshua 1: 8-9
"Study this Book of Instruction continually. Meditate on it day and night so you will be sure to obey everything written in it. Only then will you prosper and succeed in all you do. This is my command—be strong and courageous! Do not be afraid or discouraged. For the Lord your God is with you wherever you go.”
I agree 100% with what you say. I know for a fact that the agent in our area (which does EVERY foreclosure around here) holds back offers. I know they are not supposed too but, he does. He also TELLS YOU what offer he will submit. There was a home that he got a few months ago. The bank had a listing price for the REO at 79,900. He kept telling the potential buyers that he had higher offers and they had to keep submitting. The house ended up selling for $116,500. I spoke to the new owner and although they saved about $10,000, it was by no means a bargain.
These people originally thought they would get it for about $60 but, he told them HE would not insult the bank by submitting low-ball offers. They must offer NO LESS than $75,000 .... and he is the kicker .... THEY DID !!!!
~~~~~~ Praying for our dream house ~~~~~~
we are gonna try to by-pass HIM completley and go directly thru the lender. I know if it goes to him, we are gonna probably loose it. We are also considering BRIBING him with a huge commission to get our offer to the lender and get them to accept it. Maybe offering him an extra $5,000 bonus will work. LOL.
~~~~~~ Praying for our dream house ~~~~~~
Have YOU personally TRIED to deal directly with a lender yet?
Did they speak to you?
I love the letter idea too. I wonder if something like that would work when I am trying to work with the lender but add "the buyer will be responsibe for repairs and list all repairs needed and estimated costs" ... as well as, setting a time limit such as "if offer is accepted within 10 days".
~~~~~~ Praying for our dream house ~~~~~~
No I haven't tried to work with a lender as of yet, but i am trying to find out who these different property lenders are right now, so that I may. I like the suggestion of setting a time limit, not too sure about the repairs part(lol). It's an idea though. Right now I'm off to update that letter by adding a specific time limit to it.
Thanks!
Bryant Slade
We haven't found REO's very cooperative. They put unrealistic prices on houses that would only hold up if the house was in good shape (which as you know most REO's aren't) I agree with Kari that we have found that our offers have been held up and we have had to force the realtors to push our offers through. Most of them have been "OFFENDED" by our offers but we went through the leg work and found out what repairs would cost.. what the reasonable price through comps that we could expect to get from the property and what we wanted to make in profit and only offering what the bottom line came down to. Don't let them push you when it comes to that. if you get too emotional with the property and go to high on the price you may not get what you want out of it. Walk away.. there are plenty more fish in the sea!
Debby and Tom
TAKING RISKS ARE WHAT SETS US APART...SUCCESS IS KNOWING YOU WERE RIGHT! T4
sorry im so lost guys, or atleast i think im lost....
that letter is to be submitted to the banks for reos? right? sorry for being so lost but im still very fresh in real estate.
if so, i'd like to know if you can break it down for me.
thanks guys.
impossible is nothing!
with Marlon Waynes and Damon Waynes.
Those who say it cannot be done should not interrupt those who are doing it.
10 day buyer inspection even on "as-is". If you dont have a buyer in 10 days you submitt an addendum to add a partner. Clear title will be required to close anyway, thats what title insurance is for. Intending to make REO offers with escape clauses could put you out of competition. Standard counter offer from REO's is "Sellers Addendum". That's where the limits of the buyer are disclosed. Typically "Unassignable","Certified funds for EMD", "Sellers title company". You can bet the title company has strict instructions for sellers way or the hiway.
Are you saying that is, or more likely will be the type of counter offer to expect from such a letter of intent as the one I am considering submitting?
Bryant Slade
Are you faxing over this offer? I would like to use this as a template for personal use, but I do not have a fax machine. Can you think of another way to submit the offer?
Success and Nothing Less!
Method Man and Redman were not in Mo' Money starring Waynes Brothers. The movie How High was what I was referring too.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Even if you're not working with an agent yet, you can submit your offers in person to the Listing agent or fax them to him/her from Kinko's. Just call them to confirm that they did in fact receive your offer that you faxed to them. Remember to keep the confirmation page if you fax it in to them using Kinko's fax service.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
....to get to the lender directly (mine is a countrywide loan) because I want to STOP this home before it hits the greedy realtor. I have done research for almost a year. I know this home inside and out, spoke to the former owners, and I know I am being VERY fair with my offer price. Technically, if they were willing to let this go at auction for 50,000 - they should jump at my offer of $30,000 CASH (taking into account the overall condition). I am not trying to rip off the bank. I am making them a VERY fair offer. I know this butt head realtor would never think it is fair because he would only get about $1000 commission so, he would rather let it sit there and wait for some fool to pay more than countrywide actually needs to clear the debt. Even if it sits for two years.
~~~~~~ Praying for our dream house ~~~~~~
I am e-mailing all my offers. Sure you could use this as a template and jazz it up anyway you like. Like i said though, if you don't have a fax machine, then just email your offer to them, or go to your library and pay them to fax it over to an agent.
Bryant Slade
I am gonna use a similar template of yours too (so thanks for starting this thread) but, I wanna include repair estimates, mold report, and pictures. I am hoping for a good mailing address for the lender to "Overnite" my package because I want them to have everything in their hands and see that I have done my homework. I want them to have NO DOUBT that this house is NOT worth what they are expecting.
~~~~~~ Praying for our dream house ~~~~~~
Why don't you just cut out that realtor and call the bank who owns the property and try dealing with the actual person who handles all of their foreclosures. I'm sure that agent you're talking about is just loving the fact that he thinks people there NEED him when it comes to buying/selling property. I'd just go to the bank, or better yet call the main office and talk to someone that's dealing with the property personally.
Good luck!
Bryant Slade
Well that's where the "contingent upon inspection" comes in at. If you inspect the property and you do so happen to find things such as mold/termites/foundation cracks/lead paint and anything else negative about the house, then you'll get and estimate of the repair costs and then go in with an even lower offer.
Bryant Slade
Hi everybody,
Do not quote me,But it seems very possible to deal with Co./Inc's that know they're place in RE.To sell RE you need LIC#(And i mean volume).The way i see it...You do not need an LIC#(For giving Info).I enjoy all of the comments and Loop holes make the world go around.
Invest in yourself!
That IS what I am doing.......I want to ELIMINATE a realtor and just deal with the bank (countrywide).
I do NOT want an agent hired by countrywide. I have a friend who is an agent and she will write a standard contract of sale for me for $100. I DON'T want to deal with whoever countrywide picks to sell this.
Ii just got to get to the person who is handling the REO directly and I am having a hard time getting a number for the REO department over there.
The realator I was referring to in my prior post is the guy in this town who gets all the foreclosure homes and I have NEVER spoke to him about it. I don't want him to even know it exists or I will loose it.
~~~~~~ Praying for our dream house ~~~~~~
Hi everybody,
I see i am hot right now.I mean no dis-respect.
Invest in yourself!
Hello,
Does not an broker over-ride an agent?
Invest in yourself!
Does not an broker over-ride an agent?
Yes a broker does.
Bryant Slade
Kari. Sorry I misread your post.
Bryant Slade
I am learning alot thru your...REI direction.
Invest in yourself!
I'm glad to know that I'm actually teaching someone something without even knowing that I was. Hmm.... Makes me feel good about myself(blushing:))
Bryant Slade
I enjoy and appreciate all your thoughts and comments too. ANY advice we can all share with each other can only help ALL of us achieve our dreams.
Something very simple can be the help (or encouragement)we need to keep pushing forward.
~~~~~~ Praying for our dream house ~~~~~~