Please help

Just use a straight Purchase Agreement (Offer to Purchase), with and/or assignees and your contingencies, between you and the seller.

Then use the assignment contract between you and your buyer. (You are selling him PA contract).

Try to get buyers lined up first so you don't have to back out of a great deal when you get one locked up. You are not in any danger of having to buy the property yourself (with the contingencies), but you don't want to make a habit of backing out of deals either. You may lose your credibility.

Hope that helps.
And I know you can make REI work for you. Don't let anyone scare you out of trying.

Rina

Your Realtor is probably going to want you to use her forms which are approved by the State Association of Realtors. All of the parties involved should be comfortable with these forms, as they are used all the time. My Broker insists that I use Arizona Department of Real Estate approved forms whenever they are available to reduce the possibility of a lawsuit.

Al

Hi Isaiah,
Exactly my thought on the Realtor. When they are not familiar with the whole process they through up doubt. It sound like she just would feel more comfortable with theirs. A form is standard. So use theirs. The important thing is to get the offer in. Make sure it contains all of your concerns. Your clauses. Especially your earnest money clause. The earnest money can be paid by the end buyer also. Coastal offers a great service. Go forth with your plans. Sounds like you have a great sense of where you want to be! Continued success to you.......Lubertha

In the buyer line, I have my realtor put my name and/or assignee

So far,there were no complaints.

Yuri

How exactly do I get my end buyer to pay the earnest money if I don't have a buyer when my offer gets excepted. By the sounds of it I might need to take a break from everything else and just focus on building my buyers list.

Thanks again.

My real estate agent said that before I could make an offer on any house I would need a proof of funds letter. I have heard alot of people on here tell others to go to coastal funding to get that. My question is am I going to be able to get a proof of funds letter when I am laid off and all I have for income is my unemployment. She also said that if I back out of a deal because I can't find a buyer they might not give me my earnest money back. How is that possible as long as I include a inspection clause that say's if the property does not pass the inspection that I can back out. I am starting to think maybe I should stick to FSBO because that seems alot less risky.

Thanks for all the info.

I need all the inspiration I can get.

This is why it's very important you get your end buyer's first. The last conference call we had last Thursday with Dean and Jeff, they emphasis the important of getting a buyer's list first. As fas as the ernest money, once you have a buyer's list lined up, he/she will be the one will be paying for the ernest money. You collect the ernest money from your end buyer for the property. As for the proof of funds, most realtors require you to do that to make sure they are not waisting their time, but if you deal directly people with FSBO, you won't require to do that. Good luck!

Lloyd

Coastal-funding.com provides you POF letter for free; they're a transactional funder meaning they fund (A)=Seller to(B)=Investor(which is you) (B)=Investor (which is you, again) to (C)=Buyer (this part will cost you if you use them). Some sellers will insist you submit EMD when your agent submits the offer. You can set up a escrow account (for free) with oldschooltitle.com and specific that EMD will be deliver (release) within 24 hrs after acceptance of offer (not talking about preliminary acceptance nor verbal acceptance neither). You may have to front the EMD in some cases but you can have your buyer to pay EMD as well. A portion of their premium they're paying you for AOC will go towards to replace the EMD you initially deposit (if you did) to secure them to following through with the contract. If it's a large % EMD amount(you'll want to have your buyer ready & standing by) to deliver so you're not having to pay it out of pocket. Just have your buyers line up. Match the property to right buyer!

Thanks for all the info.

Issiah,

Thanks for your valuable questions and I learned alot from the top students that went to Dean's Academy. Everyday we learned something new right ?

Paul T. La Moy

Issiah,
I have not even mentioned contracts to the realtors I have met and called. None have been willing to show me properties I have done market analysis on. Try to get as much guidance and understanding from these forums so a realtor does not align you to there best interest. Stick to building a buyers list. I found that e-mail and phone conversations with potential buyers strengthens communication of real estate and builds confidence that there are people I can make deals with. I have been very frustrated with realtors telling me what to do for them, none have followed through with what I requested.
I move on where I have success but I must get and offer submitted soon.

Thanks for all the support and encouraging words.

It looks like you already received some great advice form other DG members. You will want to review your plan each day, work the plan and asjust where necessary. Just follow Dean's techniques and principles and you will make progress in no time. The DG website is great for information, support and inspiration. Good luck with REI. Believe and Achieve! - Joe

I believe the contracts and forms you were discussing with your real estate agent are used for a specific investment technique called instant equity exchange. As Rina said you would use a standard purchase and sales agreement with and/or assigns after your name as a buyer when working on an assignment of contract deal.

Do I put my property address? and Whats the amount for?

Most buyers don't require POF or a preapproval letter. Agents, representing sellers are not interested in presenting contracts without some assurance that the buyer is capable of performing. It is their requirement that you must produce some type of verification. Lenders most times do require POF or a preapproval letter.

Thanks for your information and its always great to see you guys online and jumping in to help us. What a great team players !!

Warm regards,

Paul T. La Moy