Contracts and Offers

I just finished Deans book, and was very excited about Matt's multiple offer scenario. Does he use letters of intent, or have his agent write actual contracts? Has anyone else done this?

Get That Property Out of Your Name!
by Bill Bronchick

There are over 80 million lawsuits filed every year in the United States. Landlords and real estate investors are especially susceptible to liability. Are you a target? Are your assets easy to locate? Is your real estate titled in your name?

Essential Contract Clauses II
by Bill Bronchick

In a previous article, we discussed the importance of learning to use the "standard" real estate broker contract rather than the "seminar" contract when dealing with real estate agents. The following are some essential clauses and modifications I use when selling a property:

Essential Contract Clauses
by Bill Bronchick

Congratulations! You just purchased that new home study course. You followed the instructions. You found a good deal. You present your contract to the listing broker, and you get laughed at!

The reality is, real estate brokers don't like "seminar" forms. They are comfortable using the "standard" agreement, although the standard agreement is usually drafted to protect the real estate broker, not you. You must learn how to take any "standard" agreement and modify it to your liking.

I found a great resource for information on LAND TRUSTS and information on how to use them.

http://www.realestateforprofit.com/real_estate_forum_topics/2/Creating_a...

I was getting ready to make my first offer on a home, so I purchased some Maryland specific real estate forms online. I thought I would be able to fill in everything and subit the forms myself, but there was so much I didn't understand, like the 2nd deposit, financing, inspection questions, closing costs, etc. I decided at least for the first contract, I should get a real estate investment attorney. I had already spoken to a real estate attorney that specialized in retail, and they knew very little about real estate investing, in fact they almost tried to talk me out of it.

Today I spoke with an executive from a title company that told me that right now there are so many real estate laws pending approval in Congress, that I need to know on a daily basis what laws have passed. When I told them I was considering purchasing a residential Maryland home and then assigning it to an investor, they said I should check out the laws in Maryland, but they wouldn't tell me how to do it. Has anyone had experience purchasing Maryland Real Estate that could give me some help on this.

I am looking for just a simple real estate purchase agreement that I can use to make an offer directly to the seller with no agents involved (other than the one in the forms area of this site). I will probably need an attorney for this first transaction, since there is so much I don't understand. Maybe someone can help me.

What happens if you are unable to be present at a closing? I was told since the property I am interested in is so far away, I wouldn't have to be there. Has anyone been in this situation? If so can someone explain what goes on and what I need to do, as far as making sure I receive my Assignment fee and the property is transfered into the new Buyer's name?
Thanks again for any help you all can give me.

Nancy

I live in VA and I am interested in a property in Maryland. I want to write up an offer to present directly to the seller, since there isn't any agent involved. If I decided to use a Buyer's agent, how would they get paid, how much would they get paid and when would they get paid? Would they earn 3% or 6%. I am not sure.