Contracts and Offers

I found a great deal, made an offer, got it accepted and I also have 2 investors ready to take it off my hands but the bank may not honor it because I never signed the stipulation page and it states we can not assign it without written consent.
I need help thinking creativly to make this deal happen.
I read all the time about double closing but I don't have even the earnest money.
I know the DG people have the solution.
Please help. This deal will fall through in a couple of days if I can't find a solution.

Phil Haynes

I don't know if this is the correct forum, but my question concerns the investor disclosure statement and seller's acknowledgment form. I am confused: after the blank line where I fill in the amount I am going to recieve there is a blank line that relates to "a buyer that shall qualify for financing according to accepted criteria of___________and its funding sources." What goes into the blank line? Thank you for any input.

How do I get out of a contract if I cant find a buyer? Where is the contract/paper located so I can get a copy

I have read the posts about getting in place Bird Dog Agreements with the wholesaler or investor, and I understand this. But now I am ready to wholesale properties. I am looking to work with several Investors. I have been calling the homeowners or listing agents, and I fill out a Property Information Sheet while I have them on the phone. I then start researching comps and growth potential in that area from several sites, but not the MLS since I am not a realtor. My next step is to call back the person I spoke with and negotiate on pricing, taking into consideration any repairs, etc.

Hello All-

I am having troubles with the IEE Contract. Specifically the 2nd paragraph that states:

"The sale will be contingent upon the Investor finding a Buyer that shall qualify for financing according to accepted criteria of ______________ and its funding sources."

What is the blank to be filled in with?

I apologize for a possibly elementary question but I am very new to all of this. Fortunately, I am working on my first deal (after only being at this for two weeks!). I think this deal fits the IEE strategy perfectly.

Thanks!

Hello All-

I found a real estate agent that is willing to try the 25:1 strategy. We have found several properties that should work with this strategy and he said to make things easier, he would like to submit the offers via email. We are getting together to draft the email and I want to make sure I have all of my bases covered.

I want to make sure I have exit strategies in place in the event I can't find a buyer, get financing, etc. What items is everyone using to protect themselves? I intend to include the Discharge Statement & Investor Disclosure Statement, but what else?

I found this excerpt from the Pittsburgh Business Times
http://pittsburgh.bizjournals.com/pittsburgh/stories/2008/03/03/story10....

It appears Uncle Sam is "trying" to keep up with our creative Investing

I do have some questions regarding this tax if someone might be able to fill me in. Is this a tax that would be due on the spot when the assignment deal closes? Kind of like a sales tax on retail items at a store..or is this a tax you would have to include in the filing of your taxes at years end? I am a newbie here, hope this isn't too ignorant of a question.

When you're making an offer, is it better to

1) have the purchase price include the estimated repair costs, and then have a seller concession for the repair costs, or

2) just have the purchase price be for the end amount you'll pay?

I like the idea of Option 1, because that looks better to the buyer, they're going to be aware of the need for repairs, etc. I think it would also help to eventually bring up property valuations in the area, rather than drag them down.

I just spoke with one of our local Title Companies. She said you have to provide full disclosure to all parties if you're doing a double close.(not sure how I would do that either) She said the banks are watching these very carefully and suspect fraud when you double close for a profit, which doesn't make sense to me. Is this just in WI? When you buy a property for say $100,000 and then sell it 3 hours later for $110,000 the bank financing at the second closing knows it was just sold for $10,000 more think it's a flip (so?)or fraudulent sale... Has anyone heard of this?

Okay, getting ready to start putting in more offers, have one in particular that we'll do today.

I read on a post that everyone is pretty much only putting $10 down as earnest money. Do you simply put that figure in the offer contract, or do you actually write out a check at the same time and give it to your agent?