Contracts and Offers

DG Fam,

Question today is how much time should you allow yourself to get earnest money from the end buyer to pay the seller? If it takes too long wouldn't the deal go dead in the water? And how can you determine the amount when dealing with an agent and MLS listings?

Bernard
Douglasville, GA

i live in Canada. I'm wondering if I can just place an offer on a deal myself, or do i need a lawyer? Also, how do i do an offer without an agent? - or do i have to have an agent to make the offer?

Just got my first accepted offer today!! 09/01/2014, awesome way to start the month. It was actually the first offer I put out since starting again in REI August 2014.

I had a goal to find 3 realtors to work with this week. Done!
Two of them sent me MLS listings per my specification.
Most of them are nice properties with price reductions.
Some are TLC or needs repair with a price reduction so I'd like to make offers on them.
I've never submitted offers before. I'd love to see something current that investors in California are using. I'm in Los Angeles.
Anyone know of a link on this site for a CURRENT California Residential Purchase Agreement. I found one from 2008 but it's outdated and I don't see any 14 day contingence for inspection.
You know how it is when your starting out. I feel unsure about taking the next step.
Thanks for all the support.

I have several buyers looking for homes around the country at 65% ARV after repairs. If you have anything that fits this bill. Also looking at homes in the 200K-600K at the same 65% ARV. Please pm me! Tammy

Reviewing the assignment contract again I noticed that a copy of the purchase agreement with the seller is supposed to be attached to the assignment agreement with the buyer. That befuddles me if I plan on doing a double close. If the purpose of a double close is to prevent the seller and buyer from knowing the amount you make on the deal, wouldn't giving a copy of the contract with the seller negate the reason for the double close since the buyer would know exactly what you are making since he would then have the information on both sides of the deal?

Thanks

A while back I came across a disclosure statement for the investor to disclose that he/she intends to immediately resell the property for $XXX.XX more than the investor paid the seller and that the seller understands that the investor intends to make a profit from the resale transaction.

My question is why would this be necessary when you include "as assigns" next to your name in the purchase contract? I thought we only needed to explain to the seller that you could resell if you want to. Also, why can't that be included in the purchase contract? When would this investor disclosure be warranted and would it be required to be part of the purchase contract that the buyer would see?

Thanks

I think this is a DG Consultant Agreement (Bird Dog) or at least I got it from the site. Can anyone explain why the agreement only makes full fee payment at the time the buyer signs the sales contract with the seller for the first property only in Section 3. PAYMENT? Why wouldn't all bird dog fees be paid when the buyer signs the sales contract with the seller? Beginning with the third bird dog deal the bird dogger (consultant) is required to wait until 2 days after closing to receive any payment. The second deal allows for half payment when the buyer signs the contract with the seller and the other half after closing.

I thought the idea of bird dogging was a way to get cash quicker?

CONSULTING AGREEMENT

I have look for these deals on IE to no avail, but if anyone has any homes in Columbia County Ga I am looking. please pm me or respond here. Thank you!

It was suggested to me that every real estate investor should obtain a real estate license. That sounds like a great idea, but as a former real estate agent, that doesn't appeal to me. Yes, it would be great to have access to the MLS anytime I wanted to. I even considered reactivating my license just to gain access to the MLS. However, there is a down side.