Posted by Real Investor on September 20, 2003 at 22:47:36:
Thanks for the feedback…your comments seem to be about what I’d imagined- Appreciate the help!!!
Buying house with Realtor… - Posted by Real Investor
Posted by Real Investor on September 19, 2003 at 11:09:04:
I’m in need of some quick advice. I have been looking at a property that I’ve suggested might be a good flip to a friend. It’s really a dump and we’re looking to purchase it for land value and maybe make some quick money.
Here’s the question- when writing up my contract with the Realtor, do I need to write AND/OR ASSIGNS to make it something I could flip?
And, do realtors accept this or will it deter them from passing the low bid to the seller?
What options does the seller have if they don’t think my bid is enough? - can I keep an offer on the table for more than say 10 days? & lastly,
What amount can I put as a minimum deposit through an agent?
I know all pretty simple questions, but I just haven’t written anything up with a realtor on a investment property and want to seem like I know what I’m doing. Basically, I just need to know what flies currently with the Realtors - I’m in PA.
Thanks,
Re: Buying house with Realtor… - Posted by Randy
Posted by Randy on September 19, 2003 at 15:07:48:
Writing And/Or Assigns allows you to assign the contract and accept an assignment fee, if the Realtor has a problem with it?find another Realtor. If the seller does not accept your offer he has the option to submit a counter offer or just reject it without countering.
As for a minimum deposit $1.00 makes it a legal offer, that is something you have to negotiate with the agent, some want $100, some expect $1, 0000. Also be prepared to expect the Realtor to require proof of pre-approval from a lender, they typically will not present any offers until you can prove you can buy it and close on it? most will tell you ?YOU CAN?T FLIP REAL ESTATE?.