Posted by MikeMn on November 10, 2000 at 14:13:38:
This is what I do:
I ask how much they want, I figure out what I can
give them, and see if it’s worth my time.
Once agreed, I tell them that I want the option to
buy the home at that price. If I can’t sell the
home, I agree to hire an agent to sell the home
and pay the commission.
I get them either way. I don’t do fixer upper.
You’d be surprised the difference between what
people want and what you can sell for.
Flipping & Offer to Purchase - Posted by Aaron in Fl
Posted by Aaron in Fl on November 10, 2000 at 12:13:59:
Hello Everyone,
I’ve got a question about acquiring properties to flip. If I have the owner sign a “Offer To Purchase” agreement, which is assignable, do I really have to get together with them again and have them sign an actual “Purchase Contract”.
I guess what I’m asking is, is there a difference between the two, or is just a different way of saying and accomplishing the same thing?
The reason I ask is that tomorrow I’m looking at a fixer upper that I am hoping to sign on and flip to another investor. I have an “Offer to Purchase” agreement but not an actual “Purchase Contract.”
Mike, sounds interesting. How may I get a copy of your “option to buy contract for $1” I’m in need of a good contract to use & I’d like to check it out. Thanks in advance.
Thanks for your reply Mike. If you don’t mind my asking, what is the gist of your contract? If I understand you correctly, the seller may still sell to someone else, before you find a buyer?
Your two contracts are the same thing Aaron. Go to legalwiz.com they probably have an option (contract) there and you also need a memorandum of option.