HELP! Advice on how to proceed - Posted by DT
Posted by DT on September 19, 2003 at 12:54:44:
Friday, September 19, 2003
First off, I want to say that I do not have a pre-qualification letter from a hard money lender,
I don’t have any deposit money to give the realtor,
I have never written any type of real estate contracts (purchase and sale agreement or assignment contract),
I haven’t done any deals,
And, finally, the investor/potential hard money lender is a realtor himself. What is stopping him from going around me to get the property under contract if I ask him for the pre-qualification letter for me so that I can submit an offer on the house?
Details: I am looking to perhaps do my first deal of many. The realtor listed the property for $269k, comps are $300k
The home needs some repairs.
What would you do in my shoes?
Should I first get the pre-qualification letter?,
Second, find out if the realtor needs a deposit?
Third, ask realtor to submit my offer ($300,000 X .70 = $210,000 - $13k = $197k.
Fourth, wait for counter offer to come back,
Fifth, sign the purchase contract with seller, along with a letter stating that we both agree that this contract may be assigned,
Sixth, sign assignment contract with buyer and ask for deposit from him,
Seventh, wait for settlement to get my assignment fee or get it after buyer signs assignment contract?
Any advice is greatly appreciated,