Making first deal,needs help - Posted by Bipin Patel

Posted by Bill S. (Ohio) on January 23, 2002 at 05:45:43:

Bipin, if you need someone to send you a purchase contract does that mean you don’t have a signed contract as yet? One of the things you learn real fast in this business is to get the agreements in writings ASAP—preferably as you are talking with the seller. My broker says that getting the deal on paper ‘keeps friends friendly and strangers honest’.

So far, you have a good deal set up here. You are dealing with an experienced investor who shouldn’t balk at paying you your fee. I’d say go for the simultaneous close so you only have to pay one set of closing costs. Just make sure that you are dealing with a title company that does these on a regular basis.

The only other thing I would say is ‘don’t get greedy’!! I’m sure you would like $5,000----but are you willing to risk blowing the deal? Offer to come up to $12,500 or so----you make less money but at least you’ve got something.

Good Luck!

Making first deal,needs help - Posted by Bipin Patel

Posted by Bipin Patel on January 22, 2002 at 23:17:17:

all RE veterans,
I have found a seller and a buyer for a fire damaged house in a so so neighbourhood.Buyer is a rehaber and hold the properties for rental.He looked at the house and offered 15k for it.12k dollars repair cost.Seller wants 14k.I told her that your house is fire damage and lots of work to be done and will cost me somewhere 15k to fix it.I offered her 10k cash at closing.She asked me to give her two days to think it over.So i have to wait and see.Meantime I need some input.How I should persue this deal.Hoping to make 5k profit.Should I assign the contract to buyer or do a simultaneous closing?If assigned and if he does not agree with my 5k fee,then I could loose the deal?FMV for the house is46k.If somebody can fax me purchase and sale contract in simple way,I appreciate.Thanks for your help all of you at CRE.