Posted by Bob_MD on March 13, 1999 at 11:11:21:
David:
Where in the contract do you insert the “And/Or Assigns”? What other escape clauses are you using?
Thanks for the other info in your post. I really enjoy this section of the Creonline.
Bob in MD
Need Offer Ideas - Posted by John
Posted by John on March 11, 1999 at 19:27:13:
I have two properties I’d like to make offers on:
2bd/1ba 16,500. seller can’t carry note. estate sale. seller pays all closing.
2bd/1ba 15,000. seller very flexible. house appraised for 25,000. seller finance needs 3,000.
How would you right offers for these two properties. I need your help ASAP.
I have 3 buyers waiting so I can flip them fast. Also what contract would you use…Option, or Purchase?
Thanks,
John Investor
Re: Need Offer Ideas - Posted by Bud Branstetter
Posted by Bud Branstetter on March 12, 1999 at 10:18:44:
John,
On the first property you don’t say what FMV is or if there are any fix up costs. If the value is there you can do hard money or sell the note from the new buyers to fund the deal. You can always offer less but you have to know if they will take less. Are you the only one that is bidding?
On the second deal you are implying that the seller will finance 12K with 3K down. Why not do that and sell on a wrap for the 25K with 2-3K down.
Unless you are in a rural area where prices are low this range of prices do not attrach the most stable buyer. You may want to screen and try to sell to families.
If you intend on flipping a regular purchase contract with the closing date extended does just as well as anything else.
Re: Need Offer Ideas - Posted by David In Seattle
Posted by David In Seattle on March 11, 1999 at 22:48:30:
You did not mention the terms your buyers you have in the wings want. Assume they can get a mortgage loan, you need to tie up the property on a purchase and sales agreement with the best terms your sellers will give you. Make sure you have a escape clause something like “subject to approval by partner” or there are others. Let me know if you need something else. Anyway make sure the purchase and sales agreement is written in your name, your trust name how ever you are going to buy the property and then add to your name “AND/OR ASSIGNS”. This way you have the property under contract and you sell the contract to your buyers you have in waiting for the right for them to close on the deal. This way you also avoid being on title and no closing costs.