Get a copy of your states “standard contract”. It has all the inspection, lead paint, mortgage contingencies and attorney review clauses. Add an addendum page with your own personal clauses. Don’t be afraid to add too many, you can always just put a line through the ones that don’t apply to the particular deal and get some copies made. Fill in the blanks (many can be filled in before you make the copies, so it will save you time in filling out) write in any additional clauses desired and present to the seller. Make sure you add an expiration clause to put some pressure on the seller. This makes it look like you know what you are doing, and your attorney can get you out of the deal if you make a mistake.
Hello everyone?again. Sorry for the deluge of questions, but I’ve been storing them up. I’ve searched the site as best I could for answers to everything else.
#1) After viewing a property for the first time, my gut tells me to strike while the iron is hot and present a handwritten offer on the spot (assuming I know FMV and repair costs). Should I do this or are there advantages to a more professional-looking typed offer?
#2) As we all know, nothing is agreed upon until it’s in writing. That being said, to what extent do you discuss price over the phone with a motivated seller? Do you ever settle on a final price? If you do and the seller later has remorse, how do you overcome their objections and hold them to their spoken word? If you don’t settle on a price, what’s the objective in discussing it?
#3) When, if ever, do I need to sign a formal contract of sale with the seller (i.e., Radon clause, Lead Paint clause, etc.) vs. the initial offer?
You might want to take a look at “Assembling your Buyer’s Briefcase” by Scott Britton in the articles section here (creonline.com/artic186.htm) similar to what George and Doris said.
Posted by DORIS - Va. on January 24, 1999 at 24:31:50:
I agree with your plans and also George’s tips BUT
instead of counting on an attorney’s to get you out
of a “mistake” - be sure you have an ESCAPE CLAUSE
in the contract such as "subject to inspection and
approval by my partner(s). Also - don’t forget to
be sure it include language to allow you to ASSIGN
the contract and to have the seller RELEASE you
from all liability if you do assign it.