What's safe, What's not? - Posted by Karen

Real Estate Investing
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Posted by B.L.Renfrow on June 04, 2000 at 12:17:35:

This is one I use. The formatting is trashed, since I just pasted it into the message below, but you can get the idea. Keep in mind the usual caveats: this may or may not be valid in your area, so you should seek appropriate local professional advice before you use it. You can also find blank contracts in most any office supply store, Staples, etc.

OFFER TO PURCHASE REAL ESTATE

BE IT KNOWN, the undersigned, _______________, (Buyer) offers to purchase from , _____________________(Owner), real estate commonly known as ________________________, County of Chenango, State of New York.

The purchase price offered is $___________

Balance at closing: $___________________

This offer is contingent upon the following terms:

  1. Subject to Buyer obtaining a satisfactory home inspection report within 10 business days from date hereof.

  2. Said property is to be sold free and clear of all encumbrances, by good and marketable title, with full possession to said property available to Buyer at date of closing.

  3. The parties agree to execute a standard purchase and sale agreement according to terms of this agreement within three (3) days of acceptance of this offer.

  4. Closing shall occur on or before __________________ at a time and place to be agreed upon between the parties.

This offer shall remain open until 6:00 p.m. ________, and if not accepted by said time, this offer shall be deemed rescinded and any and all deposits shall be immediately refunded.

Signed this day of ______________________________
Buyer date
Accepted by: ______________________________
Owner date

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What’s safe, What’s not? - Posted by Karen

Posted by Karen on June 04, 2000 at 01:23:42:

When visiting a property owner should I have a prepared offer in hand ready to present or should I write it up in front of the seller?
When offering to buy subject to , should the house be vacant? The reason I ask is that today I visited with a seller neeeding to sell. Present tenant is getting divorced and can no longer afford the payments. Tenant will be moving out on June 30, 2000. That is approx 3 weeks away yet. Would it be safe to get this deal signed now or should I wait?

Karen Koz

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Where’s the forms? - Posted by Karen

Posted by Karen on June 04, 2000 at 11:57:14:

Where do I find a standard one page offer to purchase form? I have Sheets and LeGrand material but neither contains such form.

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Re: What’s safe, What’s not? - Posted by B.L.Renfrow

Posted by B.L.Renfrow on June 04, 2000 at 08:42:00:

Just make your offer contingent upon the tenant being gone by whatever date. That puts the responsibility of getting rid of the tenant on the seller, not you.

As to whether to go in with an offer in hand, how will you know what will work for the seller until you sit down and talk with them? Since every seller has differing NEEDS, the cookie-cutter approach will narrow your focus too much.

Regarding whether to write it up in front of the seller, it’s a personal choice. Of course, that’s the best way to nail it down right then and there. What I do, rather than carry multiple contracts around in my car is just carry a simple, one page offer to purchase. Once the seller and I agree on the terms, we sign the offer, then I go home and do a standard contract on my computer. Once that is done, and signed off by all parties, the contract replaces the offer.

Brian (NY)