Posted by Peter on September 09, 2004 at 14:05:29:
The idea is to substitute any clause that you don’t like with a clause that you like better. If you are unsure about which clauses are best for you, get your own buyer’s agent to help you write your clauses.
WHERE TO GET A PRO-BUYER AGREEMENT??? - Posted by andrew ewig
Posted by andrew ewig on September 09, 2004 at 10:03:56:
Hello:
Looking for some insight on additions to my current contract. What else do you creative investors out there ask for? Seller carry back financing, repairs, make them pay for inspection, additional costs you make them incur?
Please shoot me over an example of contracts that you have used in the past for buying and holding property. I am trying to come up with a contract that puts everything in favor of the buyer, so that by the time I close- assuming negotiations, I definately come out ahead. Thanks for your contracts, insights, ideas or other websites that may have this…
Rgds
Andrew
Re: WHERE TO GET A PRO-BUYER AGREEMENT??? - Posted by DaveD (WI)
Posted by DaveD (WI) on September 13, 2004 at 12:07:31:
I have to agree with Joe. Frankly, if the parties are willing, it doesn’t matter what your agreement looks like. It can be pretty much vanilla, written on a napkin.
If one of the parties change their heart, it doesn’t matter how clever your agreement is… you are not going to close your deal, much less “come out ahead.” An obviously slanted purchase agreement is one of those things opposing lawyers just love to argue with. You are better off just moving on. My experiance, anyway.
Re: WHERE TO GET A PRO-BUYER AGREEMENT??? - Posted by JoeKaiser
Posted by JoeKaiser on September 13, 2004 at 02:19:42:
When I first started out twenty years ago, this seemed like a big deal.
We spent all kinds of time and energy trying to assemble “pro buyer”
stuff.
It was a waste of time.
In short, you needn’t bother.
This is a business where it makes almost no sense to dink around with
a seller who wants out of his or her agreement, or has issues, or has a
change of heart, or whatever.
In those situations (which is what the pro buyer contracts focused on),
today we understand it’ better to just move on to the next one.
Putting deals together, getting them closed or flipped or into the
system is what matters. To do that effectively you have to recognize
that there will be times when you simply must just chalk a difficult one
up to experience and move on.
Joe
Re: WHERE TO GET A PRO-BUYER AGREEMENT??? - Posted by papa
Posted by papa on September 09, 2004 at 10:37:30:
would like one also,please foward to above email THANKS!!!
Re: WHERE TO GET A PRO-BUYER AGREEMENT??? - Posted by ae
Posted by ae on September 13, 2004 at 15:53:11:
What I am trying to do is get an idea of some of the additional things that you all ask for in the contract, I only have 8 properties, so I try to learn each time I buy something. ask for seller to pay all taxes, closing costs, repair cost, ask for repair allowance, just things like that…
Re: WHERE TO GET A PRO-BUYER AGREEMENT??? - Posted by AE
Posted by AE on September 09, 2004 at 11:02:03:
None yet, but i’m sure someone out there has one!
Do you want them to say NO? - Posted by DaveD (WI)
Posted by DaveD (WI) on September 13, 2004 at 16:37:11:
Fine, understood. Just be aware the more you ask for, the more opportunities they have to say no. I tend to approach it 180 degrees different, especially if it is a fixer. Super low price, buying right to begin with, clean offer without a lot of extraneous crap in it. My offer for a lot less will beat yours everyday. Why? Because it is for real.
If they don’t like the price, then the dance begins with adding in all of the other stuff to still keep it worthwile. What to ask for… the sky and your own imagination is the limit!
Re: WHERE TO GET A PRO-BUYER AGREEMENT??? - Posted by Peter
Posted by Peter on September 09, 2004 at 13:29:15:
I read in Mike Milin’s book "How to buy and Manage rental properties, that you should simply add your own clauses in your favor,or create your own agreement with your own pro-buyer clauses. The title of the agreement can be “STANDARD PURCHASE AGREEMENT”
Re: WHERE TO GET A PRO-BUYER AGREEMENT??? - Posted by AE
Posted by AE on September 09, 2004 at 13:55:34:
Any ideas that you have used in past acquisitions? Any clauses etc. that have been beneficial?