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Author Topic: Contracts  (Read 2403 times)

Offline Godson

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Contracts
« on: May 17, 2005, 11:09:30 am »
What type of contract should i use when assigning property to another investor? And where can i get a good one.  Aslo what type of oontract should i use when trying take control of a property.  Like Using EM.  How much EM should I offer a seller.  Pls help  I have like 5 vacant properies with moviated sellers.  I need to get rolling


thanks

Offline beaver124

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Re:Contracts
« Reply #1 on: May 17, 2005, 12:01:42 pm »
I dont know where you can get one, but you need an assignment of contract or assignment of deed depending on if you own it or not.

beaver124

Offline Godson

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Re:Contracts
« Reply #2 on: May 17, 2005, 12:28:49 pm »
Well i was going to use EM  to take control of the property. Like a option to buy it  3months

Offline beaver124

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Re:Contracts
« Reply #3 on: May 17, 2005, 12:40:13 pm »
the option sounds like a great idea

beaver124

Offline Godson

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Re:Contracts
« Reply #4 on: May 17, 2005, 01:11:14 pm »
So should i offer the seller EM for 3 month option to purchase the property then assignment to another investor?  So what kind of contract should i use for the 3 month option?  And what type should I use when assignimg to another investor?   One more thing  should I run a tile search beofre i assign to the new seller? and should i get the repair cost to rehah the property also


thanks

Offline beaver124

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Re:Contracts
« Reply #5 on: May 17, 2005, 02:07:58 pm »
You would use an "assignment of contract" for assigning, and id think youd do a "standard option agreement". you should always do a title check, if you establish a relationship with a certain company, ive heard that they do it for free or for a small fee. it would be a good idea to get the ARV and the repair cost. also, you could buy the property sub2, but normally you would buy an option for 100$.

Offline Godson

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Re:Contracts
« Reply #6 on: May 17, 2005, 05:49:55 pm »
should I pay for  apprasial? Or should i get idea one. Like call a realtor and asking what are the houses selling for in that area?  Diferent qustion.  do you think it wise to take pics of the property and show it to the investor that is going to buy from me.  So I dont have to give out the property address?

Offline beaver124

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Re:Contracts
« Reply #7 on: May 17, 2005, 06:09:51 pm »
To be honest, Im really not sure about the appraisal, yes taking pix would be a good idea, you wouldnt want to give the address out until you have it under contract.

Offline Godson

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Re:Contracts
« Reply #8 on: May 17, 2005, 06:11:21 pm »
so beaver have done any deal yet?

 




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