In order to wholesale to an investor.What kind of contract do i need to wholesale?So if i found a forecloser for 25k thats listed can i tie the house up ,find a buyer, sell the contract for 35k?BHAM ,AL If seller or realtor ask for approval letter will i have to show proof of approval letter ?
Evening Dee,
You may not need approval letter. Are the properties listed w/realtors? I would need more info from you. What is your plan for the properties?
Your caps lock button is stuck, Darin
My hard money lender writes any approval letter I need. But I never need such a letter when dealing with a motivated seller (not a bank or listed property).
[quote author=GOD WNZ link=topic=27987.msg130519#msg130519 date=1179288694]
Evening Dee,
You may not need approval letter. Are the properties listed w/realtors? I would need more info from you. What is your plan for the properties?
Your caps lock butlus for meton is stuck, Darin
YES they are listed with a realtor.My plan too wholesale too investors .My wife is a realtor so thats a plus for me.[quote author=Dee Banks link=topic=27987.msg130513#msg130513 date=1179287193]
I AM NEW .IVE STARTED A BUYERS LIST .I VE ALSO GOT A LIST OF HOUSES THAT ARE GOOD INVESTMENTS.I NEED A GOOD EXAMPLE ON HOW TO RIGHT A CONTRACT ON A FORECLOSURES.I FOUND 5 HOMES TODAY.I NEED A HELP/JUMP OFF.I DID MY RESERCH ONTHE HOUSES GREAT INVESTMENTS. NEED MORE INFO
[quote author=GOD WNZ link=topic=27987.msg130519#msg130519 date=1179288694]
Evening Dee,
You may not need approval letter. Are the properties listed w/realtors? I would need more info from you. What is your plan for the properties?
Your caps lock button is stuck, Darin
Yes , the properties are listed with realtors.There all foreclosures.Want sell contracts to investors.
the properties are listed with realtors.Do I have too put down earnest money .these are some very very nice houses .
Hello Dee,
Glad to see you fixed the button ! I still haven’t figured out how to use the “quote” feature either.
They may be nice house, but what do the numbers say. In other words it is rare to find 5 homes on the market that are a deal for you to wholesale. Especially if listed w/Realtors.
You need to know what they are worth in your market for a quick sale. Study your market where these houses are and you will know by tomorrow evening if there is a deal to be had. Have comps run on similiar homes. How long have these been on the market?
A few questions need answer first. How much can you sell the house for by the end of the week? How much do you want to make? Who you going to sell it to at the end of the week. If they are “deals” the buyers will find you. Keep going ! You can make just as much money on very very ugly houses too. Its all in the numbers !
Darin
my wife is a realtor.so i did the comps.one of the homes there offering 31,500 repair less than 5000 worth 85000.I would like too make about 5000 for starters. Do i have too pay earnest money if the property is listed with a realtor?
To answer both of your questions, it depends upon the realtor. Some realtors required pre-approval letters with offers and others do not. Most likely you will need some earnest money if they are listed with a realtor.
Actually, none of this is about “need”…it’s mostly about “want”.
To have a legally binding RE contract in most states, you need
(1) A written document specifying terms and conditions,
(2) A meeting of the minds,
(3) Consideration
When a Realtor tells me that they “want” something, I usually tell them, “People in Hell want ice water”!
Keith
Being listed with a realtor has nothing to do with emoney.
Look under bird dogs for a lot of info on emoney. Below is the post that will help you.
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do i need earnest money?
« on: May 10, 2007, 11:35:59 PM »
do i need earnest money to put
thanks for the answers :cool