i wanted to know if there was a simpler form that does the same job as the CO-OP Agreement does if there is any help would be appreciated
Check with Google if you don’t have a investors club near you. I’m not sure what form you are talking about.
Good luck,
donrock
eric, simpler like one that fills itself out! herbster
no like instead of using a CO-OP agreement
Eric, Sorry for bluntness I didn’t have my coffee yet. It just doesn’t get much simpler than the Assignment Agreement so why use a different form. Its only a half page long. Fill in Option Consideration,seller, tenant/buyer, address and everyone signs at the bottom. thats what this form is for. Herbster
Never seen the CO-OP agreement.
The way we do it in our business is that
we tie up the property with an option to
purchase agreement, real simple, 1 page
agreement which gives us rights to the
property.
As soon as we have located our buyer,
we tie them up on an agreement , purchase
and sales agreement, we then have our
seller sign a release form releasing us from
the contract we have with them (the seller)
in exchange for whatever profit we earned
($3,000-$10,000 or more), release the buyer
from our contract and have them go into
contract together.
Our structure may seem a little long and
drawn out, but we’ve had our attorney’s
review this and feel more comfortable doing
it this way.
I don’t know the whole structure of doing
it the other way with a CO OP, but I’m sure
it will work just fine.
HTH
Hey Jeff,
With the Purchase & Sales Agreement with your buyers, who’s the
Buyer on the Agreement? The original seller, since the sale and title
is passing between them?
Also, is the release form just that? Or is it a Performance
Mortgage??
Thanks
*Deals structured this way sure beats simo and double closings.
Again, I don’t have an understanding of the
“Co-OP” method, but I’m pretty sure I’ve
done deals with the same concept.
The buyer on the P&S is the buyer themselves.
I first sign an option to purchase agreement
with the seller’s. That gives me the right to
do whatever I want with my agreement. I can
sell my option, etc,etc.
Once I have a buyer, I sign a P&S with them.
I then release both agreements, not before
I have the seller sign a document that states
I have earned so and so and I am being paid
this amount for releasing the seller from the
contract I have with them. The seller and my
buyer then go into contract, usually a lease/option
contract or owner finance wrap, and I’m out of
the deal. On to the next one.
Again, my structure may seem a bit prolonged,
but I’ve presented different ways to my attorney
and this structure I just outlined above was the
one we both felt more comfortable with…
If your end buyer is using FHA financing, have had trouble getting paid?