I have finaly started making offers but I am a little confused on what type of contract to use. Is there anyone in Phoenix AZ that can tell me that type of contract they use and where I could get one. Thanks
I recommend having a good lawyer on your team. the money they can save you if you were to be sued FAR out weighs the cost of having them prepare and check contracts. If you still want to go the free route google Standard sales contract for (state). I might be able to help you with Arizona specific if you PM me your e-mail.
My experience has been to just meet with the Realtors in your area and get their contract, then go through it with a fine tooth comb picking out the things that work and don’t work for you.
Basically in most areas there are only a few key points that you need to take note of
#1 Tax Prorations
#2 Inspection periods
#3 Closing date
#4 No liens or encumbrences
#5 financing terms
#6 Fixtures and attachments
#7 Assignability
#8 Security deposits and leases (if the home is tenant occupied)
#9 Occupancy
#10 Price
#11 Title
It looks like alot but it aint much. The reason I say you would be smart to just get the agent contracts from you area and modify them accordingly is because most REO’s are listed by agents and those agents will only work with their local realtor contracts. But they will allow addendum’s.