Newbie - Which contract should I use?

General Real Estate Investing
1

I have an opportunity to purchase a new construction project consisting of 11 houses selling for $235k ea the developer is in trouble and is looking to sell the project for $600k. I have a buyer lined up. Which contract or contracts should I use and that would be suitable for this transaction?

I need seasoned pros on this one!

Thanks everybody.

2

Enter into a non-exclusive Option Agreement with the seller for his lowest acceptable price you can negotiate for approx 30 days.

If you do it right, you can negotiate at least a 15K profit spread between your Option price and FMV… list the house for FMV and now you have 15K worth of profit you can work with…

Accept all offers on the homes and then sign the highest offer price.

There you go…

If you don’t find a buyer, who cares - you never put in a purchase and sale agreement.

I do this every single day.

3

Hello! And thanks for responding. When you say non-exlusive option agreement what is difference between the two non-exclusive and basic option agreement? Do you know where I can find a sample of such an agreement to use as my base?

Thanks for all your help.

JW ::slight_smile:

4

I’m glad that the agreement helped you.