1.Should I always put and or assigns after my name or use a assignment contract?
2.What is a good way to develop a buyers list?
3.What type of sales contract should I use, the 1 page type or the more detailed 5+ page type? State of Maryland.
4.What are some of the red flags I should look for when dealing with buyers and salers?
1.yes and when you put and or assigns you will have to use a assignment contract when your assigning a contract.
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in local newspaper in the real estate wanted ads, real estate clubs and bandit signs in your area. theres more ways but im kinda in a rush but these are great ways.
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it doesnt matter how long the contract is beacuse as long as it has the terms as follows, like whatever you discuss should be in there and some escape clauses. but since you are in maryland check with with a closing agent to see if you contract is viable.
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some red flags is def all gut feelings you know if something doesnt seem right then its a good chance it isnt. with sellers some red flags are if there are NOT motivated and just time wasters. So b4 you go ahead and do your homework on the property see why they want to sell and how much are they looking for. sometimes seller want retail for the home and when they wont go down in your buyers buying range. Then they should be talking to a realtor not a investor such as yourself. some sellers will give you a what this house is worth price for there home that is older then 6 months old meaning the house probably isnt worth what they say it is because the market always changes. so run your on comps so they wont beat you in the head with bull.
With buyers if they wont give you a non refundable deposit then they may be just wholesalers trying to take your deal, because REAL buyers will pay 500- 1000 bucks for a deposit.
Prada P hope this helps and goodluck :beer
Honestly Cramsey, I think more people can help out on this topic if the question is more narrow.
I think many of the other threads in these forums can help you as well.
I’ll help with Question #1.
In my experience, any Real Estate contract can be assigned, whether you say and/or assigns or not.
The exception is when the language in the contract elsewhere states “This contract cannot be assigned” or some other similarly-worded clause.
Many of the “standard” Real Estate contracts these days have a check box or something that addresses the issue directly by saying something like “This contract is__ or is not__ assignable to a 3rd party”
Remember that you can do almost anything, as long as it is disclosed.
If the buyer knows that you are assigning the contract to them, they will not feel that they are being cheated. If they are a buyer who understands this business, they will be happy if they are getting a deal that they wanted, rather than being focused on counting the money in your pocket.
If the seller knows that there is a possibility that you may assign the contract to another party, they may be uneasy, but if the seller is motivated to do business and sell (you should have pre-screened them on that one anyway) then you shouldn’t have a lot of issues.
There are some things you want to think about so you can address the Seller’s concerns, such as the 3rd party assignee being bound to the terms of the original contract you had with them. There are separate assignment contracts that are outside the body of the Purchase and Sale Agreement that release you from harm or liability if the buyer you assign to has some “issues” which can vary.
I suggest getting one of these additional assignment contracts or wording the assignment language appropriately so as to avoid backlash.
Question #2 anyone? :biggrin
Question #2 has been answered several times… All you need to do is to do a search for buyers list. Here is one of the threads → http://www.reiclub.com/forums/index.php/topic,35607.0.html to get you started…
Question #3 anyone? :biggrin