hello all, i am a new inverster out of chicago and i was wondering should my offers be made verbally or should i write them up? when it come to filling out the purchase agreement, do i note the askng price or the negotiated price. infact does anyone have a completed sample of a purchase agreement so i can get some idea how to fill them out. like i said i am new to this and i want to get started. infact i need to really get going. chicago has a lot of distressed property especially on my side of town. any suggestions are welcome.
i also read that reo’s do not like to deal whne there are assignments in the contract. i really don’t want to have to rehab anything right now but if i must so be it. what is the average amount of time it will take to rehab say a sf 3/2 home.
IMO, it’s not a serious offer unless it’s in writing.
Besides, a verbal real estate contract is not binding…do it in writing!
Keith
htjohnson - I agree with Keith that your offer should be in writing. And I would also recommend to do all the negotiation in writing. Instead of calling the realtor and telling him what your offer is and asking if their seller would be fine, and going back and forth with numbers, I would pur the very first offer in writing and wait for a counter. There are two reasons why I feel you should negotiate in writing - (1) sometimes people will tell you that your offer is unacceptable when you make it verbally, however when they see it in writing, they may be tempted to accept it. (2) if you negotiate verbally first, then when you think you have an agreement you put the offer in paper and send it in. You are basically giving the seller another chance to decline or counter. If you put it in writing when you reach an agreement, you have a binding contract… :O)
Hey - I am new to this real estate investing thing. Actually I haven’t bought my first investment property yet. So take my comments above for what they are worth… More experienced investors may have a different opinion.
Hope this helps. Have a great day!
PS: I almost forgot about your request for a copy of real estate contract. Each state is different and have its own laws and regulations. And I believe most states have “standard” contracts that are used by the realtors in the state. You can probably find one online for your estate or alternatively ask a local realtor. Good luck!
thanks. sounds logical. i guess i’m thinking to hard. i’m new and have not made any deals yet and i’m amxious to do so. just trying to make as little mistakes as possible. the whole no money down concept is intriguing and that what i’m trying to do. which brough up the question about the contract becasue i can’t afford a lawyer right now. trying to get that first deal!!!