I’M GETTING A BIT CONFUSED, BECAUSE I WAS TOLD TO HAVE THE SELLER SIGN A PNS AGREEMENT WHEN I FIRST MEET WITH THEM. CAN SOMEONE PLEASE GIVE ME SOME ADVICE AS TO WHAT DOCUMENTS DO I HAVE THE SELLER SIGN WHEN I MEET WITH THEM? THE SELLER WANTS TO SELL ME THEIR HOUSE AND I JUST WANT TO MAKE SURE THAT I HAVE THEM FILL OUT ALL OF THE RIGHT DOCUMENTS. THANKS IN ADVANCE FOR ALL ADVICE!!!
Hi, I have never heard that you have to sign papers to go meet someone. I think that is incorrect.
If you plan on purchasing the home, make sure that you have a Purchase/ Sales Agreement. (You never know if you are going to offer instantly). If your new to REI, I would take contact information and tell them you will get back to them tomorrow, with your numbers.
Make sure you take all pertinent information down regarding house. Pull comps if you can prior to your visit. That way, you can have an idea of what you should offer vs. thier selling price.
Hope this helps.
Thanks so much for that.
Thank YOU so much for finding your capslock key ;D
You may want authorization letter signed by the home owner. This give you permission to call the lender(s) and find out about their payoff balance. I would also get a list of lien holder and their contacts.
If you have title company handy… have them search the title and give you brief overview and them make the educated guess.
Remeber to put exit clauses such as…
- …subject to complete inspection and satisfaction of inspection outcome.
above clause will let you get out even if you have a light bulb out in the home.
are you personally buying this house for resale not a home to live in yourself… Depends on your state… in california if you are approaching people in foreclosure (NOD has been served) and you are buying it to flip then you need to have them sign the document stating you met today date and will return i believe 3 or 5 days later have them sign it again showing you waited to talk money. Civil code 1695 for California. this is a big OOOOPs if you don’t do this with trebel damages as the consequences.
Ck your state laws on this area…
I’m in Florida and I’m buying this home for me and my family to live in. The home is in pre-foreclosure. I met with the owner’s already and they have agreed to sell it to me, but now I’m going to talk with their bank to do a short sale.
As DWF said…
authorization letter signed by the home owner. This give you permission to call the lender(s) and find out about their payoff balance. I would also get a list of lien holder and their contacts.
Got any more deals in FL… send em my way…
i dont really know this answer for sure, but i think i understand what you are saying, i have asked this simular question myself, but it really hav’nt been answered yet, you mean if you were taking over the property for whatever reason, and you promised to help the people move and some cash, and they signed : over this property, there is a form i believe you use, let’s ask again, good luck, yes, also, there are many different types of forms, but we need this particular one to do this business
Just my two cents, but of course don’t take my advice until talking with your attorney, accountant, real estate agent, pastor and best friend from high school. (now that’s an air tight disclaimer!)
This is what I have the sellers sign;
SALES AGREEMENT - This details all the responsibilites of each party and all the legal fun stuff.
PERMISSION TO RELEASE INFORMATION - This is what you fax to the lender, insurance company, utility company, etc. so they are comfortable releasing property and finance information to you.
LIMITED POWER OF ATTORNEY - Some lending instituations don’t recognize the PTRI sheet and require this form. This form is notarized by the seller.
PERMISSION TO MARKET PROPERTY - This allows you to put up a sign, talk to real estate, place an ad in the paper and talk to neighbors about selling the house.
DISCLAIMER FORM - This is always a fun one! This is where the sellers have the opportunity to be honest about what they know of their home. Many times having this form filled out can help negotiate a better number on the property…yes, the fact the backyard is a rushing river each time it rains a drop is reason to negotiate a better number. You will be amazed at what items will be listed you would have never seen.
ADDENDUM FORM - if of course there are any additional items not included in the normal paperwork.
MEMORANDUM OF OPTION - This is notarized by the seller and you file it with the courthouse to cloud the title.
(I don’t go with the people to have the forms notarized, you want it said they did this of their own free will)
I understand these forms won’t work in every state and in some states like California and Texas there are laws in place that require things to be completed in a little different manner. But for most states, these have worked well for me.
Ray Rochefort, mgr. mem.
Purpose Investments LLC
Ray & Trish, thanks for taking time out to reply to my question.
Take care and God bless!!!
You just received an outstanding answer… If I may go one step further and supply you with the forms…Just let me know… theyre free
Do you need to use a purchase and sales contract like the ones Real Estate Agents use or can it be a little less “wording”? I heard that the contracts that Agents use are only good for Agents because the lingo contained in them are to protect the Agent. Is there a much simpler PNS contract that I can get?
I live in California.