This is definetly a newb question but i just wanna clear things up. If i wish to submit a written offer to a seller what do i do.
Do I…
A. Simply type out that i would like to buy their house for X amount of dollars on X terms.
or
B. Print out a contract and fill out everything except our signatures.
Thanks in advance for your help in clearin this up. 8)
Multiple answers here.
I have personally found that a letter of intent or an intent to purchase does not always get taken seriously buy some sellers. It is not a common instrument to use in single or smaller multi properties.
Is it a typical / simple offer to purchase? Is there owner financing? If yes, have you discussed terms, interest rate?
If it’s some funky deal that you will be going back and forth over the details, you will drive yourself nuts modifying a purchase contract over and over so an Intent to purchase may be appropriate.
I have had butter luck with a standard Real Estate Purchse contract.
If you hash out the details first, I suggest using that.
It may be different in larger or commercial properties because the terms may be changed several times before the contract is written up.
Let me know privately if you want an example of either or both. They are geared for CT but it will give you a good example.
JeffInCT
Well right now I’m just interested in a straightforward contract to purpose. Something I could use when wholesaling, i have onei bought from office depot but it has some things that would need changing (non-assign clause, etc) and its kind of long. Is there a way to cut down on the legal language and get a solid 1-2 page contract? thanks for the help 8)