Question.
I find the seller.
I speak to the seller.
We work out a price.
Whats next?
I know that there is suppose to be a contract somewhere, but I am not exactly sure what type of contract of would make with the seller if I am bird doggin.
Please help ASAP.
Anyone?
Good Evening Bluedogger,
The people that bring me deals have a contract with me, I work on a full disclosure basis, nothing hidden. When a deal is brought to me, meeting the pre-set criteria in terms of total amounts, profit, etc. I then guide the deal, including useing my paperwork and sometimes speaking with the sellers on the phone or in person, with the person who brought me the deal on the line or at the meeting if possible. The people who bring me deals know upfront what they are getting.
It’s just my opinion, but I wouldn’t complete a deal and then look for someone to assign it too. That can create too many what-if’s.
Go Get’em!
Ray Rochefort, mgr. mem.
Purpose Investments LLC
Ok,
So even though I am birddogging, I still need a contract from the seller.
But than that would make me a wholesaler, because if I just had the contract, I could just wholesale it to another investor.
Hey Blueboxer,
Not at all. The birddoggers that bring me deals, simply bring me all the information they know I need to make a decision on a deal. I use my paperwork and have conversations with the sellers as well as the birddogger.
That is just how I do it, there are probably several other ways, maybe even some better. I have just had good luck doing it this way.
Go Get’em!
Ray Rochefort, mgr. mem.
Purpose Investments LLC
rayr, what forms do you use to take over the property after speaking with the sellers, i think a few of us would like to know this one, what’s the name of this particular contract, thanks :-\ trish
Hey Trish,
If I am negotiating the deal myself, I use the paperwork I had an attorney and some other investors put together;
a. Sales Agreement - whether this is a Lease-Option or an outright
sale.
b. Limited Power of Attorney - which the sellers get notarized.
c. Permission to Release Information - I use this with lenders,
insurance agents, appraisers, etc. Anyone I want to obtain
information from that may not want too because of the Privacy Act.
d. Permission to Market Property - this will allow you to place a sign in
the yard, ad in the newspaper, talk with real estate agents and
neighbors.
e. Option to Assign - this one is obvious.
f. Disclaimer Form - this is where the sellers have the opporutnity to
be honest with me about their knowledge of the property. I have
never had to do it and I don’t know how legal it would be in every
state; but on this form it notes that any monies I need to spend to
correct an item not listed that I can show they knew about will be
deducted times 3 from any monies they are receiving from the deal.
If I have to spend $100.00, I deduct $300.00. Please note, this is
not something you want to have to do, but it tends to bring out
honesty in the sellers.
Is this what you were asking?
Good Luck!
Ray Rochefort, mgr. mem.
Purpose Investments LLC
HEY RAYR, THANKS FOR THE REPLY, YOU DONE A GOOD THING, TO HAVE YOUR ATTORNEY PUT THE PACKAGE TOGETHER FOR YOU, I REALLY THINK I AM QUESTIONING, WHAT ARE WARRANTY DEEDS FOR OR QUIK CLAIM DEED I,M TALKING FOR EMERGENCYRUSH SITUATIONS, ARE THESE FORMS SUBSTANTIAL OR NOT, DOES A PURCHASE AGREEMENT GO ALONG WITH THESE 8) ONES, OR DOES ONE TAKE THE PLACE FOR THE OTHER
Hey Trish,
Why are you YELLING in all of your posts?? :director:
Please take your cap lock off…it is considered yelling and rude in discussion forums!
Moderator
i am very, very sorry, i am new at this,and every forum is different, now i did not know the caps had something to do with it, and i did not know we can actually hear one another, thanks for the notice, i am niot a rude person, thanks again
Hey Trish,
That’s OK, I 3 daughters and a wife, I am used to getting yelled at! Ha Ha
The Quit Claim Deed along with a Limited Power of Attorney gives you the power to make decisions with the property, sale, repair, etc. Now this can be different in different states, so check with a real estate attorney before moving forward. In most cases, this won’t cost any more than a few hundred dollars to sit down with an attorney for an hour. Then of course there is the cost of the antibiotics and full scrub toxic removing shower once the meeting is over…ok I went to far that time! Ha Ha I have friends that are attornies and still don’t like them.
Go Get’em!
Ray Rochefort, mgr. mem.
Purpose Investments LLC