Found Property Now What ?
I found a property way priced way under value . What vis the best way to proceed ? Should I put some earnest $$ down with a contract that is 60 days to close and transferable or how else could I and should I do this ??
Any help would be great .. If I do put earnest $$ down how much is the normal amount ...
Are there any other stipulatiosn I should put in the contrcat?
I would shoot for $500 or less for escrow, on the contract put your name "or as assigns" as the buyer. Then, work your list of investors and contact them to tell them what you have.
[addsig]
Where can someone get a contract that will stand up in court? What happens if you do not assign the property in time?
Where can I get the contracts I see mentioned such as assignments and purchase options? Are these standard forms a lawyer can print out with a few adjustments or do they need to be created? I just sold a property and my agent said " Home Depot" form do to stand up in court.
Lots of office product stores has them--but best from a lawyer who can make sure all details you want are covered plus his added inputs...
Look in the papers for the rents in your area. Alternatively you could go the MLS in Dallas and enter search criteria for rent in your Zipcode where you are looking to buy.
stats like vacency rate are published on a quarterly basis is I recall.
You can get on the mailing list of some of the nationwide brokers too, and they send out these types of reports as well.
Because some people may not have any cash to use for an earnest money deposit. They may lack the confidence to put their neck out there and actually obligate themselves to buy a property without having a buyer lined up. Some use bird-dogging as a way to work with an experienced investor.
Not everyone starts out with the same level of knowledge, or confidence.
Jeff was right; additionally, some people are limited physically
earnest money? i only give them 1.00 usually and its worked about 5 times so far.