Controlling A Deal
How can I make sure, as a buyer, that the seller won’t make a deal with the next investor who comes his/her way? Would a sales contract be enough to make sure I won’t loose the deal? I’ve heard about trying to get the deed of the house, but I understand that chain of title issues could arise.
Yes, get it into contract, put earnest money down, and you have a binding deal. Be sure to give yourself an "out" clause if you're planning on flipping or otherwise don't have the financing finalized. In fact, you should always give yourself an out clause even if you do have financing 100% confirmed, you never know what might happen prior to closing.
Protecting yourself on a written but unrecorded deal?
You might benefit from reading my article on this subject on this site, in Articles, which I wrote a few weeks back.
It deals directlywith this subject.
Best wishes on your REI success!
Sign a contract with the seller and then execute (and notarize) a memorandum of agreement referecing the contract and have it recorded in the county recorders office. this will create a cloud on the title.
J