Documents...
When going to speak with the seller, what is the complete and necessary list of documents that you should have with you....and part 2 of the question: Should you then have your RE attorney approve everything before getting back with seller? Just double checking on procedure...very new to this REI. Thanks in advance.
This may depend on what you want to offer and at what stage you are visiting the seller. The short answer is bring a blank purchase agreement. I have negotiated with a seller without having any documents with the idea that whatever terms we come to will be put into a formal document later.
Hopefully, you are talking to the seller over the phone and finding out about the property and the seller's needs/desires.
A start on seller's needs is to ask two questions.
1) Why do you want to sell?
This can be cast in a less terse way by asking, "Why would you want to leave such a lovely home?", etc.
2) What do you need from the sale?
The answer you will almost always get is "money". I follow this answer with
"If I gave you the money you want, what would you do with it?"
This will get you much closer to the seller's needs. I had one seller tell me he wanted to buy a mobile home so he and his wife could live near his wife's sister. You can guess what I did the next day. I went looking to buy a mobile home at a discount.
Pardon the long winded response, but I hope that this will give you a little guidance in dealing directly with sellers.
You will have to be more specific on what type of property it is, Foreclosure, REO ect, and how you plan on purchasing the property, as there are many forms to use and many ways to buy.
Take a blank deed and if they are giving away the house get them signed up. If you can not get a notary to go with you or go see on then, you can get it notarized later. Also take blank EM contracts if you want to pay them money at a later date. Have title checked first.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Thanks to all for your replies....I love this forum....even more than a certian 'other' site with forums. You people seem so genuine and when I have any 'deal' questions this is where I will return for good advice! Merry X-mas and good luck to all!
Pam