Contracts and Forms - Posted by Al

Posted by sterling on February 24, 2005 at 07:25:35:

Just type up “intent to buy statemnent” nothing fancy. Give the seller $500 down payment (nonrefundable) and tell the seller you will close in so many days. If the seller agrees to this then make sure you have him paid or you lose your money.

P.S. If you can’t do this deal there will always be another deal, down the road.

Contracts and Forms - Posted by Al

Posted by Al on February 24, 2005 at 05:38:37:

Hello everyone I have put togeher my first Deal. (with everyones willing Advice, Special thanks to Tony and Lyal) I am recieving 195 a month for 41 months.

My question is for my second deal. I am eager to get this next lil trailer but my money is funny at the moment. I want to give the owner a small amount to hold the trailer for me. I know that that the owner is wanting to get rid of this badly and will move to who ever shakes some money in their face. I would, I just can’t at the moment. Is there a contract or form that I can put it on Lay-Away or something in order to keep the owner from selling until after my “lay-away” period has ended?

Re: Contracts and Forms - Posted by Johnp

Posted by Johnp on February 25, 2005 at 21:29:06:

Do not give the owner $500.00 dollars. What happens if you cannot buy the home the seller keeps your cash. Karl gave you some good advice. i would follow it.


Re: Contracts and Forms - Posted by Karl (Oh)

Posted by Karl (Oh) on February 24, 2005 at 11:41:12:

Offering a $500 non-refundable deposit right off the bat is not a good idea.

First find out what they need. Would $100 hold to home for a month or two? Or even $20? Would they be willing to sell you the home on payments? That would both solve your cash problem, and get you the home quicker. Talk to the seller, if they’re motivated, they’ll be flexible. If you can’t work out an agreement right now, move on to the next deal. More than likely, that home will still be available when your cash comes in, and at a better price.

If you reach an agreement, write up a purchase agreement just like you would on any home you buy, but put an expiration date that gives you the time you need.

Karl Kleiner