Flipping & Offer to Purchase - Posted by Aaron in Fl

Real Estate Investing
#1

Posted by MikeMn on November 10, 2000 at 14:13:38:

This is what I do:

I ask how much they want, I figure out what I can
give them, and see if it’s worth my time.

Once agreed, I tell them that I want the option to
buy the home at that price. If I can’t sell the
home, I agree to hire an agent to sell the home
and pay the commission.

I get them either way. I don’t do fixer upper.
You’d be surprised the difference between what
people want and what you can sell for.

: )

Good luck

Mike

#2

Flipping & Offer to Purchase - Posted by Aaron in Fl

Posted by Aaron in Fl on November 10, 2000 at 12:13:59:

Hello Everyone,

I’ve got a question about acquiring properties to flip. If I have the owner sign a “Offer To Purchase” agreement, which is assignable, do I really have to get together with them again and have them sign an actual “Purchase Contract”.

I guess what I’m asking is, is there a difference between the two, or is just a different way of saying and accomplishing the same thing?

The reason I ask is that tomorrow I’m looking at a fixer upper that I am hoping to sign on and flip to another investor. I have an “Offer to Purchase” agreement but not an actual “Purchase Contract.”

Thank you

Aaron in FL

#3

Re: Flipping & Offer to Purchase - Posted by MikeMn

Posted by MikeMn on November 10, 2000 at 12:43:42:

I’ve always used an option to buy contract for $1. This gives me time to find a buyer, while giving the
seller room to sell on his own.

If you do an offer purchase, the seller may
ask for a down payment.

Mike

#4

Re: Flipping & Offer to Purchase - Posted by jp

Posted by jp on November 11, 2000 at 12:51:51:

Mike, sounds interesting. How may I get a copy of your “option to buy contract for $1” I’m in need of a good contract to use & I’d like to check it out. Thanks in advance.

…jp

#5

Re: Flipping & Offer to Purchase - Posted by Aaron

Posted by Aaron on November 10, 2000 at 13:33:35:

Thanks for your reply Mike. If you don’t mind my asking, what is the gist of your contract? If I understand you correctly, the seller may still sell to someone else, before you find a buyer?

Thanks,
Aaron

#6

Re: Flipping & Offer to Purchase - Posted by dewCO

Posted by dewCO on November 11, 2000 at 20:29:46:

Try legalwiz.com

#7

Re: Flipping & Offer to Purchase - Posted by dewCO

Posted by dewCO on November 11, 2000 at 20:28:54:

Your two contracts are the same thing Aaron. Go to legalwiz.com they probably have an option (contract) there and you also need a memorandum of option.