real estate contract/addendum - Posted by Carol

Posted by BTI on June 28, 2006 at 10:18:27:

Carol

Joe is trying to help you, help you stay out of jail or paying a large fine. In my state the way your trying to set up the deal would be considered a disguised listing, and you would need to be licensed.

Not being licensed, $10,000 fine and/or one-year in jail.

You can do what your trying to do, but you have to do it legally so keep reading the post here and the archives and avoid a judge that won’t care your 62 and wanting money for a better life. I’m sure a few bank robbers have tried similiar defenses.

Plus how are you going to feel if the seller is smart enough to know even if you bring him a bona fide offer and it closes, he doesn’t have to pay you a dime and doesn’t.

BTI

real estate contract/addendum - Posted by Carol

Posted by Carol on June 27, 2006 at 13:12:42:

Hi, How do I put in an offer on an 8-family unit, with an addendum that I am going to assign (of course, for a higer price), and whoever finds a buyer first (The seller, or me), wins. In other words, If I find a buyer, I make $$, if the seller finds a buyer first, I am out of the picture. Seller is happy to have me helping sell his property. Thanks.

Re: real estate contract/addendum - Posted by Joe Kaiser

Posted by Joe Kaiser on June 27, 2006 at 20:29:12:

What’s the deal with this addendum thing you keep bringing up?

You’re not permitted to help the seller sell his property. It’s against the
law to do so.

Why don’t you just get a license and list these things?

Joe

Re: real estate contract/addendum - Posted by brandon

Posted by brandon on June 27, 2006 at 14:09:50:

Just write what you want in the special provisions section of the contract (usually a big blank space on the conract where that area is). You could say something like, “Notwithstanding anything in this agreement to the contrary, this purchase contract shall be terminated if Seller obtains a written offer to purchase that is greater than the purchase price listed on this agreement. Furthermore, in such event, Buyer shall have the right of first refusal allowing Buyer to raise the purchase price above that of the competing written offer should Buyer wish to do so.” That last part will force the seller to let you try to beat the other higher price. Hope that helps.

Re: real estate contract/addendum - Posted by Carol

Posted by Carol on June 28, 2006 at 07:53:50:

Hey, Joe: I thought this forum was to help one another. If I keep ‘bringing up this addendum thing’ maybe you should ignore it instead of sending me such a nasty email. I am almost 62 years old, tired of living in poverty, am studying my ass off to learn things and am looking for help. I guess you rule the roost on who can ask for help??? or what they can ask for??? Bless your heart that you are so young and things have gone so well for you. With the little bit I have ever had, I always helped others. Now it is my turn to have a few $$ before I croak. Carol

Re: real estate contract/addendum - Posted by MIchaelNelson

Posted by MIchaelNelson on July 03, 2006 at 08:14:26:

Carol…It seems as though you may be going through an emotional time now, we can all relate to that. But if you are going to post questions on the board, try and have a little tougher skin…I have been reading Joe’s posts religiously for months now and he offers some of the best advise here. I don’t think he has time to sugar coat all of his answers. Set your pride aside and try and solve your problem. YOu are only compounding your problems by getting offended that way. I have seen some ‘nasty’ posts on this site, and Joe’s post definately did not qualify as ‘nasty’…just to the point, which is what he is known for.

–Mike

Re: real estate contract/addendum - Posted by Joe Kaiser

Posted by Joe Kaiser on June 28, 2006 at 13:41:05:

That was nasty? I am amazed, again.

You’ve brought up the addendum thing several times. There’s no need
for an addendum to do what you’re attempting, apparently, to do.
That’s why I asked.

You mentioned helping the owner sell. That’s what agents with licenses
do. For you to think it was a function of your role as an investor was
troubling to me. That’s why I asked.

And if helping to sell is what you’re interested in doing, becoming an
agent may be what you’re looking for. Again, why I asked.

Joe