Posted by ChrisX on September 12, 2006 at 24:25:55:
Hi Dan,
If the property is listed, you can use the agent’s form to submit your offer. You’ll offer a purchase price of XXX. In the “financing” terms, you’ll just offer XXX down with payments of XXX at XXX% interest, amortized for XXX years, due in XXX years (with a large balloon for the balance of the note).
I would suggest a longer term for the payoff (though I don’t know the numbers involved). I’d give myself a minimum of 2 years, and 3-5 years if possible, cause time flies.
If the property is FSBO, you can use a purchase agreement/offer form from any real estate course or from some of the websites that offer them (with approval from your trusty attorney of course) or from one of your investor contacts at your local real estate group (same attorney caution).
All offers (and the forms they’re written on) are yours to play with, create with, cross out and initial, write in and initial, and add addendums to, if you like. It’s just a legal documentation of your plan (offer) and their agreement (acceptance), when completed.
ChrisX