How to make an offer?

Question

I am new and live in northwest Indiana, I am sort of lost on the statement "have them under contract", Where do I find these contracts? and then who do I sent it to say if it is a REO, or who do I talk to at the bank, I guess this maybe very basic, but I thought it would not hurt to ask.

Mike Osterman · Answer

Conversion Process To Cash:

1. Get something, anything in writing.

2. Take contract to escrow + Ernest Money (1$-?)

3. Show property to one or two buyers who pay cash.

4.Assign contract, double close, use buyers $ to fund escrow.

5. The nice folks at escrow will direct traffic and close escrow.

6. Take your check and go to lunch.

Of course there are variations, problems that arise etc. But mostly this is how I do business.  I'm really liking not fixing and flipping as I can make just as much moving paper.

Rhonda Heckathorn · Answer

Thank you Mike, I should be taking my first real step soon, I will let you know how it goes.

Rhonda Heckathorn · Answer

Thank You, I will most likely will have more questions, but I am want to be clear with things, as I am getting ready to put my first offers together. Thank you again

Matt Devincenzo · Answer

You can google "indiana real estate purchase agreement" you'll find pages that come up with some, below is one off of a local realtors association website.

http://www.sira.org/PDF-Forms/SIRA%20Sales%20Forms%202009/Purchase%20Agreement_08042011.pdf

If you are going after REOs then you would submit your purchase agreement to the realtor that is listing the property and they will forward it to the bank just like with a traditional MLS seller. In this case the listing agent can forward you a copy of the agreement that you just need to sign and send back.

I know in one of your other posts you mentioned trying to contact the bank directly. I doubt you will have much luck on that front, but if you attempt that route you need to get in contact with someone and then find out from them who you could submit the offer to.

Jon Holdman · Answer

"The contract" is a "purchase and sale agreement" or something similar.  The real estate board, or whatever its called in Indiana, will have a standard contract.  That's a good starting point.

Bank owned properties are, eventually, listed with an agent.  You can try talking to the listing agent.  Some will be willing to work with you, some will want you to work with your own buyer's agent.

How to make an offer?

Most Popular Reply