How to get a Seller under Contract

Question

I am trying to get into Rental Real Estate. I want to make sure I have everything in order. If I find a seller what type of contract do I need to have to follow through with the purchase? I am in Utah, is there a state specific contract or can I write my own? What phrases or keywords are recommended if I do write my own contract? Any help would be greatly appreciated!

-Matt O

William Hochstedler · Answer

The state approved forms are public.

https://realestate.utah.gov/re...

On the left of the screen you will see a section called "Forms"  expand that and select "State Approved Forms"

Miguel Lopez · Answer

I know you can download the Utah REPC online. I haven't used before so can't answer more questions on it lol.

William Hochstedler · Answer

I'm just seeing this.

Seller financing can be great for both the buyer and the seller depending on their needs.  The problem with seller financing in this market is that institutional lending rates are so low and sellers typically want higher interest.  This is not always the case, particularly with sellers who have a lot of equity and can spread that out into installments.

The wonderful thing about real estate is that there are a lot of different variables available to create deals that work for both parties.  What are your primary goals in this purchase and what are the seller's?

Matthew O'Dell · Answer

@William Hochstedler

Thank you for your help!

I am using a Realtor friend to write an offer on the purchase of an income property. I was told that writing an offer with any seller financing during this market is not a good idea. Is this true? Should I still try to write multiple offers with different types of financing options for a better likelihood of getting under contract or should I just go with full price, 21 day close conventional financing like my Realtor recommends? If seller financing is actually an option would it be possible to have the seller carry a portion as well as a financial institution or will that create a conflict?

Thank you again!

How to get a Seller under Contract

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