All Forum Posts by: Account Closed

Doing FSBO on a residential property, sales price less than 160K Which is better for me, as seller, to use, this Letter of intent to Purchase or, the Agreement to Sell and Purchase in the other post? What needs improved, and how? What's missing?
Thanks,
Ofgift

LETTER OF INTENT TO PURCHASE
Date: __________________________
To: (seller)
From: ___(buyer)_______________________
Re: Residential property located at ___________________________ AZ.
The following sets out the basic terms upon which we would be prepared to purchase the
Property. The terms are not comprehensive and we expect that additional terms [including reasonable warranties and representation,] will be incorporated into a formal agreement (the “Agreementâ€) to be negotiated. The basic terms are as follows:
1. Purchaser: _____________________________ or it’s nominee
2. Vendor: Current owner of the Property _____(seller)____
3. Property: _______________________AZ, free and clear of all liens, charges and encumbrances at Closing, except: [e.g. those recorded on title to the Property as at the date hereof, with the exception of the Vendor’s mortgage(s)].
4. Purchase Offer:
Initial Deposit $_________________
New first mortgage $______________
Balance$_______________

5. DEPOSIT: Upon execution of the Agreement, the Purchaser will deposit the amount of $________________ which will be fully refundable if the Conditions Precedent are not satisfied or waived in writing by the Purchaser. Otherwise, the Deposit will be applied to the Purchase Price at Closing. If the Purchaser defaults at closing, the Deposit will be retained by the Vendor as its sole remedy.

OR THIS ONE
5. DEPOSIT: Upon execution of the Agreement, the Purchaser will deposit the amount of $________________ with _____Title Company. . The Deposit will be applied to the Purchase Price at Closing. If the Purchaser defaults at closing, the Deposit will be retained by the Vendor as its sole remedy.

6. Time is of the essence. All Inspections are to be completed within 5 calendar days of acceptance of offer, including review and approval of the documentation concerning the property, and Completion of satisfactory physical and environmental inspections of the Property, and Completion of satisfactory due diligence search and examinations, and
Satisfactory review of the title of the Property, and
Satisfactory mortgage financing being arranged for the purchase of the Property, all within 5 calendar days of acceptance of offer.

7. Additional Items: This letter of intent hereby states the major terms of the agreement
that the Purchaser would be prepared to move forward with.
This letter of intent is not a legally binding agreement between Purchaser and Vendor.
The above terms are accepted this ___________ Day of _______________, 2009

Signed: _____________________________________

Name: _____________________________________

Address ____________________________________________________________
Phone: ( ) Fax: ( ) Email:

Doing FSBO on a residential property, sales price less than 160K Which is better for me, as seller, to use, this agreement, or, the Letter of intent to Purchase in the next post? What needs improved, and how? What's missing?
Thanks,
Ofgift

Agreement to purchase and sell real estate

1: PARTIES: _____, Trustee, (Seller), agrees to sell and convey to _____________________________ (Buyer) and Buyer agrees to buy from Seller the property described below:

2: PROPERTY: That particular real property comprising; _________________, Lot ____ otherwise known __________________, ____________________, ______ County, Arizona. Together with all of the following items; window coverings, mirrors, lighting and plumbing fixtures, installed heating and evaporative cooling units with controls, shrubbery and all other property owned by the Seller and attached to the above described real property.

3: SALES PRICE:

A. Cash portion of Sales Price payable by buyer $ ___________

B. Sum of notes described below $ ___________

C. Sales price (Sum of A and B) $___________

4: FINANCING: The portion of the Sales Price not payable in cash shall be paid as follows:
Purchase Offer: $_________________
A) Initial Deposit $______________
B) New first mortgage $_______________
Balance $_______________
5: EARNEST MONEY: Buyer will deposit $_____________ as Earnest Money with _____________________ Title Company.

6. PROPERTY CONDITIONS: Buyer accepts the Property in its present condition.

7: Buyer is liable for all taxes, insurance and Homeowners Association fees from the date of closing of this contract. Buyer will pay the first $400 of document preparation fees.

8. Seller is responsible for all taxes, insurance and Homeowner’s Association fees up to the date of closing.

9: CLOSING: Closing shall be no later than ___________________, 2009.

This contract signed on: ______________________

Seller: ____________________________________

Buyer: ____________________________________

Who's paying the utilities?
Ofgift

Thanks, Jon.
WHO gets the info from the lender, then, the buyer? or both buyer and seller?
If only buyer, can the buyer alter that report in his favor?

Ofgift

If my house does not appraise at the listed price, but rather somewhat below, what are my options?
To clarify somewhat, a buyer's agent said I would then have to sell at or below the appraised amount.

doesn't the appraised amount mean what the bank will lend for it? If it is listed at 55K, and appraises at 50K, won't the lender give the 50K, and the buyer comes up with the other 5K?

Or, is it realistic to expect to sell only for the appraised amount?

Who choses the appraiser, the seller, the buyer, the lender?

Thanks.
Ofgift

LOL!

Ofgift

Until people come along and tell 36,504 registered members where to get the info practically free, and with feedback included! :mrgreen:
FWIW, Jason Loucks was not the first to do that. If you read back through the archives, there's mention of another man, one with whom Bill Effros worked for a time, I believe. They agreed to disagree, and the other fellow was doing a variety of things Bill refused to do, which cost people a lot more money.
So are you going to be a high priced guru and take people for all you can, too? Remember what goes around...
Ofgift

http://www.howtosellyourhomein5days.com/5-day.cgim?template=forum

There, you can both SUBSCRIBE to the e-mail forum and read the archives right now for July, Someplace there are directions for reading the rest of the archives. You might have to ask on the email forum.

Ofgift

Again, thanks. I have 3% co-op both on the mls listing, and on the sign in front of the house.
I thought I'd also offer a 1% bonus to agents that call to show it.
OR, would you suggest that I just make it a 4% commission for an offer I accept, or a full/near full price offer?
Ofgift

Originally posted by Jon Ernest:

The problem with an unsold house can be boiled down to three things, Price, Pitch, and Presentation. So I'd lean towards Paul's suggestion of being aggressive with the price..

Hi, Jon, Thanks for your response. I had one offer which was way low. I countered, and they said no. I talked to two agents later, both agreed the offer was low. Sometimes now, I wish I had jumped at it. :cry: too late smart!

Originally posted by Jon Ernest:

I'd re-evaluate the current market price, find out the % difference between average list price versus the average sale price in the area. Then take the newly evaluated/market price, and subtract the difference between the average List Price and Sales Price. Then take off another few thousand bucks for good measure..

It's time.

Originally posted by Jon Ernest:

Also, I'd like a little more information from the situation. You have it posted on MLS, but you are getting the calls. Do you have it listed with an agent? Or are you doing an "Entry Only" listing?

It is on the MLS via a flat fee listing. Agents see info to call me in their "agents only" website, and when buyers call the listing agent, the lister directs them to call me.

Originally posted by Jon Ernest:

It sounds like you might still be living there, if this is true, is the place cluttered?

No, not living there, and the house is-has been empty for months. It's spit-shined and painted. Just last week had it it inspected by a state licensed inspector, and his few suggested repairs have been made but one, and we hope to do that tonight.
Looks good inside and out. If you go to "properties" and search for "Fruit Tree" in properties, you'll see my BP listing.

Still, it's been only a month on the mls, and standard now is 90 to 115+ days.

Again, I appreciate your suggestions. Thanks.
Ofgift