All Forum Posts by: Phil Z.

Use a Realtor contract with some Additional Terms .. and make sure it is assignable without seller approval.

For the assignment contract, you can either find one online or write one up and ask an attorney to review it.  As long as you both sign a piece of paper stating you are assigning X contract dated XX-XX-XXXX  for $X .. then that is the minimum you need assuming everything goes smoothly.  All the other stuff you add is just to protect yourself and the seller since you want to make sure the end buyer maintains your same ethic values.

IF you are going by the town appraisal, then I would go up to $250k because a lot of times they can over value distressed properties that need a lot of repairs.

1900s isn't that old for a multi-family in a lot of neighborhoods.

They send out an email blast and the FIRST to accept, gets the assignment.   Appraisals are a little bit different.

- Bank could require new documents

- Bank could decline the seller for short sale and/or recommend loan modification

- Bank could request a promissory note and the seller declines.

- 2nd Lien or Judgement Lien could require more than they are allowed by the 1st.

- Appraisal can come in too high

- Appraisal can become too old and bank require new

.. the list goes on and on.  Too much of an open ended question for a straight answer.

I wouldn't have exactly said: I'm trying to make money.  I would have said I am already paying top dollar and its not WORTH a penny more.

You will definitely have to Double Close if you wait for approval.

If its a deal its a deal .. they really aren't that easy to find .. so it's unlikely your 1st lead is going to even be worth writing an offer.  If they are motivated enough then go ahead and do the deal.

As Jon said, check local town Sign Ordinances.  I think the 'standard' for many cities that even allow them is they can be up after 5pm on Friday and have to be taken down before Monday morning.

As far as false advertising .. that's a stretch.  And as James said .. why do you feel entitled to your deposit back for backing out?  If you have real cash buyers lined up and you do the numbers properly, then you should have no problem putting a small deposit on the line to make a lot of money.

Just use the local board contract (if your allowed to).  Make sure it says its assignable without seller approval or cross out NOT assignable and make it assignable (buyer and sellers initial changes).