Comments on: Real Estate Purchase Contract…Undressed (Free Download, Plus Video) http://reitips.com/free-real-estate-purchase-contract/ Real Estate Investing, Undressed: Tips, ideas and news real estate investors can use. Tue, 07 Feb 2012 18:38:00 +0000 hourly 1 By: Anonymous http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-155494 Anonymous Mon, 06 Feb 2012 17:09:00 +0000 http://reitips.com/?p=583#comment-155494 HI JP, I see that there are two fields for seller signature, does the seller have to sign twice or is the other sig field for us when we flip the house? Also, when does the purchase contract come in? Is it after you have a confirmed buyer? I just got a little confused on this since we tie up the property with an option, right? Thanks, Mon. ***sorry, can't edit handle on my disquss account*** HI JP,

I see that there are two fields for seller signature, does the seller have to sign twice or is the other sig field for us when we flip the house?

Also, when does the purchase contract come in? Is it after you have a confirmed buyer? I just got a little confused on this since we tie up the property with an option, right?

Thanks,

Mon.
***sorry, can’t edit handle on my disquss account***

]]> By: Valerie Robinson http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-155068 Valerie Robinson Tue, 26 Oct 2010 21:19:00 +0000 http://reitips.com/?p=583#comment-155068 Jp..Thanks you for the REI forms and the walk through steps. Valerie Robinson Jp..Thanks you for the REI forms and the walk through steps. Valerie Robinson

]]> By: jp moses http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-149883 jp moses Thu, 09 Sep 2010 13:43:00 +0000 http://reitips.com/?p=583#comment-149883 It's a little hard to explain...but "legal consideration" isn't necessarily the same thing as earnest money. I honestly don't understand it fully myself...I did at one point, back in the day when I took my Realtor licensure classes. But I know Earnest Money can count as legal consideration...but other things can also...even love and affection in TN (as I mentioned in the video - crazy, I know). Typically when a real estate contract mentions "for $10 and other good consideration" you don't actually give them the $10. No one I've ever known has done that. Not a lot of clarity there...but then again, I'm still lacking a little coffee this morning. :-) ...jp It’s a little hard to explain…but “legal consideration” isn’t necessarily the same thing as earnest money. I honestly don’t understand it fully myself…I did at one point, back in the day when I took my Realtor licensure classes. But I know Earnest Money can count as legal consideration…but other things can also…even love and affection in TN (as I mentioned in the video – crazy, I know).

Typically when a real estate contract mentions “for $10 and other good consideration” you don’t actually give them the $10. No one I’ve ever known has done that.

Not a lot of clarity there…but then again, I’m still lacking a little coffee this morning. :-)

…jp

]]> By: ShortSaleSDude http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-149854 ShortSaleSDude Thu, 09 Sep 2010 04:53:00 +0000 http://reitips.com/?p=583#comment-149854 JP, I owe you guys big time for these vids! Ok, consideration of $10, 20, 50, or $100 makes the contract enforceable, right? Now what is the purpose of the earnest money if I just put consideration down to enforce the contract? What is earnest money? How much earnest money is needed? JP, I owe you guys big time for these vids! Ok, consideration of $10, 20, 50, or $100 makes the contract enforceable, right? Now what is the purpose of the earnest money if I just put consideration down to enforce the contract? What is earnest money? How much earnest money is needed?

]]> By: Darlene http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-148017 Darlene Fri, 21 May 2010 16:33:22 +0000 http://reitips.com/?p=583#comment-148017 Thank you. Your site has been very helpful! Thank you. Your site has been very helpful!

]]> By: Chantelle http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-147863 Chantelle Thu, 08 Apr 2010 05:54:40 +0000 http://reitips.com/?p=583#comment-147863 Thanks for the free contract! Things like this are treated as gold with other gurus and they rarely give out their gold. Quick question: Do you have the Preston Ely call available to your readers? You have to be a member of Preston's club to hear any archives. Just wondering. <br><br>Thanks again! Thanks for the free contract! Things like this are treated as gold with other gurus and they rarely give out their gold. Quick question: Do you have the Preston Ely call available to your readers? You have to be a member of Preston's club to hear any archives. Just wondering.

Thanks again!

]]> By: Bill http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-102562 Bill Wed, 25 Nov 2009 00:47:21 +0000 http://reitips.com/?p=583#comment-102562 JP...Thankyou so much for the forms! you have hammered out a giant stumbling block that holds many people back from making wholesale deals happen!-namely: contractual confusion and fear of litigation and accountability.....your service is wonderful and I will refer this site to my colleagues Be well Bill Berry JP…Thankyou so much for the forms! you have hammered out a giant stumbling block that holds many people back from making wholesale deals happen!-namely: contractual confusion and fear of litigation and accountability…..your service is wonderful and I will refer this site to my colleagues

Be well
Bill Berry

]]> By: Bill http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-149021 Bill Wed, 25 Nov 2009 00:47:00 +0000 http://reitips.com/?p=583#comment-149021 JP...Thankyou so much for the forms! you have hammered out a giant stumbling block that holds many people back from making wholesale deals happen!-namely: contractual confusion and fear of litigation and accountability.....your service is wonderful and I will refer this site to my colleagues Be well Bill Berry JP…Thankyou so much for the forms! you have hammered out a giant stumbling block that holds many people back from making wholesale deals happen!-namely: contractual confusion and fear of litigation and accountability…..your service is wonderful and I will refer this site to my colleagues

Be well
Bill Berry

]]> By: Sharon http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-87273 Sharon Thu, 29 Oct 2009 04:14:52 +0000 http://reitips.com/?p=583#comment-87273 JP, I have a very motivated out-of-state seller that has forwarded a 2006 appraisal valued at $1.6 and now offering for $1.1. #1 how do I determine today's value? #2 Which contract would you suggest I use to flip? <blockquote><strong>Hi, Sharon. First of all, the 2006 appraisal is worth toilet paper. We all know today's market is a far cry from then. The only thing that matters is current comparables. Ideally within the last 3 months in most cases these days. And the more "stupid simple" they are, the better for you. I suggest trying for at least 3 "stupid simple" comps (borrowing that term from my buddy Bob :-) ) I know it may be hard to find comps for higher priced homes. And that's the problem with them in general. And that's part of what makes them riskier in today's market. I'd suggest doing your best possible due diligence based on as many comps as you can find. Then I'd tie it up with a "flexible option" if possible, rather than a contract. Explain that you won't close unless you find a buyer to flip it to, and it appraises for at least $X. You can get an option agreement from my packet of 53 forms, or just use one from your local board of Realtors. My best, ...jp</strong></blockquote> JP, I have a very motivated out-of-state seller that has forwarded a 2006 appraisal valued at $1.6 and now offering for $1.1. #1 how do I determine today’s value? #2 Which contract would you suggest I use to flip?

Hi, Sharon. First of all, the 2006 appraisal is worth toilet paper. We all know today’s market is a far cry from then. The only thing that matters is current comparables. Ideally within the last 3 months in most cases these days. And the more “stupid simple” they are, the better for you. I suggest trying for at least 3 “stupid simple” comps (borrowing that term from my buddy Bob :-) )

I know it may be hard to find comps for higher priced homes. And that’s the problem with them in general. And that’s part of what makes them riskier in today’s market.

I’d suggest doing your best possible due diligence based on as many comps as you can find. Then I’d tie it up with a “flexible option” if possible, rather than a contract. Explain that you won’t close unless you find a buyer to flip it to, and it appraises for at least $X.

You can get an option agreement from my packet of 53 forms, or just use one from your local board of Realtors.

My best,

…jp

]]> By: Sharon http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-149020 Sharon Thu, 29 Oct 2009 04:14:00 +0000 http://reitips.com/?p=583#comment-149020 JP, I have a very motivated out-of-state seller that has forwarded a 2006 appraisal valued at $1.6 and now offering for $1.1. #1 how do I determine today's value? #2 Which contract would you suggest I use to flip? <blockquote><strong>Hi, Sharon. First of all, the 2006 appraisal is worth toilet paper. We all know today's market is a far cry from then. The only thing that matters is current comparables. Ideally within the last 3 months in most cases these days. And the more "stupid simple" they are, the better for you. I suggest trying for at least 3 "stupid simple" comps (borrowing that term from my buddy Bob :-) ) I know it may be hard to find comps for higher priced homes. And that's the problem with them in general. And that's part of what makes them riskier in today's market. I'd suggest doing your best possible due diligence based on as many comps as you can find. Then I'd tie it up with a "flexible option" if possible, rather than a contract. Explain that you won't close unless you find a buyer to flip it to, and it appraises for at least $X. You can get an option agreement from my packet of 53 forms, or just use one from your local board of Realtors. My best, ...jp</strong></blockquote> JP, I have a very motivated out-of-state seller that has forwarded a 2006 appraisal valued at $1.6 and now offering for $1.1. #1 how do I determine today’s value? #2 Which contract would you suggest I use to flip?

Hi, Sharon. First of all, the 2006 appraisal is worth toilet paper. We all know today’s market is a far cry from then. The only thing that matters is current comparables. Ideally within the last 3 months in most cases these days. And the more “stupid simple” they are, the better for you. I suggest trying for at least 3 “stupid simple” comps (borrowing that term from my buddy Bob :-) )

I know it may be hard to find comps for higher priced homes. And that’s the problem with them in general. And that’s part of what makes them riskier in today’s market.

I’d suggest doing your best possible due diligence based on as many comps as you can find. Then I’d tie it up with a “flexible option” if possible, rather than a contract. Explain that you won’t close unless you find a buyer to flip it to, and it appraises for at least $X.

You can get an option agreement from my packet of 53 forms, or just use one from your local board of Realtors.

My best,

…jp

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