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. Thu, 02 Sep 2010 15:15:00 +0000 hourly 1 http://wordpress.org/?v=abc 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: 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: Eric http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-86246 Eric Wed, 28 Oct 2009 04:58:55 +0000 http://reitips.com/?p=583#comment-86246 I understand why a seller would need consideration to sell an option, but in a P&S contract, why is there still consideration needed? .-= Eric´s last blog ..<a href="http://www.siliconvalleyrealestateinvestor.com/2009/10/25/3-secrets-to-reading-housing-data-for-the-real-estate-investor-part-1-seasonally-adjusted-data/" rel="nofollow">3 Secrets to Reading Housing data for the Real Estate Investor, Part 1: Understanding Seasonally-Adjusted Data</a> =-. <blockquote><strong>It just has to do with contract law. Legal consideration is required for a contract to be considered enforceable. Be it an option, purchase contract or whatever. That's what they taught me in my contract law class back in the day. ...jp PS...Interestingly "love and affection" can be considered legal consideration in a contract. Learned that one too. Not sure how you'd prove it was REAL...but it's in the law. Yeah, weird!</strong></blockquote> I understand why a seller would need consideration to sell an option, but in a P&S contract, why is there still consideration needed?
Eric´s last blog ..3 Secrets to Reading Housing data for the Real Estate Investor, Part 1: Understanding Seasonally-Adjusted Data

It just has to do with contract law. Legal consideration is required for a contract to be considered enforceable. Be it an option, purchase contract or whatever. That’s what they taught me in my contract law class back in the day.

…jp

PS…Interestingly “love and affection” can be considered legal consideration in a contract. Learned that one too. Not sure how you’d prove it was REAL…but it’s in the law. Yeah, weird!

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]]> By: STEPHUS http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-38854 STEPHUS Thu, 06 Aug 2009 20:04:41 +0000 http://reitips.com/?p=583#comment-38854 HELLO JP I HAVE A QUESTION ABOUT THE DESCRIPTION WRITTEN AS FOLLOWS,ON THE AGREEMENT FOR SALE CONTRACT.WHAT DOES CD MEAN? <blockquote><strong>Hey, Stephus, can you clarify your question please? I'm not understanding... Thanks, ...jp</strong></blockquote> HELLO JP I HAVE A QUESTION ABOUT THE DESCRIPTION WRITTEN AS FOLLOWS,ON THE AGREEMENT FOR SALE CONTRACT.WHAT DOES CD MEAN?

Hey, Stephus, can you clarify your question please? I’m not understanding…

Thanks,

…jp

]]> By: Denise Thomas http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-36520 Denise Thomas Mon, 20 Jul 2009 20:36:52 +0000 http://reitips.com/?p=583#comment-36520 I am a newbie who lives in Pennsylvania. I have read about options and I still feel unsure of what to do. What is the first thing that I should do? What happens when I find a buyer? How am I paid? Can you please give me some direction on this? I am a newbie who lives in Pennsylvania. I have read about options and I still feel unsure of what to do. What is the first thing that I should do? What happens when I find a buyer? How am I paid? Can you please give me some direction on this?

]]> By: sonnyu http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-2733 sonnyu Sat, 04 Apr 2009 21:20:24 +0000 http://reitips.com/?p=583#comment-2733 jp, thanks for the sample contract. i guess i missed the deadline on the video on how to fill it out. you always have the most informative real estate videos on the net. i've learned more from your short videos than i've learned from hours of videos by some of the big gurus. thanks! jp, thanks for the sample contract. i guess i missed the deadline on the video on how to fill it out.
you always have the most informative real estate videos on the net. i’ve learned more from your short videos than i’ve learned from hours of videos by some of the big gurus.
thanks!

]]> By: Demetri http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-1653 Demetri Fri, 06 Feb 2009 04:25:27 +0000 http://reitips.com/?p=583#comment-1653 Can this contract be used if the Seller has a Realtor representing them? I would assume the realtor is going to comeback with something different. Can this contract be used if the Seller has a Realtor representing them? I would assume the realtor is going to comeback with something different.

]]> By: Ken http://reitips.com/free-real-estate-purchase-contract/comment-page-1/#comment-1471 Ken Thu, 22 Jan 2009 20:23:42 +0000 http://reitips.com/?p=583#comment-1471 Yes. Thank you JP. I have not made an offer yet and I am trying to get my ducks in a row before I take the first step. As always I appreciate your advice! Ken Yes. Thank you JP. I have not made an offer yet and I am trying to get my ducks in a row before I take the first step. As always I appreciate your advice!

Ken

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