HOW TO AUTOMATE OFFERS on MULTIPLE PROPERTIES

Question

As an investor submitting offers on multiple REO & short sale properties daily, manually printing out the offer and wet signing it, scanning, and then emailing back is way too time intensive & unfeasible. Other than docusign, what other methods do you guys use to decrease the manual downtime & streamline the process so as to increase the amount of submitted offers & thus boost the chances of getting accepted offers?

Max Drizin · Answer

I start with my spreadsheet document that can take rent rolls and expenses, along with any other information, and give me the offer I want to make.  Given a list of rents, or even just an NOI and hopefully number of units, I can tell you exactly how much I'll pay at any given point.  3 minutes per property, maximum.

After that, my agent has an offer agreement that has all the blanks right at the top, and they are filled out with my information and the current date before we ever touch them.  After that, it's an address, a seller, price, and earnest money.  There's a spot for contingencies, too, but I can't remember the last time I went into a deal with any sort of contingency.

By the time the document reaches my email (or Faxburner fax number), all I have to do is open up SIGNificant (my android signing app of choice) and Faxburner/email it back out.  Less than a minute per offer.

Considering I'm in the midst of opening a new brokerage that's almost completely paperless (we have a budget that includes a grand total of one file cabinet), I'm working on integrating all of our systems in this manner.

Steve Babiak · Answer

Some other threads that cover something similar:
http://www.biggerpockets.com/forums/51-tax-legal-issues-contracts-self-directed-ira/topics/56553-filling-out-real-estate-agreeements-on-a-computer

http://www.biggerpockets.com/forums/80/topics/57527-how-to-make-my-contracts-offers-and-addendum-s-paperless-

http://www.biggerpockets.com/forums/48/topics/46734-contract-form-software

J Scott · Answer

We use the Adobe PDF editor to create a template offer with all the info the will stay constant from offer to offer.  This includes due diligence period, stipulations, EM amount, agent/brokerage info, etc.  We also attach a POF and a copy of a blank check to the back of the offer.

Then, for each offer, we just fill in the specifics for that property -- date, address, legal description, listing agent info, etc.  We also use the PDF editor to fill in the photocopy of the blank check with the EM info.

We then sign electronically and can email or fax directly from our computers.

Once the template is made, it takes about 5 minutes to create and send an offer...no paper necessary...