Can you walk me through your process once you've negotiated a price with a seller?

[Michael Kev]

First off, let me just say I've been lurking for a while and I've really come to enjoy this forum. There's so much information and I'm learning every step of the way. I'm starting a mailing campaign and I just have a question about getting a property in contract.

I will be sending out mail and meeting with sellers, and my plan was to exchange attorneys information if we agree on a price and get them to send my attorney a contract that I will sign. I feel as if this is dangerous in that during that time, they can change their mind or get other offers. I'd like to lock them in as fast as possible.

Should I bring a simple 1 page contract with me and try to get everyone on the deed to sign it once we come to an agreement? I was listening to the podcast with Aaron Mazzrillo and he was saying how he gets the escrow company to send the documents to the seller right away because it supersedes a contract and I guess its more binding. I'd like to do everything I can to lock in a property as fast as possible.

Say I do bring a contract with me and they do sign it, what do I do then? Do we just give it to our attorneys and start escrow as fast as possible? Thanks for any and all help!

[Account Closed]

If you negotiate a price with a seller in person, you have them to commit to that by signing a purchase agreement at that time. You then get started with the escrow and title process asap. Have your attorney help you draft a simple contract for this purpose.

I don't go to meetings with sellers or check out houses without an agreed upon sell price, or at the very least a price range. I can't even imagine the amount of wasted time that would be. Sellers have all kinds of ideas that by showing their house or meeting you in person that it will seal a deal. What seals a deal is a seller ready to sell combined with a price that works for both parties. IMO, you should know if that's the case before you get in the car.