All Forum Posts by: Jerone Hammond

Always could use a good plumber and hvac contact. Could i get their contact info?

Thanks...this helps out a lot.

This won't be a slam dunk deal, so I need to make this offer as strong as possible.

So here's a couple of questions that popped up after thinking about this.

1) When do you submit your earnest money? At the owners or bank's approval?

a) Preferably I would like it to be at the banks approval so my cash isn't sitting in limbo for a unknown amt of time. Does this make a weaker offer?

2) If I put a clause about the earnest money deposit, should I also add something about the inspection? If I ask for the inspection period is there in need in this? I would need the 5 days to get my quotes. Can these start after the buyer or seller's acceptance?

I was thinking something like this in the contract:

"Earnest money will be provided within 48hrs of short sale bank approval."

Or

"Earnest money will be provided within 48hrs of short sale bank approval and a satisfactory inspection approval."

The "satisfactory inspection approval" is super vague, not sure if that is a weakness in the contract and not sure if I really need it if I ask for a 5 day inspection period.

3) If the bank sits on my offer for a long time, can I get out at anytime before they accept? Do I need to put a clause in the contract?

I don't really want to load up the contract w/ clauses, just enough to protect me in case I really underestimated the rehab cost.

Here is the timeline I'm thinking:

1)Submit offer

2)Seller accepts

3)Offer goes to bank.

4)Bank Accepts, deliver Earnest Money within 48hrs, start 5 day inspection period.

5) Confirm my rehab cost w/ quotes. If underestimated then I can back out. Do I just lose the option money (i.e. $100).

6) Everything checks out continue w/ closing.

Sorry I'm new at this.

Thanks Robert, I'm going to offer my best price and we will see where the chips fall. I will see if the realtor knows of the foreclosure date. It's a pretty competitive market around here and this house isn't in the MLS system yet. So hopefully I can get in a good enough offer.

How do you structure your offer? Do you waive your inspection period? I was thinking of asking for a 5 day inspection period that way I can get a few quotes. How does it work if you have an inspection period and the home is occupied? Do I just schedule w/ the homeowner/listing agent a specific time? What if the homeowner is not willing to let me schedule at time? I have a feeling this homeowner won't be very pleasant to work with.

I'm looking at a short sale tomorrow that just came on the market. I spoke w/ the listing agent today and she told me the bank already approved selling at a number. Is this number what the BPO came in at and if I offer lower than that would they just trash my offer? I was hoping to offer about 85% of the number she mentioned and write it as a cash offer. The house if pretty trashed and needs a lot of work and w/ that number she gave it would have to go to a owner occupant IMO.

Hi,

I'm going to put a cash offer on a property here in Texas and was wondering if my approximate transaction fees are close. I'm assuming ~1.25% of the purchase price along w/ a ~$400 survey fee on the buy side. On the sell side, I'm assuming ~6% for closing and another 6% for RE commissions. Is that a fairly accurate accessment?

I'm an newb that needs some advice. I'm wanting to start submitting some cash offers on some properties that interest me. What is the best way to structure these offers that would allow them to remain a strong offer, but give me protection in case there is a major expense that I didn't realize upon my first walk through? For instance, there is a house I looked at yesterday that I want to put an offer on, but there is definite termite damage and I would like to get a more detailed inspection on it, but don't want to pay for it until I get it under contract. I was thinking to just put a contingency on a termite inspection, but I was thinking there's a better way to do this. Also, if they do accept and I find much more issues, can I negotiate the price again and if they declined do I lose my earnest money?

@Andy Collins

@Andy Collins I saw your post and hopefully you weren't bombarded w/ request for mentorships, but I had to ask if you were still open to the idea. I would love to maybe meet and buy you lunch one day and talk about it. Let me know if you're interested.

Ok, cool. Thanks for the info.