All Forum Posts by: Account Closed

@Barb Asay very cool! Thank you for simplifying this. I think it’s the unknown that makes deals so sketchy and clarifying a clear path can really help in making the sale. I had someone very serious yesterday and I was like “ok, I’ll send you to the realtor, then it’ll go through the title company, and let me tell you about all the processes of escrow etc etc.”. Complicating it so bad because I’m learning as I go. So it sounds like you’re suggesting literally typing up a contract agreement that can be fine tuned and made official by the attorney.

@Amy Aziz

Thanks! My listing had over 2,000 hits in 10 days and 150 saves on Zillow. That’s the only place I listed, so I have like 10 people wanting to come from out of state to look at it. I just learned my 2% owner financing is way low, so I should have done my homework before I thought I was going to compete with big banks. So I want everyone to give me their offer by this weekend, and I guess that will just be through email or phone call etc. then whoever sounds the best illget serious with in the paper work with title company. The title company has a lawyer so I may be killing two birds with one stone.

@David M.

By the way, this is in TN

@David M. Thanks for the input. I was imagining there might be some tried and true templates online for me to give them to fill out to make an official offer and also to structure our contract for deed. It sounds like is probably something I need to hire out, but it gets complicated when I’m trying to look at multiple offers. I was imagining each offer needs to be official with detailed paperwork and signatures along with earnest $ offered for escrow, but now it’s starting to sound like I need to field the offers just by what they say and proof of funds, and then send them to the title company for the legal paperwork and escrow agreement

@Amy Aziz

Aha, ok! Too simple. I have a title company that did all the work when I bought it and is wrapping up quiet title work now, so I’ll just ask them if they can hammer it out. I guess my only problem with that is, I think I can look at multiple offers if I wait til Monday to make a decision and have everyone’s offer valid for 5 days. Hard to imagine a title company doing the paper work for 5 people, but I can send them all to my realtor and the higher the sale price we land, the higher commission. (Realtor just talked to me and told me to field people for proof of funds before I send them their way if I go with them). They also told me contract for deed paperwork is not cheap. Thanks, just thinking out loud as I learn

@David M. If you’re talking about me having a realtor handle the paper work, I’ve already talked about 6% to the realtor for bringing me a buyer, without having to do any listing work or pictures. Doesn’t sound like a bad gig for a realtor if I bring him a buyer and a sale, and all he has to do is put the papers together and collect signatures.

@David M. What like save me time and point me in the right direction or tell me short cuts? Heck yeah, that’s what Bigger Pockets is. Every time I post a question I go and try to help someone else out on something I know, which is construction and try to save them time by thinking about their problem and trying to help solve it.

@Petur Karlsson hmmm... I was up in the air on whether to switch to this status for 2019. Definitely for 2020. My thoughts would be, how much household income could you have with your new status as an RE PRo? Do you really think the IRS is going to nitpick your first year hustling to be a real estate pro? There’s so much money, receipts and time that goes into a home flip, it doesn’t sound like you’d be on their radar for your first year trying to start a business without profits yet. Just thoughts, I’m learning!

Hi BP,

I'm selling some land right now FSBO, and have multiple offers coming to the table it looks like. My main problem is I don't know how to put the paper work together. I'd love to take a cash offer, however most people are interested in my seller financing I offered (including me). Does anyone have any experience or knowledge on how to put together a contract for deed, and how to put someone in escrow? Is there somewhere to get these template forms or something? I planned to just have a realtor put the sale together, but not sure if he'll know how to put a contract for deed sale together. Any thoughts are appreciated!

@Ashish Acharya ok sounds like two of the same type of answer so now I feel a lot better about how to file! Thank you!