All Forum Posts by: Sam Leon

Joe:

If that's the case then they can sell it to whoever. I already put in my best and highest in my original offer, so that's what I have to work with.

Now I get an email asking me for the best and highest. Same offer sheet with a couple of items dropped out. Weird. I sent in the exact same terms and price. We shall see.

@Wayne, that's my thinking, the contract is not really official until all docs are signed. This offer sheet has very little meaning other than a prescreening method for them.

@Mark, am I trying to back out? I don't know. It's just curious to sign a one page offer sheet without seeing all the details, I have no idea if the bank will say in the addendum that there may be a 180 days deed restriction, nor do I know if the bank will ask the buyer to cut off ten toes...you can't sign up for something that has another 50 pages of something you can't see or read until later.

@Jerry, there is no content on the offer sheet other than a simple how much how many days etc...and they don't warranty anything or have any guarantee or anything.

Joe:

I am aware it doesn't mean the bank will accept my offer.

My question is how iron clad and binding a simple offer sheet is.

I have done REO offers before with a full contract PLUS an offer sheet as a cover sheet type offers, but never one that includes nothing except a simple offer sheet.

I assume the bank decides then they ask whoever they "preliminary" accept the offer from for a full contract at that time. Similar to how we turn in a full contract and once the bank picks you then they hit you with 100 addendums.

Or may be none of this mean anything they will come back around with a best and final round.

Looking at a REO property and normally I am used to having to write up a FARBAR AS-IS contract plus a bunch of bank addendums that basically nullify 90% of what's said in the FARBAR contract.

But this time the bank wants nothing except an OFFER WORKSHEET. A basic one page offer sheet summarizing the amount offered, cash or lending, now many days inspection, earnest money deposit, additional deposit #days, buyer and agent contact info and that's it.

So how iron clad is such a work sheet? Is it legally binding?

Say I am offering 100K cash for property, does it give me any advantage if I offer more deposit say 50K instead of the usual 5% or so? I was told some buyers put in 100% deposit, serious?

Hire a couple of kids to come at night and make strange sounds...get people talking about it.

Then contact the producer of Ghost Hunters or Dead Files and have them do a feature show on it.

Then you change it from being a "house where someone was murdered..." into "house that was featured on TV..." and command TOP TOP dollars.

Looking at a property as a possible rental.

HOA fee is higher than normal, at $450 where in the same neighborhood it's around $175-$225.

The reason it's because it's on a land lease.

But the townhouse is priced lower than expected, also because it's on a land lease.

The land lease expires 2074, a long way away.

Now, would you consider a land lease property even if it's that far away?

Wayne, I tried PMing you but it wouldn't let me. Says I am not a colleague.

If you have several rental properties in various locations (I don't mean multiple units in same building), is there any reason I shouldn't key them the same?

In other words, I had one property that I changed the front, back, side doors and they all have the same key. Now I am changing locks at another property and I am thinking to key the cylinders the same. When I change locks on the other two I might do the same.

To me that's very convenient, I know they have the same key but my tenants don't. Can anyone think of a reason why I shouldn't do this?

@steve thanks.

OK so I don't need to worry about these bills going to nowhere once I send them back?

I guess I am a bit worried because I had some pass experiences, but with different scenerios.

One property I purchased in Miami in 2005, I got a water sewer bill which the utility company insisted I pay off or else they won't start my new service request. It was a left over bill from the previous owner. But since it was a small amount like $67, I called up my title co and they took care of it.

Another house I was looking at few years ago, city of Hollywood in Florida, the owner rented the house out and eventually had it foreclosed. The owner kept current with the HOA payments but the tenant had erected an illegal shed. The owner had no knowledge of the shed but the city issued a citation. The citation required them to remove the shed. I don't know if the tenant intercepted the mail from the city, or the owner had knowledge, eventually the citation escalated to the point where the city says from this date forward failure to remove the shed will result in $230 PER DAY FINE. The property got foreclosed and by the time put on the market almost a year later, they owed the city 87 thousand dollars. The bank insists the buyer takes care of the fine, I negotiated and went back and forth and eventually backed out of the deal, and here is the action of the tenant really hurt the property owner who was an out of state guy doing this with his remote control.