All Forum Posts by: Robert Hursey

Marc, unfortunately nothing ever came of it.  We never bought a place.

Thanks Jeff.  I have posed this question in several forums and although I get varying opinions, the common thread seems to be that I need an attorney that specializes in real estate and I do not want or need an agent involved.  I have had several investors and even the seller suggest that we come to a verbal agreement, draft our own contract, and go to the title company to finish the deal.  What do you think about this suggestion?

I have a FSBO opportunity. Where would be the best place/places to find a contract for purchase as well as a letter of intent of purchase online? Also, what is the legality of rewording a contract from a realtor's association? I just need something that has all the wording to cover me as a buyer without the wording that covers the realtor. There will be no realtors involved in this transaction. I may use an attorney to review the contract, or I may just take the contract to the title company. If I pay an attorney, I have to be sure I can legally use the contract in the future.

Thanks Jeff. That seems to be the consensus among the half dozen investors I've spoken with so far.

My brother and I have a lead on a good deal on a FSBO. We are struggling with what to do about making an offer. We have options - agent, attorney, or DIY. Where online will we find the best pre-made contracts? Another option suggested by a few experienced investors is to buy a contract at Office Depot.

Thanks Joshua.  From the few experienced investors I have spoken to, most say to acquire a good contract online or from Office Depot and let the title company take care of the rest. Some suggest using an attorney.  Most feel the agent is unnecessary.

I am putting in an offer on a for sale by owner single family home and was wondering what the best way to go about putting together a contract would be. Depending on who I talk to I have been advised to use a selling agent, an attorney, or just putting one together myself using information from the Internet. I know I will need contingencies and it will need to be worded properly to include everything that we would need in the contract. I am looking for advice from experienced buyers. The property is located in southern Illinois.

Thanks Asif I.

Andrew, thanks for the reply. Great info. Why would I need to have the business entity setup before the purchase? Is that just a preference? We do not have an entity yet. Have not even barcodes which route to go. We figure we'd tackle that after the purchase. First thing is an umbrella policy and a land trust. Then we'd put that under ownership of an LLC or FLP. We do not want to spend the time and money to set up an LLC without having done a deal. Finding a deal has taken some time.

Yes, I know I need to speak to an attorney and an accountant. I am just looking for some guidance. This property just came our way and we are trying to take action.

My brother and I are about to put an offer on a property and my broker asked if we want to put it in my name, both names, or in an LLC. We plan on forming an LLC, FLP, or C-Corp after the purchase, but did not think about WHO we want to make the purchase. Will doing this after the fact come back to bite us in the butt? The plan right now is I get the loan in my name and he is a money partner. We have not even decided if we are going to go the route of a legal partnership. We may do a FLP, LLC, or a C-Corp. In IL, legal entities are more expensive to set up and renew than many other states and we want to make sure we are doing this right to not have the property traceable to either of our names. We will also be transferring the property to an IL Land Trust and have ample insurance as well.