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John,

I'll be seeking more information on this myself.

Since you have experience in this area, when I get more details, I'd like to PM you so se can see if we can make some sense out of it before posting.

To my knowlege, I've never missed a deal. I have had agents require a standard form though (mostly in CA and FL).

Also, I've never had any problem with getting the forms on Word. In 80% of the cases, I can get an agent to send me a Word version of the form. In some of the more sophisticated areas, I've gotten "fill in the blank" PDFs (not as handy but I can save a copy using pdf995).

BofA's influence comes from the fact that they guarantee many of the loans from other banks. There is indication that BofA is using the honoring of those loan guarantees as a stick to keep the smaller lenders from dumping their unsold inventory.

I can't see how this will keep them out of trouble in the long run but, in CA, the smaller lenders seem to be holding the line.

The limit isn't on the inventory but on the deals available. Many banks are offering shallow to no discount on REO.

I expect that to change as their inventories increase and BofA loses some of its hold on the other banks.

Thank you for pointing that out. I make sure that I fall under fair use rules when I do it. Anyone looking to do this should check copyright laws. I do not distribute the contracts for other people to use.

That is most typical in California. I haven't had any problems in any other state that I've dealt with. California can be such a PITA sometimes but I love the weather.

An Addendums or Stipulations page is standard on my contracts.

I just thought that I'd clarify my post.

I was talking about using your IRA as the source of funds for a real estate deal.

I'm glad John figured it out but when I looked at my own post, I had to reread it to figure out what I was saying.

Didn't return your call? That's not someone you want to be doing business with. I would still make every effort to get her on the contract as the buyer's agent so she gets her commission since she brought you the deal. When it comes time to write the contract, call her to let her know that you want her there so she can get her name and Agent ID (or whatever for your state) on the contract.

If she doesn't return that phone call, she's totally blown you off. At that point, I'd call her broker and let him know that you are trying to contact her so she can get the commission that you feel she earned by finding the property for you. That will do two things, one her broker will probably give her a wakeup call about customer service and two, the broker will probably try to find someone in his office who can better serve your needs since you've already shown him your character. You might as well recruit help in your search for a good agent.

This is at no cost if there is a listing agent involved.

Even if he's using his agent for FSBOs, if the agent is doing all the work, how many more viable deals is he looking at compared to doing all the work himself?

Find out if the listing agent will take offers directly from you, if so, let your agent know that you really need someone who knows more about the real estate numbers and that you'll make sure she gets her commission for the property that she sent your way but you'll have to find someone else for future properties. If the listing agent won't accept an offer directly from you, tell your agent after she submits the offer for you.

Also, if any agent wants you to sign an exclusive contract, write in that the contract only covers properties that are on the MLS or that your agent brings to you (unless you have already been presented that property by someone else). That is standard for me. Also, if there is an agent on the other end, I sign an agency agreement with my agent for that one property. That way, since a commission will be paid anyway, I'll be represented.

At the very least, you need a Purchase contract (preferably one from the state you are doing business in rather than a general contract).

I generally get the contract into Word (either get it from a realtor that way or scan and OCR it). Then I fill in the stuff that always goes into the contract and throw an image of my signature on it. When I want to make an offer, I just fill in the pertenant details or merge them from Excel (that is the sound of nerd alarms going off). After that, I either print it and fax it or convert it to PDF and email it.

This works everywhere for me but California. Some realtors will only accept that 8 page, 3 carbon, CAR monstrosity.

Other contracts are needed if you are doing anything other than straight purchases and sales.