Jul
29

“The Sales Contract”

I often get questions regarding the type of sales agreement that should be used to in your Probate Real Estate business.

Here’s my suggestion.

Almost all metropolitan areas have a company designed to help homeowners sell their homes themselves if they elect not to use a real estate professional.

One of the largest of these companies is called the “For Sale by Owner” company.

You should have a company with a similar name in your area of the country.

If you would like to keep in compliance with your local and state regulations, I suggest you go down and purchase their forms packet.

It’ll cost around $25 and will give you the form that is being used in your part of the country.

That’ll keep the Real Estate police from knocking on your front door.

Once you get the proper form for your area, here are the eight elements you need to be certain your contract contains:

1. Date of the contract (the date signed)
2. Names of the buyer and seller (Personal Representative)
3. Address of the property (street address is fine)
4. Sale price and any terms of the sale
5. A good faith deposit called “consideration” in legal terms)
6. Statement the property is sold “as is”
7. Closing date of the sale
8. Signature of the buyer and the seller

Make sure this contract is made out in duplicate and each party signs both copies. You then have a copy for both the buyer and the seller.

Also, my policy is the shorter the agreement the better. I have purchased many, many properties with just a one page agreement.

When it comes to purchasing properties out of Probate, the question is always asked about contingencies.

In my twelve years of experience in the Probate field, I think I can safely generalize and say the fewer contingencies, the better your chance of getting your offer accepted.

The very, very best number for contingencies is ZERO.

And here’s why.

You have already asked the PR for a huge concession;

A large discount on the selling price.

If you then add more contingencies, like subject to a professional home inspection etc. you run a very good chance of getting the whole offer rejected.

Don’t get greedy.

Learn to do your own inspections and you will close many more deals.

If you would like more information on your own personal blueprint for buying Probate Real Estate, you can find it here;

http://BuyProbateProperty.com