you were to ask me how I write an offer I am not sure I could give you one answer because there are so many variations. In this article, I will attempt to cover some of these variations, along with some tips that should make writing offers much easier for you.
First, practice in advance. It is imperative that you sit down with some properties that you find on-line and practice analyzing the deal and making an offer to purchase the property by filling out a contract. I am going to tell you a number of times to do this and I would be surprised if anyone actually does it, but in my opinion, you should write up
100 offers on 100 different properties.
Experience and quality comes from quantity. If you do something enough times, you'll get better at it and the same is true with deal analysis and writing offers.
While I can write up offers fairly quickly at this point, I still prefer to come to a verbal agreement with a seller (or buyer) before I actually draft up an offer. Discuss (negotiate) the major terms of your agreement in advance and then take the time to put those agreements in writing on a Purchase Agreement.
While your specific contract may vary, you may not have seen an actual contract filled out already. If you need to see a sample of a contract that I have filled out, let me know and I will show you one.
If you do not understand the contract, I am not qualified to teach you contract law. You should consult with an attorney that can explain to you what you are signing and advise you on how certain sections affect your specific situation. What works for me, might not be good or advisable for you. What works for you, might not be good or advisable for me. If you need a cost effective way of having your contracts reviewed, you might consider a pre-paid legal plan. I have one and it has been of tremendous value to me over the years with contracts as well as in other areas. However, hiring an attorney to prepare your contracts and close your deals might be money well spent for your unique situation.
For wholesalers, I primarily teach how to find deals outside the MLS, but having a real estate agent get involved with the transaction brings their experience with real estate contracts and closings to the transaction. You might consider hiring them.
As a last resort, your local title company may have someone on staff that can assist you with getting your meeting of the minds down on paper. Many do not offer this service and for good reason: most are not licensed real estate agents or attorneys and thus are not qualified to write offers for you. You may find a title company that has an attorney on staff that is willing to draft a purchase agreement in exchange for you closing with their company.
In conclusion, if you plan to do it yourself, practice and practice a lot. Or, consider hiring a professional that does this for a living to complete your contracts.
Until my next post,