Resources

Purchase Agreements

PURCHASE AGREEMENT (9 page) – This purchase agreement is a type of legal document outlining the different conditions and terms that are related to the sale of a house. It creates a legally binding contract between the buyer and the seller.

PURCHASE AGREEMENT (3 page) Shorter then the 9 page, This 3 page agreement is easier to communicate to a seller over the telephone. if your buying virtually its recommended

SELLER FINANCING ADDENDUM TO PURCHASE AGREEMENT – This seller financing addendum outlines the terms at which the seller of the property agrees to loan the money to the buyer in order to purchase their property.

SUBJECT TO ADDENDUM TO PURCHASE AGREEMENT – When Buying a house subject too all existing liens and loans. This is taking ownership (changing title) of a property, while leaving existing loans and liens under the original sellers name. 

Agreement Forms

MEMORANDUM OF CONTRACT – Also known as a memorandum of understanding, is a formal business document used to outline an agreement made between two separate entities, groups or individuals. A (MOA) usually precedes a more detailed contract or agreement between the parties.

OCCUPANCY ADDENDUM – This Addendum is intended to grant Seller a license to remain in possession of, and use, the Property after the Close Of Escrow. It is intended for short-term occupancy (i.e. less than 30 Days).

GENERAL RELEASE FORM – A General Release is used by an individual claimant (the “Releasor”) to release all claims against another individual or company (the “Releasee”). This type of form can be useful for settling a claim for minor damage to property. 

ASSIGNMENT OF CONTRACT ASSIGNEE – An assignment of contract occurs when one party to an existing contract (the “assignor”) hands off the contract’s obligations and benefits to another party (the “assignee“). Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights.

AGREEMENT AND DECLARATION OF TRUST – A declaration of trust under U.S. law is a document or an oral statement appointing a trustee to oversee assets being held for the benefit of one or more other individuals. The document or statement also contains details of the trust’s purpose, its beneficiaries, and how it will be managed by the trustee.

ESCROW AUTHORIZATION – An escrow agreement is a contract that outlines the terms and conditions between parties involved, and the responsibility of each. Escrow agreements generally involve an independent third party, called an escrow agent, who holds an asset of value until the specified conditions of the contract are met.

RECEIPT FOR CONTRACT DEPOSIT If an offer is accepted the deposit receipt becomes the contract the spells out all of the buyers and sellers responsibilities. They are clearly defined.

AUTHORIZATION TO RELEASE PROPERTY INSURANCE INFORMATIONAuthorization Form means the form or other document, as prescribed by the plan administrator and as amended from time to time, used to evidence an election by an eligible shareholder of the corporation to participate in the plan. 

AUTHORIZATION TO INSTALL A PROPERTY FOR SALE SIGN – This form will serve as authorization by the current property owners, All open house and yard sale signs may be used during duration of agreement period for marketing purposes.

AUTHORIZATION TO INSTALL A KEYSAFE OR LOCK BOX – Upon execution of the “User Agreement” Holder will be granted a revocable license to use the Key in connection with the Holder’s normal and customary activities while acting as a real estate agent, appraiser or normal due diligence of property, on the terms and conditions set forth in the referenced User Agreement.

APPRAISAL BELOW PURCHASE PRICE – This serves to advise and inform both buyer and seller that the appraisal on said property is BELOW the purchase price which the Buyers and Sellers have agreed upon.

Scripts

2 PART CALL SELLER1st part determine motivation and negotiate. 2nd part collect seller and house information.

ELEVATOR SPEECH – Everywhere you go, every person you talk to, you will need to tell them what you do and how you do it.

POWER PRESENTATION– Go knock on a door with confidence. Be ready to present your business model with power and stay in charge.

FOR SALE BY OWNER– communicate to the FSBO prospect. Never assume they want full value. Call them right now… they have a house for sale.

FOR RENT– These are absentee owners, literally our hottest prospect. Call them and explain how your going to take this rental head ache away.

FOLLOW UP TO VOICE MAIL– A prospect called you and left a voice mail. Call them back as soon as possible. This is a great lead.

FOLLOW UP TO ASSISTANT– Your assistant as already spoken to this prospect. You already have their information. Follow up, and buy a house.

EXPIRED LISTING– These folks tried to sell their house with a realtor and failed. This is a prospect that’s ready to move on with their life, help them do that.

VACANT PROPERTY RESEARCH CALL 1– Lots of questions need to be asked to collect the information need on a vacant house. Do the research.

VACANT PROPERTY FOLLOW UP CALL 2– You’ve done the research, now get an agreement. Follow up.

REALTOR QUESTIONS– having a relationship with the right realtor is paramount. When talking to realtor, whats important is to ask the correct questions.

LENDER QUESTIONS– There are literally 1000’s of people that want to give you their money to buy a house. It’s important to determine if they are the correct lender for your business model. You will need to know the answers to these questions.

1ST 6 PACK– Go 30 minutes early to a seller appointment. Lets get some research done. Go into the appointment with some understanding of the area. This also a terrific way to let folks in the area know you buy houses.

2ND 6 PACK– Stay 30 minutes after a seller appointment. Get some post research done. Tell some potential sellers you just signed an agreement in their neighborhood. Ask this question… have you ever thought of selling?

CREATE VOICE MAIL SHORT MESSAGE– If you cant answer live, the voice mail folks hear is super important! Speak clearly and with excitement.

CREATE VOICE MAIL LONG MESSAGE– A little bit longer voice mail can help us determent motivation in our prospect.

Forms and Processes

BROKERS PRICE OPINION– (BPO) This is a terrific way to get the opinion of another professional.

BUYER AND SELLER INFORMATION– Stay organized. keep you buyer and seller information in one place. the smallest error or confusion can be expensive.

BUYER FOLDER INFORMATION– Lots of documents in a deal. Keep track of all of them. Use this check list.

CONTRACT CLOSE INSPECTION– A final walk through and inspection of the property, before close is a guarantee you will be buying the house in the same condition as it was when you place it under agreement.

JOB SITE CHECK LIST– utilizing this checklist during a project is important. Get it right the first time.

MOVE IN MOVE OUT INSPECTION– Prior and post move in inspections can save you lots or money on repairs.

STATEMENT OF IDENTITY AND INFORMATION– It’s always important to have your escrow company pull both yours and the sellers statement of identity. There could be a financial “something” in either your or your sellers back ground that might change how this deal plays out. If found out to late could kill the deal.  

EMPLOYEE QUESTIONNAIRE– At least once a year you should ask your employees what they think of the company as a whole. Keep in mind, these people run your company. Who better to help processes run more smoothly through giving their opinion.

CALL LOG– Keep track of calls made on daily basis.

COLD CALL RECORD– Keep track and make a record of priority cold calls.

GAS ELECTRIC LOG– Track the status of utilities.

PROPERTY INFORMATION SHEET– Collect as much information about a prospective property as possible.

REAL ESTATE ACRONYMS– Learn some the most important acronyms in the business. Don’t get caught with someone saying “REI” or “ARV”, and you don’t understand what they are saying.

Alex, Ryan and Angel Call Center

Alex / Ryan Live Call – Determines prospect does have house for sale and sets appointment for Ryan purchase manager. Ryan purchase manger get agreement from seller. Call length 33:09

Alex / Ryan Live Call – Determines prospect does have house for sale and sets appointment for Ryan purchase manager. Ryan purchase manger get agreement from seller. Call length 14:31

Alex / Ryan Live Call – Determines prospect does have house for sale and sets appointment for Ryan purchase manager. Ryan purchase manger get agreement from seller. Call length 41:00

Ryan Live Call – Determines prospect does have house for sale. Ryan purchase manger get agreement from seller. Call length 11:47

Alex Live Call – No agreement was made. Call Length 11:53