Boomers-Bank IRA-401K-Real-Estate Investing
Okay, so you’ve found the investment of your dreams, but you’re baffled, probably even intimidated at the thought of closing the deal. So close, yet so far huh? Fret not, by the time you’ve read through this article, you will begin to feel like you can be the next Donald Trump.
But before you start blowing your own trumpet, its time to go over the basics first. Remember the saying, ‘I can pay your price, if you accept my terms’. We’ll that’s pretty much what it’s all about. You want the property, while the seller wants to sell the property. All you need to do is come up with a mutually beneficial arrangement. Closing is all about negotiation.
However, that’s easier said than done most times. To kick start things, present the seller with a letter of intent. This letter will not be legally binding, but serves the purpose of initiating the deal by outlining the terms which will be either rejected or accepted in the legally binding contract. With the letter of intent in-hand, you can determine a number of options for sale such as proposing an options’ contract or split-funding. Next, you should suggest these options to the seller, while discussing them with your real estate attorney as well. Once, you have decided upon a mutually agreeable option, you are ready to begin the formal negations through the legal contract.
As a rule of thumb, remember to negotiate the contact at the very beginning of any deal. This gives you flexibility and room to maneuver if you find yourself in the courtroom at a later date. Make sure the contract is drafted by a professionally qualified real estate lawyer and that it is fully comprehensible to you while maintaining your interests as well. Don’t be disheartened if the seller doesn’t accept the contract in its first draft form. Be mentally prepared to sit down with your seller and their respective attorneys to negotiate various provisions in the contract. Contracts are revised numerous times, so ensure that each time your contract is redrafted, you completely understand the changes made. You must know what all the legal jargon means as well as what your role is and what are other players in the deal obliged to do.
Before you sign on the dotted line, do a little due diligence and find out what concerns, if any, are troubling any of the parties involved. Then try and conjure up ways you can rid their concerns. Be mindful though of the fact that you won’t be able to please everybody and in most cases, not everyone will be a hundred-percent happy with the outcome. Nonetheless, work on sustaining cordial and honest relations with everybody involved. Encourage open-communication and take advantage of opportunities that may arise and give you the chance to put people’s concerns at rest. Such positive relationships will earn you a good reputation in the market, as well as allow you to close on deals with far greater frequency.
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Jafer Ali Shariff
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Source: Arkilite.com Finance