Is there a form or specific document for "offer to purchase"?

Asked by Danny Oh, Los Angeles, CA Wed Sep 10, 2008

Where can I download a sample "offer to purchase" form?
Some REO properties, there are no listing agent just yet. I would like to make an offer myself without consulting or through real estate agent. Is it possible?
Thank you!

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9
Realestatein…, , Los Angeles, CA
Tue Sep 16, 2008
Go to the California Realtor Association website and order the appropriate forms. They come in packs of 20 or 30 and cost in the region of 50-100 dollars. They won't help you decide on which ones to buy, so you need to do your homework first. (Also known as CAR Forms)

I have a box of forms under my desk at all times. (Also get extra cover sheets!)

Banks will deal with individuals when it comes to REO's you just have to know your stuff. So if you're a small investor like myself, they are really happy to hear from you and you can build a relationship with the 'loss mitigation' department.

If you stumble in your phone conversation too many times, or don't know all the answers to pertinent questions, they will cut you short. After a while you will get to know your way around and could pull-off a nice deal. Just depends how smart you are, how determined and how bad you want to save money. Patience is also a great virtue when dealing with a bank.

I'm sad to see there are agents out there still lying through their teeth.
1 vote
Hugo Torres, Agent, Arcadia, CA
Wed Sep 17, 2008
If you use the CAR form but you are not a REALTOR then C.A.R. will not defend you if there are any controversy's with the contract.

To directly answer your question about the form, I'm sure you can Google, "offer to purchase" in CA and you'll find somethign to download.

But like most here have said, it isn't adviceable to do this on your own. First, banks will not work with your directly and second you put yourself at a disadvantage liability wise on several levels.
Web Reference:  http://www.hugotorres.com
0 votes
Keith Sorem, Agent, Glendale, CA
Wed Sep 10, 2008
Danny
There are a couple of thing you might want to bear in mind:
A bank is not going to sell an REO property to you directly. No offense, but you don't know what you are doing. They require that a professional (i.e. Realtor) be involved to get the sale completed.

Secondly, you might want to write this down:

"Confidence is the feeling you have right before you truly understand the situation."
0 votes
Bill Eckler, Agent, Venice, FL
Wed Sep 10, 2008
Danny,

Since the "short sale" and "foreclosure" terrane is a virtual "mine field" we strongly recommmend that buyers interested in this type of transaction, be supported by the services of a real estate professional.

Good luck,
The "Eckler Team"
0 votes
Jodie Franci…, Agent, Studio City, CA
Wed Sep 10, 2008
Hi Danny,

I think you will find that the banks will not deal directly with you, they are so overwhelmed with the number of foreclosures and short pays, they will assign the property to a realtor and they will deal only with the realtor. Best of luck to you.

Jodie
0 votes
Deborah Lon…, , Torrance, CA
Wed Sep 10, 2008
Hi Danny. There are no samples of Purchase Agreements or Contracts for you to download. Although you could get your hands on one by other means, how are you going to present your offer once you do write it yourself? Since there is no listing agent yet, to whom will you present it? It doesn't make sense for you NOT to work with an agent. Jeffry White is correct; our services are FREE to Buyers! Call my team at 800-398-7318 to learn about purchasing REO properties or any other discounted properties you might be interested in. You can also visit our website and request free information from it. Good luck in your home buying journey!
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Sep 10, 2008
Virtually every bank will use a local broker to sell there property, if it is not listed yet, most often it is not ready to be listed, there could be deed problems, the foreclosure deed may not be finished or it may not be cleaned out yet. in addition they may be waiting for an appraisal or it could be part of a bulk sale where the bank sells 10, 20 or 100 properties off at once to a clearing house or another bank or investor. you will want to use a genuine purchase and sales agreement from the state board of realtors. An offer to purchase without will not be looked at unless accompanied by the required forms and disclosures.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Debi Boucher, , Woodland Park, CO
Wed Sep 10, 2008
If you choose to download, or purchase the documents you need to write an offer on a property you should be certain you have the documentation necessary for your state, as the contracts vary from state to state. That said, an offer to buy, once accepted, is a binding contract and carries with it many tax and legal ramifications. It would be in your best interest, as a buyer, to contact a local REALTOR, perhaps one that is recommended by a friend, to assist you. The REALTOR is paid by the seller or the bank who holds the property. A REALTOR can help you through the process with valuable information and advice. Think twice.
Good luck!
0 votes
Jeffrey White, Agent, Beverly HIlls, CA
Wed Sep 10, 2008
Where are you looking in? You really want to have an agent research the property and it's situation before you invest lots of time in writing an offer yourself. You will not have to pay an agent to represent you as a buyer as it is covered through a listing which a true REO will offer.
0 votes
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