Todays Actions Resulted In

[Craig 0]

Michael, I have started to complete the short offer Residential Lease and Option. I have a few very simple questions about filling out this form.

 

Question one, LIne 5) Option period 24 months, begining ______and ending ________. Questions is what do I fill in here? Do I want to start to define the dates of a 3 month period here?

 

Question two, Option Consideration $_________. Question is in this space I just use $10.00 to make the option legal, correct.

 

Question three, I tried to run some CMA's, none are available in this area. I tried two differant web sites. Both came back with the same information. I looked at the property. I am going in with $5,000 less than the listing price. $244.500. Remember a agent is between us to. Looked at other properties in the area. They don't have the sq ft this has and they are lake front, this is Lake view. One plus this has is it boarders a golf course too. But it does not have a garage. Question is do I go with my gut instinct on the price of $245,000 of 3,000 sq ft.?

The agent listed it as 249,500.

[Kimberly 0]

Question one, LIne 5) Option period 24 months, begining ______and ending ________. Questions is what do I fill in here?

The beginning is the start date and the ending is the end date of the lease (24 months later). You'd want your start date 60 to 90 days in the future, to give you time to find a tenant buyer.

 

Question two, Option Consideration $_________. Question is in this space I just use $10.00 to make the option legal, correct.

Are you going for a CA or a sandwich deal? Yes, you can give the seller $10.00 either way.

 

Question three, I tried to run some CMA's, none are available in this area. I tried two differant web sites. Both came back with the same information. I looked at the property. I am going in with $5,000 less than the listing price. $244.500. Remember a agent is between us to. Looked at other properties in the area. They don't have the sq ft this has and they are lake front, this is Lake view. One plus this has is it boarders a golf course too. But it does not have a garage. Question is do I go with my gut instinct on the price of $245,000 of 3,000 sq ft.?

The agent listed it as 249,500.

You didn't get any info on comps or you did? Did you try Data Quick? Michael uses it sometimes. They will have data on areas you can't get from the free sites, if I'm remembering correctly.

 

The Realtor would have run comps. If you're on good terms with the Realtor, ask to see the comps.

[-Tony- 0]

okay kim waiting.

 

okay you beat me. I didn't know when someone was repling their name has a dotted line underneath (down where it says user viewing)

[-Tony- 0]

here we go again kim I will beat you

 

any way I always give $10. I use to give $1.00 but VA law says $10 now....

[JCannon 0]

If you find a T/B before the lease starts do you change the lease contract with a new start date or does the T/B get some rent free livin' for a little while?

[Kimberly 0]

If you find a T/B before the lease starts do you change the lease contract with a new start date or does the T/B get some rent free livin' for a little while?

<{POST_SNAPBACK}>

You change the dates or rewrite the contract. The t/b NEVER gets free rent UNLESS you are the t/b!

[Kimberly 0]

Sorry Tony! I rarely look down at that line.

[-Tony- 0]

I just had the owner allow use early entry (in writing). CA I would rewrite

[-Tony- 0]

Sorry Tony! I rarely look down at that line.

First time I ever saw it

[MichaelC 160]

Question one, LIne 5) Option period 24 months, begining ______and ending ________. Questions is what do I fill in here? Do I want to start to define the dates of a 3 month period here?

Same dates as the lease agreement, Craig. For example, December 1, 2004 through November 30, 2005 for a twelve month lease. And as Kim said, the start date is out far enough to give yourself ample time to find your t/b. (In the full agreement, you will have a cancellation clause to CYA).

Question two, Option Consideration $_________. Question is in this space I just use $10.00 to make the option legal, correct.

Yes.

Question three, I tried to run some CMA's, none are available in this area. I tried two differant web sites. Both came back with the same information. I looked at the property. I am going in with $5,000 less than the listing price. $244.500. Remember a agent is between us to. Looked at other properties in the area. They don't have the sq ft this has and they are lake front, this is Lake view. One plus this has is it boarders a golf course too. But it does not have a garage. Question is do I go with my gut instinct on the price of $245,000 of 3,000 sq ft.?

The agent listed it as 249,500.

Impossible for anyone to know how much to offer. You need to make that call, Craig. And you'd be well advised not to go with your "gut instinct" so early in your career. Have you tried one of the paid services for accurate sales information. I like DataQuick. For $9.95 you'll have as accurate a set of numbers as any Realtor could ever hope for. Or, as Kim said, talk to a Realtor about comps. Keep this in mind: you can always go higher in price. You can't lower your offer. I just have the feeling, call it a "gut instinct" your coming in way too high to start.

I didn't know when someone was repling their name has a dotted line underneath (down where it says user viewing)

Yeah, Tony! This board just gets funner and funner.

[Craig 0]

I have tried 2 paid services for the CMA's including DATAQUICK.com. They both said not enough information to complete a current CMA. So I have requested from the agent ,the CMA's she used to set the listing price. Will see her answer tonight. Also have emailed someone who lives and has purchased property in that same area.

 

Thanks for the other added information.

[-Tony- 0]

Just remember water view and water front are way way way different.

[JCannon 0]

MC, when using Data Quick what service do you use for getting comps and prop. values is it the DataQuick Valuator? Is that the $9.95 service.

[MichaelC 160]

JC, the page you want is called Data On Demand/Homes Sales Report. It can be found here.

And Craig, unfortunately not every property in every instance will be available. On occasion, for whatever reason, a specific address won't be in their database.

[Sold ! 0]

Kimberly,

 

You now have me confused again.......just as I was getting it all figured out !! Here's why......

 

 

Seller wants 100k

Rent is 1k per month with 50% rent credits = 6k, if lease lasts 12 mo.

Option consederation is 4k

 

Do I write $110,000 as the purchase price on the contract? Will this throw the seller off?

 

You wrote:

Yes, you'd write $100k as the purchase price on the Option.  You'd also be writing in the amount of rent on the CA Lease, as well as the Rent Credits on the Option.

<{POST_SNAPBACK}>

 

 

 

 

He asked if he'd write $110,000 and you said "Yes....write in $100K

 

Clarification before I jump off the roof, please. It won't kill me (it's only one story), but it's gonna hurt like hell, I'm sure.

 

Thanks,