Majestic Tech by an Enlightened Wealth Institute student

Get into making offers and your bank account will fatten up!

Remember looking at 20 properties to find 10? Once you have at least one of the 10, you have to make an offer. Let me be clear about making an offer. Almost no offer is too low and as I was taught by the enlightened wealth institute master, if your offer doens’t embarass yourself…then it is not too low!

Seriously, if you don’t feel at least a little bit embarrassed about the offer, it is not low enough. Now, that doesn’t mean you should make an offer that will insult the seller and negatively affect your credibility as a buyer. The point is the offer should be as low as your research will support. Always make the seller negotiate upward from your price, never negotiate downward from theirs.

The essential elements of a real estate contract will vary from state to state. The elements listed below are those generally required as the minimum in most jurisdictions:

·         Both the buyer and seller must be of legal age and must not be suffering from any mental defects that would render them incompetent.

·         There must be a “meeting of the minds” where the seller must clearly articulate the offer and the buyer must clearly articulate acceptance.

·         The agreement must be for a legal act and cannot be against public policy.

·         Consideration must be defined in terms of what the seller is giving to the buyer and the buyer is giving to the seller.

·         All terms and subordinate concepts that are part of the contract must be clearly spelled out in the contract that is legally signed by both parties.

·         The contract must contain a description of the property. Generally, this is a legal description identified by the street address and the survey markings.

Don’t forget to include any clauses that protect your interests in the deal!

Tags:   enlightened wealth institute · making offers in real estate investing · marketing · real estate investing1 Comment