NOTES FROM BILL'S BOARD

This string is based on emailing offers to MLS listings.


Red12 wrote:
How do you make an offer w/o that info? He wanted it all added as contingencies.

Scott_L._Moyes wrote:
First of all remember that even if they like the offer they will have to furnish all the documents necessary to answer your questions. But, you do not need ANY of those things to make an offer using the NEO.

In the "Terms of the Offer" you should already have what is their asking price which you will put as the MAV. As far as the "Relinquishing Parties" contribution or equity just write, "Difference between all current encumbrances and MAV". What I like to do on the payment part if they don't or won't give you that information is this. I'll guess. I always "guess" what I know is going to be low. So if they give me an asking price of $200,000, I know that a mortgage payment of say 6% with 20% down would equal approximately $1200 PITI, so I'll put a payment of $1200 with, and listen to this, $200 month being paid by the Offeror/Seller.

Ok, so why do I do this? Because I'll get a call from the Seller or their Agent telling me they can't do that because the damn payment is $1400 not $1200 and they don't want to pay anything. Ok, so now I know.

Or, if you want you can just write in, "Current PITI". What that does is forces them to tell you what that is. Sometimes they will ask, "why only PITI, don't we get any cash flow too"?

Anyway, don't get too caught up in needing to know all the dollar figures upfront. Sure it's nice but not necessary to make an offer.