• An earnest money deposit • Survey?
• Timeframes for both due diligence and closing • Contingencies, which could include items such as inspections, appraisals, surveys, and financing • How you’ll be paying (loan or cash) • Proof you have the money (pre-qualification letter or proof of funds) Some RECs require different information, so if you’re going to be flipping properties in multiple areas, it’s a good idea to get with your local Realtor® and review the local RECs from all those areas, so you know exactly what will be needed in each location, which will save you time in the future. My suggestion is to read through the real estate contract several times to familiarize yourself with everything that is in the offer so you can fully understand what your offer entails. Understanding what you are asking the seller for, and the timelines you are given in the contract can be key to a smooth transaction.
FIXING UP YOUR FIXER UPPER
After finding the right fixer-upper property , the second-most important component is finding the right person to help you fix it up. We’ve all heard contractor horror stories; unfortunately, this honestly is one of the trickiest parts of the process. Even if you’re a seasoned Do-It-Yourself (DIY)-er or a construction professional, I recommend having a solid, reliable contractor on your team. They’ll be there for expert advice, they’ll come with a team of skilled workers, and they’ll help the process move more quickly (“time is money” is a saying for a reason). Plus, they can help you out if you have a lot going on in 43
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