Like Iggy, we recently bought a house at auction, next door. Unlike
Iggy, we are going to own it less than 24 hours. We close in four
weeks and have a buyer on a contract for deed.

I just shook hands with Bill on a price plus costs to set up the
contract. This is a person of extremely high character. Neither of us
would dream of cheating the other. After all he'll be my new neighbor.

Any advice on setting up a contract? What needs to be in it? Do we
need a lawyer, or can a local realtor or similar set this up? What
costs are involved?

Karl

On 2011-04-28, Karl Townsend wrote:
Like Iggy, we recently bought a house at auction, next door. Unlike
Iggy, we are going to own it less than 24 hours. We close in four
weeks and have a buyer on a contract for deed.

Congratulations on a quick flip!

I just shook hands with Bill on a price plus costs to set up the
contract. This is a person of extremely high character. Neither of us
would dream of cheating the other. After all he'll be my new neighbor.

Great.

Any advice on setting up a contract? What needs to be in it? Do we
need a lawyer, or can a local realtor or similar set this up? What
costs are involved?

I would personally get a lawyer. If you flip a house like this, you
may end up being his title insurance. Plus, he wants to make sure that
he has good title.

i

Title Company



"Karl Townsend" wrote in message
...
Like Iggy, we recently bought a house at auction, next door. Unlike
Iggy, we are going to own it less than 24 hours. We close in four
weeks and have a buyer on a contract for deed.

I just shook hands with Bill on a price plus costs to set up the
contract. This is a person of extremely high character. Neither of us
would dream of cheating the other. After all he'll be my new neighbor.

Any advice on setting up a contract? What needs to be in it? Do we
need a lawyer, or can a local realtor or similar set this up? What
costs are involved?

Karl

In article ,
Karl Townsend wrote:

Like Iggy, we recently bought a house at auction, next door. Unlike
Iggy, we are going to own it less than 24 hours. We close in four
weeks and have a buyer on a contract for deed.

I just shook hands with Bill on a price plus costs to set up the
contract. This is a person of extremely high character. Neither of us
would dream of cheating the other. After all he'll be my new neighbor.

Any advice on setting up a contract? What needs to be in it? Do we
need a lawyer, or can a local realtor or similar set this up? What
costs are involved?

You need a local lawyer, as real estate law and custom vary.

Your big saving is elimination of real estate broker fees.

Joe Gwinn

On Apr 28, 7:19*am, Joseph Gwinn wrote:
In article ,
*Karl Townsend wrote:

Like Iggy, we recently bought a house at auction, next door. Unlike
Iggy, we are going to own it less than 24 hours. We close in four
weeks and have a buyer on a contract for deed.

I just shook hands with Bill on a price plus costs to set up the
contract. This is a person of extremely high character. Neither of us
would dream of cheating the other. After all he'll be my new neighbor.

Any advice on setting up a contract? What needs to be in it? Do we
need a lawyer, or can a local realtor or similar set this up? What
costs are involved?

You need a local lawyer, as real estate law and custom vary.

Your big saving is elimination of real estate broker fees.

Joe Gwinn

If you value the relationship, get a lawyer and do it right.
Good contracts make good relationships.