Residential Buy-Sell Agreement: Fill & Download for Free

Do you have a real estate agent? If you are in the U.S. and assuming you are using a relatively standard form residential real estate buy-sell agreement, then the seller cannot—force—you to buy the house. In legal jargon that is called specific performance. Even if you are not using a standard form contract, the court is not going to order specific performance.Generally, depending on the wording of the agreement, the buyer’s (your) only downside is the loss of any earnest money deposit. In any lawsuit, the plaintiff is only entitled to damages for breach of a contract. There are various ways to figure out damages depending on the situation. In residential real estate, the earnest money deposit is a form of liquidated damages. The earnest money is all the seller is entitled if the buyer illicitly backs out of the deal.When it is the seller that breaches the agreement, the buyer can sometimes force the sale, that forces specific performance as a remedy, but it is almost never the case that the seller can do so.As others have answered, the buy-sell agreement should have inspection contingency clauses.

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What are ways to make money with residential real estate if you don’t want to sell or rent it?There are a lot of different ways. Here are just a few:Bird Dogging: You locate a property a property that either a real estate wholesaler or rehabber would be interested in. You collect some basic information—address, photos of the house from different angles, a written description of what you can see, often a bit of research to discover the owner and method of contact (that’s easy), and then you provide the lead to either a wholesaler or rehabber. Either one then makes the actual pitch to the owner. If a deal is completed—if the wholesaler or rehabber is able to purchase the property, the bird dog/”property locator” receives a fee—usually in the $500-$1,500 range. The bird dog him/herself does no selling and usually has no interaction with the owner.Wholesaling: You locate a property that a rehabber or perhaps a long-term buy-and-hold investor would be interested in. You put the property under contract. Then you sell/assign the contract to the rehabber or investor. Remember: You’re not selling the property. You’re selling the contract. Example: You find a property that, when fixed up, would sell for $500,000. It needs $70,000 in repairs. You put it under contract for $305,000. You assign the contract to a rehabber for $25,000, so the rehabber pays you $25,000 for the contract and pays the owner of the property $305,000 for the property itself. Thus, the rehabber has paid a total of $330,000 ($25,000+$305,000). You haven’t bought the property; you haven’t sold the property. (And because your contract is properly constructed, you can’t be forced into buying the property.)Wholesaling Turn-Key Deals: This follows the same initial path as above. But here you put a complete deal together. For example, you find a property that would make a good lease-option property. You put the property under contract. But then you take an extra step and find a lease-option tenant. That’s someone who’s willing to pay some money up front as an option fee, is willing to rent the property, and has the option to buy it for more than the purchase agreement is for. Example: You find a property that might sell for $100,000. You put it under contract for $70,000. You then find a tenant-buyer who is willing to provide an up-front $10,000 option fee, is willing to rent the property for $750 a month (while the cost of the $70,000 is far less than that), and who says he’s interested in buying in 3 years for $105,000. The profit centers are the $10,000 option fee, about $300 a month in rent ($10,800 profit over 3 years), and a profit of $35,000 when the property is re-sold. That’s a total of $55,800. You ought to be able to sell that package to an investor for, say, $10,000.Note Buying and Selling: In this case, you actually are buying and selling something. It’s the note that’s attached to the property. This is (at least for me) a more specialized area. But you can buy either “performing” (where the person, usually someone who’s purchase the property in the past 1–3 years) is making his/her regular monthly payments, or “non-performing” (where the person isn’t making payments). With a performing note, it can be as simple as buying the note at a discount and then receiving the payments. Example: An investor has sold a house with seller financing. (Or maybe just your average Joe has sold a property with owner financing.) The note was for $50,000 at 8% interest. But the investor or Joe wants to cash out, rather than receiving payments for another 10, 20, or more years. The note’s been paid down a bit. The note holder sells the note to you for, say, $30,000 in cash. You now have a note that’s paying you $4,000 a year. The note cost you $30,000. You’re getting a 13% rate of return. That’s pretty good when you’re lucky to get 1.5% from a bank.Deal in Tax Liens: Buy tax liens (liens imposed by the city or county for non-payment of taxes). It seems as if nearly every county and city has its own process . . . and its own way for investors to make money. In some cases, the homeowner can redeem the property by paying the back taxes and a hefty penalty or interest rate. In others, the investor can foreclose or—since you don’t want to buy or sell—the investor can sell the tax lien to someone else who does plan on foreclosing. Or here’s what happened to me: Through a screw-up, my bank never received the city’s tax bills for a parking space I owned. The same thing happened to about a dozen other parking space owners. The parking spaces at the time were worth about $8,000 each. The investor bought them from the city for the amount of tax owed—probably around $400. Then he approached each owner, offering to sell the parking space back for $2,000. I paid, and I’m pretty sure everyone else did, too. If we hadn’t, the investor could have sold the spaces for $8,000 each or (to avoid the buying and selling of real estate) sold the right to the spaces for perhaps $5,000 each.Become a hard money or private money lender. If you already have some money, you can lend it out, typically to rehabbers. If you own your own home with equity, you can tap into that. Hard money lenders often charge 3–4 points and 12%-14% interest to rehabbers, with the loan being secured by the equity in the property the rehabber is working on. A private lender may charge the same interest, but often won’t charge the points.Become a real estate agent: I’m pretty sure this wasn’t what you had in mind. But a real estate agent can make good money with residential real estate without ever buying, selling, or renting a property.So there are seven real ways to make money with residential real estate if you don’t want to sell or rent it. I can think of plenty more, but those should be enough to get you started, or to answer your question.