Larry Goins uses this one-page purchase offer for every single thing he buys, whether it’s fix and flip, wholesaling, leases, or whatever else you can think of. After thirty years in real estate in the Carolinas, he’s gotten his contract pared down to the absolute basics to maximize his profit and minimize seller confusion.
So that a seller knows exactly what they’re getting, Larry titles his contract “The Standard Real Estate Offer to Purchase”. Whether they get this contract in an email or in the mailbox, it signals to his sellers that it’s simple and exactly what they talked about on the phone. Larry cautions that you want to have just enough in there to protect you without also scaring the seller.
When meeting a seller in person, Larry tends to fill out part of the contract ahead of time, except for the purchase price. He shares why he leaves off the price until the last minute.
Larry only uses $100 for the earnest money so that if he needs to break a contract, he’s not out of a lot of money. He shares what kind of due diligence he does for each contract, and why he does that.
By giving the seller a deadline to sign, it doesn’t give them enough time to go shopping around for a better deal. Larry is a master crafter of words because he spends so much time talking on the phone. He closes all of his deals on the phone, so it’s really fascinating to hear him talk around objections. If you’re looking for any inspiration on how to talk to a seller, pull up a chair and listen a little more closely to Larry.
Every state has different real estate and contract laws, and that can change on the city, county or state level. It’s always important to check and verify that Larry’s contract would work for you.
At the end of the day, if this one-page purchase offer does work for you, it will save you thousands and thousands of dollars. We do encourage you to seek legal advice for your market because Larry and I are not lawyers.
- When and how you can use this one-page contract.
- How to simplify your own contracts.
- Larry walks me line-by-line through his one-page offer to purchase.
- Using the phrase “Advanced Proceeds”, Larry is able to protect his interest in the property.
- How Larry advertises his homes for sale and why he doesn’t include the address.
- How he generates buyer leads.