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What Purchase and Sales Agreement (PSA) do I use to buy Post-Bankruptcy Report deals?

 

Question: What Purchase and Sales Agreement or 'contract' should I use? What about the contract that real estate agents use--do I have to use it?

Answer: There are many, many Purchase and Sales Agreements (PSAs) available in the world of investment real estate. Each investor needs to find one that deals thoroughly with the circumstances surrounding the transaction, and that, most importantly, one that he/she understands! Many investors use one PSA if they are purchasing a property and a slightly different PSA if they are selling a property. Obviously, the differences are such that the investor is most protected. However, we certainly don’t recommend that you treat the other party unfairly, particularly if they are uneducated in the real estate process. You can be a smart business-person and still maintain a high level of integrity throughout your transactions.

If you are in need of a good PSA, we’ve included one that we like in our Quick Start Guide (along with many other forms)--click here to learn more

If your purchase/sale involves a real estate agent either on the buying or selling side, you will likely have to use the GAR (Georgia Association of Realtors) form. It’s a long, complex document, so please read it carefully and know what’s being promised and what’s not being promised.

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