Seller said yes on the phone, now what? I have no idea what paperwork goes where
I've been calling absentee owners for a few months and mostly getting hung up on, but one guy actually said he'd take a number that seems workable to me. And now I'm sitting here realizing I don't know what happens next.
What I think I know: I send him a purchase agreement, he signs, it goes to a title company, and then I either close on it myself or sell the contract to another investor. Somebody on a podcast said you should always use the title company's contract instead of your own, and somebody else said that's backwards and you should use your own with your own clauses in it. I don't know which one is right or why it matters.
Also, do I need earnest money to be real? I read $10 is fine and I read $10 is a red flag that tells the seller you aren't serious. Which brings me to a bigger worry, which is that I get this signed and then discover I've done something that doesn't actually hold up.