An offer becomes a deal once the property is under contract, meaning both you, and the seller have signed the contract.
You’ll want to enter in offer information any time there is a price communication with the seller. This allows you to track the history and see how many offers it took to become a deal.
Offers and Deal information can be submitted within the property record. Want more information on Offers? Check out Tracking Offers in REISift
You'll see Deal options after the property becomes Under Contract. To add deal information, click Update Deal.
Selecting Deal Type and Post Contract Status
The Deal Types are Flip, Listing, Wholesale, and Rental.
After choosing the Deal Type, select the Post Contract Status. Post Contract Status is the status after the property is under contract with the owner you are purchasing it from. The post contract status will vary depending on which deal type you select. The status can be selected from the drop down menu or by clicking the status under deal type.
You can enter in any fees associated with the deal, such as closing fees, notary fees, or cleaning fees by clicking Add New Fee. Type the fee description and the amount, then click the plus sign + to add the fee. You’ll want to enter in any fees listed on the HUD that you were responsible for or any miscellaneous fees you incurred so you can track your expenses and total profit.
All deal types have a post contract status of Deal Finalized. When a property closes, or is rented, there are other things that need to happen after closing or rental, for example, updating your expenses in Quickbooks. Once all tasks associated with the closing have been completed, you can select Deal Finalized, add any final notes on the deal (optional, but recommended) and save.
Deal Fell Through
If at any point the deal falls through, you can update the Post Contract Status to Deal Fell Through. This will cancel the active deal.
You can still view previous offer and deal information by clicking See Offer History, or from the Activity Log.
Viewing Offer and Deal History
Offer and Deal history is tracked in the Activity log within a record. You can access the history by clicking See Offer History.
Offer and Deal history can also be viewed by clicking Activity Log and selecting Offers & Deals Events.