Assigning question

That does clarify ot for me, I appreciate your help!

That does clarify it, thanks!

You should try craigslist.com and your local newspaper's classified ads under headers like "Money to Loan" or "Money Lending". Also, you can put your own ads out there to search for investors through flyers, classified ads, or craigslist, to bring the investors to you. Good luck! Hope that helps!

Hi. I just wanted to let you know that you are not the only one in your boat. I too live with my folks. My credit is BAD. On top of that I just had a baby and my fiancee ,she, and I are cramped we need our own place. On top of which, I have no job. My fiancee works part-time at the local community college and can't seem to land a full-time job. No matter how hard he tries. This MUST work for me. I have the same question as you. Do I need to be approved for a mortgage?

Ok I may have an answer.... under "student resources" there are "Forms and Docs" You can find the conrtracts in that section of this website.

Good luck

Roni

Okay, I have spent the last hour reading forums (which I consider very informative), but there have been several questions asked as to HOW DO YOU DETERMINE THE FINDERS FEE? and no response have been given (atleast in the forums that I have read) In addition, is there a particular formula used to determine the amount of the fee? Please advise.

When I get an investor interested in a property that I have contracted from the owner. What do I tell them? Do I flat out tell them I have a contract for sale?

You can do either but it is better to have investors lined up first. But you can get the contract first just make sure you a "weasel clause" in it so you can void the contract within five days if you can't find an investor.

me close the assignment? If the seller has an attorney, does the new buyer get an attorney or do w use the same one? How does that work? Also what if they dont want to pay until closing? The new buyers are using FHA, there mortgag guy who is also an investor says to me that it can't come out of a Hud? That it is a seperate agreement that I make for x to receive $5k assignmnt fee but as if I am selling furniture to the new buyers????
Also if I have to wait till closing what are th steps left to do to coordinate this?
Do I give a copy and and assignment contract over to the new buyer or to my or her attorney(new buyer)? Do I need to b involved any further? What do I tellthem to do from the point of the assigninue ment? Do I give them the attorney of my seller and let them continue the contract from there? Do I make the sellers attorney aware that I have assignd it or that there is a a name change to the original contract?
I am right in the middle of trying to put my first assignment deal together in NJ and would greately appreciate getting some clarity.

Thanks

How will the buyer take you serious when you don't have the pre-appval.

new to real estate game,when assigning a property,the buyer is going to want to see the property right? and that could led to the buyer finding out that i dont owne the property and if thats the case, why would the buyer buy from me at a higher price.what am trying to say is how do you handle that situation. im trying to do my first deal,thanks,o,sorry for got to say hi, every body.

can you tell me the whole process on doing a assignment,and explain the tax proration and closing costs in an orderly fashion i know that im ask for a lot but i would really appreciate it, please be very specific,im new to this thanks again.

However they have been answered a 1,000 times, so if you look at the left of the web site you'll see the menu, click on "HOW TO's" and you can also check out "THE MOST FREQUENTLY ASKED QUESTIONS" there are excellent explainations there.

sully, the part about the buyer wanting to see the property was not answered and how to handle it

Hi Earl.

There would be no problem with the buyer viewing the property because you would already have the contract under your name and/or assigns giving you sole right to purchase the property until the closing date set within the contract. That is why it is important to get a property under contract before offering it to your end buyer with the specifics.
Hope that helps.

Rina

P.S. Welcome to the DG family. And thank you for being willing to share your expertise as a loan officer.

Welcome to the DG family/forum as I often call it. Rina's right, he who has the contract controls ALL! So you can price it at what you feel is reasonable but still make it a good deal, so your buyer will come back or refer you to other investor/buyers.
God bless,

I am totally new to this and have the same ? as yourself. Since it doesn't look like you've gotten your answers, I would like to take a stab at it and PLEASE anyone correct me if I am wrong.

Step 1: You find a house in pre-foreclosure.
Step 2: You contact owner and procure purchase agreement (with assignment clause)
Step 3: You find buyer (for a slightly higher asking price)
Step 4: You assign buyer to property with a new purchase agreement??? Some body help us out!!! I have yet to pull the trigger on this, obviously.

Anyway, so you are not using your credit at all in this senario,

lots o luck Ljay

sold my personal home, owned 20+ yrs. invested some of profit to buy my 1st sheriff sale property. ($36,000.) totally updated (cost - $14,500.)& sold within 4 mo. for $117,000. my profit @ $56,000. within 2 mo. I bought another property with this profit; repaired, updated, & sold it for a profit. I am confussed @ how I will be taxed if I keep using the profit to re-invest in other properties. can someone give me advise or explain how it is treated?

upgrading to bigger more expensive properties, i believe you can use 1031 exchange to delay from paying

SULLY, I am taking it that your reply was to me, & if so thank you very much for the reply. I am new to all of this so I have no idea what a 1031 exchange is... All of this happened so fast for me, (my 1st purchase was 5/2007) & I suddenly realized at this point in time I have about $95,000. cash profit, and I don't know how to report or the best way to file tax to help me most. I do want to continue what I am doing but don't want to get into a bad tax problem or lose my profit. Can you go into a little detail about 1031 exchange, & how it may help me? THANKS AGAIN

COULD YOU GIVE AN EXAMPLE OF HOW TO WRITE OUT AN ASSIGNMENT? I am also new at this... for my own reassurance... I would like to start with assignements..

colleen

I feel like I'm repeating myself... sorry if I am... I'm also trying to get fimiliar with the forums here..

I want to work with the investors and the sellers.. I wish there was a place on this site with different contracts... I realize that there are different contingencies... but a template would be great to start.......

it takes time just to figure out where everything is ... never mind what the question is.. lol

colleen

to the left of the web site, click on "forms and doc's" and you can download a "CONTRACT OF ASSIGNMNET" form

Hi everyone, my name is Reyna and I have a couple of questions,

1- Could you lock up a Deal even if a Real Estate Agent has it for sale?
2-How can you show the house to private buyers?
3-Do I have to let everyone involved know what I want do?
will this be consider an Assignment or wholesale?

I'll appreciate your answers, God Bless each and everyone on this Forum, very informative! Thanks

Sully,
Would you please respone to my other comment under "assigning" #49. Sorry I just figured out how to reply properly; after I left another Comment there. OR HAVE I ?
Thanks

just kidding, lol, anyway, i would like to HELP you as much as possible, but i'm just NOT knowledgable enough in the TAX field to guide you properly, i basically told you what i know, -If you keep trading up your properties for larger, bigger properties you can defer the tax, you STILL haven't answered my question as to how long were you living @ the property BEFORE you sold it? Based on how you answer this question i can point you in the right direction.

ATTENTION: SULLY,
The only property I have live at was my home of 20yrs., when I sold it I started flipping houses with some of that profit. The other houses, I bought , re-done, & closed on the sale within a couple of months. Once I had a closing date set, I had my mind set on another house to buy & did the same thing again. My husband & I have flipped 3 this year & we have done all the work our self.(retired builder of 30 yrs.) we never lived in these houses. we bought & sold for profit. hope this explains. Again, thanks...

YOU CAN FIND INVESTORS IN YOUR SUNDAY PAPER.... BELIEVE ME THEY ARE THERE...

So if I reassign the contract to the buyer for say 80,000 and locked in with the owner for 60,000 Im owed 20,000 at closing or upfront from the buyer. But how would that be given to me without the buyer knowing that I charged 20,000 more? Do I give the buyer the contract that me and the seller signed also?

Sandy

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Wrote in wrong section