Assigning question

I have a quistion, Where is the best place on craigs list to post my assignment properties?

Thank you
Eric

Once you lock a deal with a seller for an assignment contract and sign the purchase agreement, and are considering doing a double closing, do you hold on to the purchase agreement (whether it's 15 or 30 days) until you find a buyer and then go to the title company? What I'm trying to say is, if you don't have a buyer in place when you do an assignment contract, do you have to go to a title company with funds of the agreed purchase price and process the paper work until you find a buyer and assign?

Also, I am totally confused with the example of the figures you show.

The DG Family is great and I'm proud to be part of it. Love this place.
Aris A.
From LA

If I find a REO property and make an offer that the banks excepts. is it acceptable to the real estae agent who made the offer for me and the bank that accepted the offer,to re-assign the property to a cash buyer or find another buyer and di the equity conversion approach.

Hello haroldblount
I am also a newbie but what i know is if you're going to assign a contract, you must always include "And/Or Assigns" after your name in the "buyers name" section in the contract and everywhere you sign to be able to assign the contract over to another investor/buyer.
I believe once your offer is accepted and you sign the purchase agreement with "And/Or Assigns" after your name and the seller accepts it that way, then you have the right to assign.
But if that's what you intend on doing, I suggest you inform them before hand, whether it be your realtor or the bank, that you intend on doing an assignment of contract.
I have also heard that banks DO NOT like assignments. I don't know what state you're from, and every state is different but that applies to California.

Aris A.
From LA

I know Dean Says you can make money in any market, but...

I'm investing in Detroit, and no one is buying (other than investors), and the prices are so low (40%-80% of FMV) that it seems like it's not a smart place to invest.

Does it make sense to invest and/or wholesale in an area where anybody and everybody (and I do mean anybody) can get an 80k-150k home for 20k or less (waaaaay less)?

I have a situation thats about to beat me to death. I have a lady who is pre approved for a 300,000.00 loan FHA. She wants a 160,000.00 home. She has found several. I told her I would buy the home and sell it to her. I tried to get the home on contract. It is listed with an agent. He told me I cant do an assignment of contract because it might create some kind of liability between him and the buyer. So they refused to do business with me. I have ruined credit and absolutely no cash. I provide proof of funding on cash offers which is what I did. Every home I try to get on contract is rep. by a agent. None of them will let you do this. I called a local broker who sells the reo s for some of the banks around here. He said the same thing. Every home on every site I have checked is with an agent. I even found homes on FSBO.com and forsalebyowner.com. When you call the owners# you get an agent.What the hell am I supposed to do. I also have a guy with bad credit that wants me to find him a home. He has 30,000.00 cash to put down but he needs owner financing. Once again any home listed with owner financing has an agent involved. Now it is my understanding if you plan to purchase a home,and write a contract for it. You have equitable conversion which gives you the right to sell before closing. But there is not one agent who will allow you to do it. And another thing I found out is when you write and or assigns on the top line of your sales contract. The title company cannot add the new buyer at closing, it is illegal for a title co. to change a sales contract. You have to have an attorney present. Thats 3500.00 here in houston. All these things aren't talked about in the book. Someone please help me.

This message is a response to CBRPOWER's comment about Double Closings

I understand what you guys are saying but with all the trouble we have had with Mortgage Fraud and everything else you are not giving this person good advice. All the seller has to do in this case is say he did not understand how much you were making off the deal and he would probably prevail in a Court of Law.

Just like it says in Dean's book everything should be transparent to the seller. As Real Estate Investors we want to run legitimate businesses. Tell the seller what you are doing or else it could com back to haunt you!

If the seller of the property you want has been trying to sell the property for a LONG TIME, the motivation to sell it should be enough to make the deal go through. If the seller is resistant offer other things that they may value such as Good Quality Bonds or a Paid Vacation to there favorite place.

This is nothing personal cbrpower, I just do not agree with your advice to this person.

This message is a response to CBRPOWER's comment about Double Closings

I understand what you guys are saying but with all the trouble we have had with Mortgage Fraud and everything else you are not giving this person good advice. All the seller has to do in this case is say he did not understand how much you were making off the deal and he would probably prevail in a Court of Law.

Just like it says in Dean's book everything should be transparent to the seller. As Real Estate Investors we want to run legitimate businesses. Tell the seller what you are doing or else it could com back to haunt you!

If the seller of the property you want has been trying to sell the property for a LONG TIME, the motivation to sell it should be enough to make the deal go through. If the seller is resistant offer other things that they may value such as Good Quality Bonds or a Paid Vacation to there favorite place.

This is nothing personal cbrpower, I just do not agree with your advice to this person.

Hey there sully, and all other who might like to respond.
I have 2 questions related to assigning, first off, does the sample real estate purchase contract that dean offers on his site include what you would consider an Assignment clause? Secondly what % off of the FMV would be considered a wholesale property price to offer to another inverter?

Welcome on this new adventure. Usally investor's like it to be 20 to 40 % below market value. You can review any copies of the contracts on this web site. Much Success to you......Luberha

Thanks Luberha, and everyone els who is helping us newbies out. 20 to 40% is about what I expected, and should fit well with the numbers that are in deans new book (“Profit From Real Estate Right Now"). There are so many forms out there with similar meanings, its so confusing, not sure which form and statement are for which application, but hopefully a Real Estate Agent will know, just don't want to look stupid in front of my new agent... who I haven't quite acquired yet. But on the positive side I am so excited. I just finished Deans new book 2 days ago, and put out 1 buyer add, and sent a similar letter that is in Deans new book to 4 local Real Estate company's yesterday, and today I was able to put 1 Real Estate Investor on my buyers list who said he loves to pay assignment fees, and 2 reply's from Real Estate Company's who say they would like the opportunity to serve me heh, just hope one of those agents will work out for me. It seems to be happening so fast and I've done almost nothing so far but put out 2 ads. Deans the man(with the master plan). I haven't made a penny YET but with the positive forward energy Dean gives you, I cant see how I wouldn't. I'm so impressed with Deans new book I've decided not to send in the Rebate form(oh yea Dean full price). I cant wait for the next step. Well that's enough rambling from me, have a good one all, thanks again, and later on.

first i would like to say hi to everyone here..now i have a few question on foreclosure...when i recieved deans books it also included a program call
"foreclosure alert"...which i got into and found thousands of foreclosed property...when you choose a property it list the location the estimated value and the default on the property...it also has a quick veiw window ..
that when you click on it.. a list pops up and it shows the borrower,attorney,
bank and the loan........now my question is this....

question "1" do i contact the attorney to buy the property or the bank?

question "2" let say the estimated value of the house is $89,503 and the default is $20,000 do this mean if i gave the bank $20,000 for it.. do i get the property? and if so.

question "3"... do i minus $20,000 from $89,503 = $69,503 is this consider
"equity" ? and if so.

question 4....how soon after you purchase a property can i pull out or use the equity on the property?

if someone could help me i would deeply appreciate it....have a pleasent day and may GOD bless everyone here...thanks.

In this situation, you would want to use a "Transactional Funding Source." Companies that lend money via wire transfer to you for closing the A to B (you and the seller). They do this based on "the deal" not your credit and assets. They normally charge 2 points and a $500 processing fee. You only get charged if the deal goes through and the title company takes out the fees and wires them directly to the funder, so they are guaranteed to get their money - it's no risk to them. If I had access to millions this is the biz I'd be in!!! Now you can turn around and sell it to your buyer legally with NO MONEY of your own! Just make sure you build in the costs of the transactional funder and your closing costs on both A to B and B to C beforehand to make sure you have structured the deal with enough profit to cover and still make $$$!...Good luck!

Just keep throwing yourself into the book and web site. Knowledge is power. Even when you think you know. I have found that everytime I read something or hear something over. You learn something new. Stay positive. Be good to yourself..........Your at the right place and the right time!
Sincereley,
Lubertha

Oh i will fer sure keep on keepin on. I have skipped though the book a second time writing notes and im about to read it a third time but cover to cover like the first time. I am having a bit of trouble getting reply's from Realtors. I have sent a similar letter that I read in Deans new book to several local Real estate companies but I have e-mailed them instead of faxing as suggested in the book as i do not have a fax machine( maybe that's the issue). Does anyone have any suggestions on how to get the type of Realtor we need for assignments on my team or at least reply? any help would be appreciated, Thanks Will

Hey AikiAir, I read here a few days ago of someone that posted an ad on craigslist and I'm kicking myself now,I can't find it. Hopefully someone will help us, it said something like we are looking for agents that are professional and doesnt worry about making low ball offers in this market. We are looking for realtors that will put the time in and go get properties. Ahh, I sure hope someone knows what I'm talking about...Anyway, I'll find it one way or another.

Just a suggestion. Have you tried joining real estate clubs in your area? This is what I'm doing now. I found many that charge about 100 to 150 for the year. And one that just charged a cover charge of 20 for the refreshments. Maybe just try asking friends or family who they have used in the past. At least this will give you a way to strike up conversation and maybe meet them in person.Continued success........Lubertha

Ya that's about what I tried, I took Matts letter from Deans new book and customized it for myself and posted it on craigslist. i didnt get one reply from a Realtor, but on the positive side I did make a investor contact for my buyers list who said they love paying assignment fees. Here is the add I posted.

Greetings, my name is Mr. Roberge and I am a new to the Portland OR area Real Estate investor. Due to the current economic conditions, I have decided to ramp up my existing operations. I not only represent myself but also have several investors in and out of the area I help find, rehab, and rent out, properties. I have set a goal to purchase at least 50 properties in the next 12 months. Some of these properties I will buy and rent out, some I will sell to other investors, and some I will fix up and flip for myself. Regardless of the strategy used I need to be quit aggressive the price I pay for these properties, especially in this slow market. I have yet to choose a Real Estate Agent to represent me. The agent I will choose must not be afraid to work with investors, offend other agents with low offers, and be willing to accept an aggressive work schedule. I will be looking at a lot of properties and only buy a few. On the upside the agent I select will make lots of commission as we will be closing on properties every month (starting off slow, then revving up once trust has been established), and I will be bringing the agent in on FSBO's as well. I’m looking for a solid Real-Estate Agent who is an expert in the greater Portland area, not necessarily a sales expert. I hope to become friends that enjoy making each other money as opposed to just being business partners. I enjoy creating win win situations for everyone. All that aside I am a professional and expect to work with a professional.

I will be asking all agents to reply with answers to the following questions, as I do not have time to interview each candidate personally.

How much time do you have in the business?
Are you willing to work with new investors?
Have you worked with investors in the past?
Have you worked with banks on foreclosures/short sales?
Ever successfully handled an assignment of contract?
Are you willing to make low offers?
Are you willing to search and send property info regularly that matches certain criteria?
Do you invest in real estate yourself?

Thank you for your time and I hope to work with you in the near future.

Respectfully,

Will @ Green Tree Investments

http://greentreeinvestmentsor.usapropertywholesale.com/

Actually yes, real estate clubs are going to be my next step, if i can afford it.
Thanks all, and keep on keepin on.

Nothing is more powerful than a mind already made up! Let's do this......
Lubertha

I can't agree more on real estate clubs. I'm going to 1 soon in the Oklahoma City area. It will only cost 10.00 so I'm sure it will be well worth it.

AikiAir, thanks for your ad, I appreciate that. At least you got a buyer for assignments which is greattt.

Well I think I just posted it in the wrong section as I re-posted it in a new section last night and woke up today with 4 responses. 3 of them where saying they would like to talk further which im am not impressed with as if you read the add above there were questions to be answered which they did not even try. Although I just received a great reply with all questions answered and then some, and the guy seems young and hungry and wants to become an investor himself. so don't give up all, sometimes a small tweak in technique is all that's needed for great results.

Will,

Establish Positive Forward Thinking, and Ignore The Nay Sayers.

Yeah,I have noticed that there are different sections on Craigslist to post ads in regard to real estate. I will be posting something similar to your ad. Did you post it in real estate services?

Yes services offered, you will have to do a phone authorization(which is free and no biggie). The first time I posted it in the housing offered section(which wielded no results). I am getting Realtor reply's daily from the services offered section. Also I e-mailed that same letter to about 30 to 40 real estate offices, and am receiving agent reply's from that as well.

Will,

Establish Positive Forward Thinking, and Ignore The Nay Sayers.

I'm taking notes and asking questions!!! Are you willing to coach me on how to double close efficiently? Step-by-step. I know there are always variables. We have to be creative. I'd like to know more.

Thanks Denny

Hey all does anyone now how much a Real Estate Attorney charges to over see an Assignment(as suggested in Deans new book)for an investor, who is responsible for payment(seller, investor, or end purchaser), and when is payment due?

Will

Establish Positive Forward Thinking, and Ignore The Nay Sayers.

All atorney fees vary. The new buyer cover's the closing cost. Much success.......Lubertha

Really? No way, that's awesome. I figured I would have to pay the attorney as I would be the one drawing up the contract. Just to make it crystal clear(for me and everyone who may be reading), the Realtor and I would contact a Real Estate Attorney(I assume the Realtor would know of one who is familiar with assignments as long as that Realtor handles assignments) and he or she would come in and help us out with the contract and or process and we would owe nothing until closing, and even then it is normal procedure for that cost to be included in the buyers column of the closing costs? Well that really does make for a no money down deal doesn't it, WOW. Is there anything that we as the middle man investor would have to pay to make the deal go through, other then earnest money(which can be written in the contract so we don't have to pay for 30 days after contract signing)?

Will

Joining a real estate group is one other way discussed on this site. This will help expose you to many people, such as attorney's and so forth. I'm attending a group the middle of the month for the first time.Networking. Much success............ Lubertha

Hi Everyone,

We are still finishing the book (for the second time). At first we'll be doing assignments, Instant Equity Exchanges and maybe lease/options. Would somebody please tell me if you have had any experience using the automated phone messages for sellers and buyers? Have they worked in your experience?
We are so ready so would really appreciate your answers. Thanks!!!!!!!