OfflineWhy would someone agree to sign a contract with you to sell their house at a much lower price only for you to reassign it at a higher price. Why wouldn't they just decide to sell it themselves at the higher price? I guess what I'm asking is how can you convince someone to drop their asking price significantly to a price low enough where you can turn around and reassign it at a profit? Realistically you would really need to be able to get it at least $20k below what you think you can turn around and sell it for in order for it to make sense for you to go through the trouble. Also, why would be seller be willing to wait 60 days on you and "trust" that you're going to get them the $. You'd think that they would say "call me when you get the money, until then I'm going to continue to try to sell it". What am I missing?
Assigning question
Posted on: Fri, 04/11/2008 - 19:52
I was wondering this as well. I want to start small and just concentrate on assignments. Right now I only have a cell phone and email and would prefer to have another option.
I now have 2 agents working for me and 2 investors on my buyers list. I am currently looking for that first deal to assign with the 25:1 technique from Deans new book, and am so excited to complete that first deal. Woohoo and good luck all.
Will
Establish Positive Forward Thinking, and Ignore The Nay Sayers.
Once you find a seller and buyer what is the actual process of getting an attorney in on the whole transaction? Reading Dean's book I know he mentions something about the "title company" but says you are better off dealing with an attorney. What type of attorney would be better fit for such a transaction? Is there a certain percentage that they usually take or is it a flat rate?
Most attorney's have a flat rate for closing's. Ther are attorney's who specialize soley real estate matters. Such as criminal lawyer's and so forth. The reason Dean feels you should use an attorney for closing is because title companies can't handle a legal formality if the situation arises. When you actually find the buyer on the end deal is when the attorney becomes involved. Continued success to you.............Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
I am getting ready to register a business name as an LLC. I was wondering if anyone on here has earned income from wholesaling a house (assignment contract) and how they reported the income earned from wholesaling the house. Thanks!
MJ
does anyone recommend short sale assignments or have done any?
Needs some serious motivation...Should i contact agents with short sales or the sellers themselves, Have the address but only agent's number.
Hey AikiAir, I did the same letter but put it on homegain.com and got six replies by the end of the day. I'm currently working with one of the six who is sending me property lists as I've requested. Give homegain.com a shot and good luck!
please what documets i need for assigmnets deal and how to fill them
please what documets i need for assigmnets deal and how to fill them
please what documets i need for assigmnets deal and how to fill them
good to hear, and good luck to you as well.
Respectfully,
Will
Establish positive forward thinking and ignore the naysayers.
Green Tree Investments OR LLC
Investing in a GREENER tomorrow
http://greentreeinvestmentsor.usapropertywholesale.com/
Assignments are only for cash buyers or investors with hard money lenders behind them. To assign you start with a normal Purchase agreement with and or assigns after everyplace your name or LLC name goes, and then the actual assignment form comes in to play. The Purchase Agreement is between you and the seller of the property, and the Assignment contract is between you and the End-Purchaser or investor. For assigning, depending on your state, you should only really need the Purchase agreement and assignment forms, all other forms you might use are to protect you and the seller. Always start off using an Attorney for assignments until you become comfortable with the way they are written up. You will need an attorney as Title Company's and banks don't like assignments for the most part. I Hope that cleared it up for ya.
Respectfully,
Will
Establish positive forward thinking and ignore the naysayers.
Green Tree Investments OR LLC
Investing in a GREENER tomorrow
http://greentreeinvestmentsor.usapropertywholesale.com/
Good for you Will. I have read your recent posts and today I have put ads on craigslist to find realtors and investors in the southern NJ area. I received Deans book two weeks ago and want to get this going. Keep posting, Mark
Well good to hear and glad I could help.
Respectfully,
AikiAir
Establish positive forward thinking and ignore the naysayers.
Green Tree Investments OR LLC
Investing in a GREENER tomorrow
http://greentreeinvestmentsor.usapropertywholesale.com/
Ok guys and dolls, I couldn't seem to find the correct section to post this so ill just post it here, I hope that's ok? Plus I have been writing a bit here and thought id stick with it. If anyone knows of a 24 hour message section let me know and ill re-post it there as well.
I just finished my 24 hour message, with some hoops and herdals on the way and thought id talk about it in case anyone els is getting frustrated with the process.
First off(herdle #1) if you use the COA website suggested in Deans new book found here http://www.coatelecenter.com/adtracker.aspx you will find it impossible to upload a message recorded from your PC to COA if you are using Windows Vista. There is a PDF showing exactly how to format the wav file but it can only be done with the Windows XP voice recorder.
ok, so I partitioned my hard drive(I suggest using Partition Magic if your not good at partitioning hard drives) and installed xp on the other partition so I can do it the way it must be done for COA to except the file. Problem salved right, not quite.(always backup you stuff before partitioning a HDD or installing other versions of Windows as it may not let you get back to your pre-existing windows installation if you don't know what your doing. I am not responsible for your lost files)
(Herdle #2)you will find that if you are using Windows XP with more then 2 gigs of ram(I happen 2 have 4 gigs)and would like to pause the recording to catch your breath or take a break or whatever(which will be needed for a 5 to 10 minute recording), it will pop up saying "not enough memory to complete this operation" and there is nothing you can do to fix it short of taking out some memory(to 2 gigs or less)as Microsoft chooses not to fix their legacy software. Fortunately I found a way around that as well. You can download a free third party recorder like the one I used which is found here at http://audacity.sourceforge.net/?lang=en
(Herdle #3) I couldn't seem to change the format to the necessary one which is 8000 hrtz, 8 bit, mono, CCITT u-Law formatt with the third party software recorder. But what you can do is once the recording is complete you click on File, then click on Eport as WAV... to save the file with a WAV file extension(so the XP recorder can recognize it). Then you open your Windows XP voice recorder, and then open the new WAV file with the recorder, then you do as instructed by the PDF offered by COA Telecenter to re-save the file in the necessary format(Format-CCITT u-Law, and attributes-8.000 kHz, 8-bit mono, 7kb/sec) . Then you can upload the new WAV file with the now proper format onto the Telecenter website as your Greeting and within a few minuts you can call your new 800 number and make sure all goes well.....PHEEEW.
If you would like to hear my 24 hour recording, you can go to my site by clicking on the link listed below(which is another freebie from DEAN by the way)and my new 800 # is on that page. Feel free to give me some feedback on how I can improve my message. Well I hope that's helps anyone whom is having issues similar to mine, and sorry again about posting in the wrong section as I could not find one suited for this subject(not that its not here, I was just not able to find it).
Respectfully,
AikiAir
Establish positive forward thinking and ignore the naysayers.
Green Tree Investments OR LLC
Investing in a GREENER tomorrow
http://greentreeinvestmentsor.usapropertywholesale.com/
Hi AikiAir, who did you get you 800 number through? And thxs for the other advise you posted regarding AOC.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I am using COA telecenter as suggested in Deans new book. The link is the first link in my last post but here it is again
http://www.coatelecenter.com/adtracker.aspx
I think they changed the site since Deans new book came out as I was not able to get to the site using the link from the book. Hope that helps, and if you use this service let me know, as if we bring in 3 people(using their TeleFriend service), we get it free forever so please let me know before you sign up, all I need is your name and e-mail address to set you up as my referral, and you can do the same once you sign up.
Respectfully,
AikiAir
Establish positive forward thinking and ignore the naysayers.
Green Tree Investments OR LLC
Investing in a GREENER tomorrow
http://greentreeinvestmentsor.usapropertywholesale.com/
This is pertaining to the closing; how do you explain to your seller or what do you say to them if there is a delay in the closing with funds receivable from Hard Money Lender or entity handling the transitional funding for your closing, whom you're working with? Or do you let your attorney or title company handle this matter?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Every ad I write on Craigslist has been a flop......Any ideas about writing ads correctly to attract investors?
Good luck to all......
Honestly, I've read thru the FAQs, and it just isn't clear: how do I actually get paid for an assignment?
Dean's book is pretty clear on the IEE method, I write up a "discharge of agreement" and bill the buyers for it. It appears on the HUD-1, and I get my check at closing, just like the water company.
But for an assignment to an investor, well lets run thru an example:
Say I have a house locked up for a price of 50K.
I then find a cash buyer, do I tell him the price of the house is 55K? Or 50K?
The contract I assign to him says 50K. How do I get my 5K in there so the buyer has to pay me?
Does he pay me on the side, out of closing? What forces him to?
Do I fill out an "Assignment of contract" and bill him the 5K at closing?
How do I ensure I get paid?
in real estate! You lock the property under contract at $50k, you sell contract to your buyer at $50k plus add on your premium of $5000 equals your buyer purchasing the house at the grand total $55k. The AOC (assignment of contract) says he/she (Buyer) has to fulfill the original obligation of the contract between you and the seller of purchasing said property at $50k and he pays you your $5000 assignment fee at close of escrow not before that.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
So my assignment of contract has a fee attached to it just like the IEE Discharge of Contract?
And it ends up with the attorney or title company doing the closing, and it appears on the Buyer's side of the Hud-1 as a closing cost to the buyer?
Do I have this right?
Yes your assignment fee appears on the Buyer's side of Hud-1 statement as a fee assess against them. I'm not familiar with IEE Discharge of Contract yet, do apologize.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Your amazing, I really like your positive straight forward information, and intend to keep reading. You are a great person to learn from. Thank You.
Hello everybody,
I look over the cliff,Like many!In a GOV. aspect...I would need more info into buying property as...A Corp.,Still i love the idea of "Instead of And/or assigns" Just buy the property under your Corp./And then sell the Corp.
Invest in yourself!
Hi. I am new to the real estate investment field. I have no money and bad credit. I was told that assignments would be the best way for me to build some capital to begin investing in properties. Would someone please explain to me the exact steps (from start to finish)that I need to take in order to get this process started. Thank you very much.
Dedicated and Motivated
Hi Jarahp82,
Congratulations on joining the greatest opportunity by far! Did you recieve the book yet? If your focus is asignments it is important to first start with building a buyers list. Building your circle of influence. Like a realtor and a attorney and so forth. Staying on the forum and asking questions as you are doing. Much success to you..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
I've written offers "and or assigns" on foreclosures and the banks aren't having it. The brokers won't even forward the offer to the bank. So I am thinking of using Land Trusts and signing the documents with my name "in trust tba". Any thoughts on this?
On double closings, the first title agent I worked with said no problem as long as it isn't a short sale. I can work with that.
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
www.beaconinvestorsgroup.com
Hello everyone. I'm new to this forum. Just got done reading Profit From Real Estate Right Now. As I read I noticed that Dean or anyone in the book never mentioned how much profit was in it for the seller. Say for example a property is worth 100k and you purchase it for 60k, how much profit is left for the seller once you close?
Thanks,
JF
Hello everyone. I am confused when it comes to the assignment of contract. I know there are four contracts that need to be signed when you do an IEE contract but what are the exact steps that you must take to do an assignment of contract? Thanks