Assigning question

My name is Dave Mosure And I have a question in regards to cash assignment options contracts.My question is this;What documents and or forms other than the puchase agreement with an assignment clause added,will I need to do my deal? Deans book covers the IEE contract deal,but is somewhat vague on exactly what other extra forms if any that are required for a cash assignment deal.IF anyone out there could help me on this one I would really appreciate it.

To kvictor81
I accidently flaged as offence ,posting no 9 as an offence I am so sorry and
I sincerely apolligize for my blunder. My hand just a little to heavy when
I passed over that tab. However yound I would have to aggree that there,

Are alot of good advice here in these postings. I happen to like cbrpower
postings on bouble closures. I wish you well in your REI goals that you
set for yourself, You know what they say here in these postings take action

Good advice from people who took action themseleves,wouldn,t you say

like i said i apolligize

Hi everyone this is what Elena posted earlier on the DG forum.

You find a motivated seller, lock up a contract (with a purchase agreement), sign your full name and/or assigns on the contract, open escrow with a title company that does double closings. Then you find an end buyer, sign an assignment agreement with them, take that to the title company and wait for your check. You use two seperate contracts, a purchase agreement and an assignment contract. All this information is in a previous post, so good luck!
God bless,
Elena

Jason

Interested in doing deals with Assignment clause without a deposit. Have the members on this forum found that sellers are willing to do a purchase agreement with no ernest money or deposit? I know with the changes in the economy there is no longer a "norm" on many of these questions but maybe some of those that have done a number of deals could educate me on how long people are willing to have their property tied up without a deposit.

Thank you so much for everyone's contributions. I have really enjoyed and learned from your postings.

Bigbird

Hey everyone, is anyone familiar with the assingment process in NY. I understand the concept, but wondering if anyone so far has experience it first hand recently. I am a newbee. I need somewhere to start.
Thanks,
Nathalie

Thanks for this info., because I had no idea how it worked whatsoever. Now I do...thanks again

My question is for one, if your using your realtor to find homes to assign to investors, once assigning and closing on a property how would my realtor work out a finders fee for himself? and also how does that work if he goes through another realtor in another agency who lists the property?

What is the appropriate form to lock up the seller and your buyer to insure both sides follow through with the closing?

Also, should I expect to pay double closing fees with the title company or is that normally open for negotiation?

Thanks,
Mark

I live in Massachusetts and was informed that a double closing was not leagal as of 2/2010!! I am having a hard time as I have buyers on board but cant seem to lock up a property because the banks all want proof of funds to lock up a reo! Please help, I have had 5 surgeries, almost died 2x. have two kids and have a disabled wife, I need to make this work and am working hard at it!
Thank you for your valuable time
Mike localhomebuyer@****

Anybody from New Jersey that has successfully done a lease options? I am interested teaming up with people from NJ. Take care!

Anybody from New Jersey that has successfully done a lease options? I am interested teaming up with people from NJ. Take care!

Check with your buyers to see if they will provide you with proof of funds so you can lock up properties.

Dawn

Anybody from New Jersey that has successfully done a lease options? I am interested teaming up with people from NJ. Take care!

1st question:
How do you assign deals to clients that do not have cash. Will there be a issue with title seasoning.

2nd question:
Are these types of deals being done in Texas.

3rd question;
Does anyone know of a title company in texas that will allow for double closing and will ignore title seasoning.

Are you required to be licensed to reassign properties in PA?

I am looking to build my wohlesale buyers list asap so i can start doing assignment deals in my area. Aside from attending real estate investor clubs what is the best ways to attract these types of buyers? Also where do i get the legal documents for assignments for my area? Then once I get my buyers list ready and im ready to look for my first deal, what is the best way to submit an offer? Should i use an agent or represent myself to the seller or sellers agent?

I'have heard that most banks don't allow you to double close with their money you have to have your own money involved. To get around this you have to get a hardmoney lender involved and they utilize a escrow company to make sure they are protected. Go look into that more. I still have some gaps in my knowledge on how the wholesaling Real Estate game works. Therefore do your own duediligence. With that I will remain.

I have a question about a 1910 single family home for $19,900 it needs repairs i have not look at only web site on the craig list but the repairs are listed on the craig at a estmate about of 120,000 and if i need to fix the property up i have someone willing to take care of it for a way lower price,so i have some one will to invest and paying single family homes along as my buyer is making a profit. so i can first lock in the deal for $15,000 and sale it to my investor for $35,000 so after this property have repairs done it can go back on the market for &49,000-115,000 so i am i doing this deal the right way please help i am new to this too.

I wish Carol Stinson would come on here and explain assignment deals from start to finish, she does this all the time and does it from home.

My only concern is ok i have the buyer, and i have the seller on board, but don't i need to show the buyer the home? and if i am doing a assignment, of handing off, i am just concern who is to say the buyer and seller get together, try to do the deal without me, although i know the buyer needs to see the home, how will would i do this and make it a win win for everyone.

What is the title companies main purpose and what are the services they offer?

A title company will take care of the closing. They will make sure all the paper work is in order and get it all signed. They will record it with the county. They will also allocate the money to where it goes when it is funded. A good title company can make closing go smoothly.

Hello Everyone, I just want to let you know Carol Stinson have a website with various topics you can read and get information on assignments, flipping, building a buyers list etc. If you care to check it out it may help you understand alittle more about assignments, and other topics you may have concerns about. Her website is: www.realwholesaling.com. Hope you will find the information you need. Happy Easter to all and happy investing!

Tricia
Remember never give up always strive to get up!

hi,
I am very new to this and have no idea what i am doing; but i decided to try the assigning deals. well i contacted a buyer of properties and asked what they pay for assignors and they emailed be back and said they offer $2000 for "Suject to" properties and specified they wanted newer properties with little TLC and no rehab properties.

My question is i have no idea what "subjet to" properties are and i was kind of embarrassed to email them back to ask what that ment. Can someone here help me out?

Thanks

I have just locked up a property that was a VA Repo, The list price was $54,900 and I offer $34,900. The realtor tells me that it will more than likely be accepted. The city tax office values this property at 105,000. It needs some work. Anyway my question is, I'm looking to either do an IEE or an assignment. I sent the realtor a Proof of Funds letter now will this work because I'm planning a same day closing technique. Do I use the realtors contract to assign the property or when do I use Dean's recommneded contract? I don't want to involve the realtor in this equation but what how do I structure this deal. After this deal I'll be able to afford the coaching which is very neccessary to make it in this business. Oh and there was no space for other escrow on the contract so do I just write it in?

May main question is what is the realtors role in the deal.
1. Did he find the deal for you
2. Did he find you the end buyer
3. Did he do both

1.If he found you the deal then he should be getting paid by the seller or the sellers broker.

2.If he found the buyer for you he should be getting paid by you.

3.If he did both then you need to discuss with him what your pay structure is going to be. He should still be getting paid by the original seller so you can negociate a flat fee on top of that, etc.

The main thing you need to do on this regarding the paperwork is start talking with the title company that is going to be handling the closing. They will tell you what they need in regard to contracts. A basic assignment should work fine. Or you can use a second contract and do a double closing. I recommend talking to the title company first and make sure they are on board with what you are doing and they will also tell you what they need specifically.

Good Luck and keep us posted!

Hello matt,that all makes since to me but if for some reason the new buyer backs out, your 60,000 check will sky rocket and you will be out of the 6,000 you wrote to the title company.

sorry wrong forum

I Have never owned a house and i have bad credit....i have a deal right that i can get a foreclosure for $45,000....value is $150,000...i have a business that i have a business name that i havent used yet....i was wondering if i can get the contract in my business name and assign it to to my self as my first house that i would live in for $75,000...using the $30,000 that my business would make from the assign to fix up the house and fix my credit...can i do a assign for $30,000 with my buisness name to me?...is that possible?