Assigning question

I got couple of questions.I find the seller,fill out the Purchase Agreement,find the buyer and the 1st question is
Do I fill out a Purchase Agreement fo the buyer too? or just the assignment contract only.

2nd question is, When I take the Purchase Agreement and the assignment contract to the title company, What do I tell them?

Thanks for the help!

Good job

I would like to here from anyone who has already done a assignment deal in florida. I live in orlando fl just curious..

So I am trying to purchase a short sale home from a wholesaler. Did not know that was the case at first. So first he proposed a double closing which my lender did not go for. Now he wants to do an assignment of contract but I am not sure if it is on the level. He dose not feel it is necessary to disclose to the bank of the fact that he will be payed and assignment fee. He showed me the contract he signed with the seller where the seller acknowledges of what are wholesalers intentions are and there is a statement that this is open to the banks review up on their request. I am concerned there is an issue of non disclosure. How can a bank request to see something they have no idea is taking place.

I just got 2 of Deans books 1 month ago and I have no money and bad credit so I am interested in the assignment ways of real estate investment. I am a bit nervous about getting started as I have no experience at all in this business but I am very driven to get started. It seems like alot of paperwork is involved. Do I download some of Deans forms and/or which ones will I need to get started? Any words of encouragement would be helpful as this is very new to me and a little scary as well.

His contract will be between the lender and himself if it is a short sale. The owner is out of the picture all together. For him to have a short sale under contract he must have a signed contract from the lender with him or his company listed as the buyer. 99 times out of 100 the contract will be non assignable.
By LAW he must disclose to the lender and the buyer the amount of money he plans to make. He must do this from 1 to 14 days after he closes. Full disclosure to both parties! Check your state laws!

Hope this helps,
Michael Mangham
MD Home Acquisitions LLC

Does anybody read Deans book or are some just trying to cut corners ? I see alot of questions asked that to me seem to be questions that should be answered in Deans book!

Just curious as I am still reading Deans books and hope to find all the answers there.

Is it true you have to have flash cash? That is money from your linder on a short term bases.

HI all i would like to know if you can assign to someone that has FHA funding and if so how does this work or how can i get paid being that they are getting FHA funding.

True... but maybe some haven't been able to purchase Deans book and are just simply trying to learn off of everyones examples.

If you do have the book however, READ IT! cause' most if not all answers are in the book "Profit from Real Estate Now" which I am reading now working on a few homes as we speak. No deals yet but I have started in taking action. Future investors, we have to start somewhere! Don't just read the book-understand it and take notes! then take action. It will happen if we stick to it!

LOOK ! "You can lead a horse to water, but you can't make him drink it." get my drift?

WOW!!!!There is alot to take in. I'm sure after the books get here I will understand more of this. It's good to know I can go back to get my questions asked.

I really need any information that anyone can provide on buying a foreclosure under these circumstances:

Low paying job. Can't afford even a months payment on another house.
Horrible credit. Probably somewhere around 490.
No money for a down payment, whatsoever.

I have found so many foreclosures now that I would like to find buyers for, but I don't know how to go about it. I would like to go see these properties with my friend who is a real estate appraiser, but I need to know if there is any way for me to be able to sell it (considering that banks don't do assignments) without actually having to put myself at risk and actually BUY it.

Anything will do... Anything you can offer.

Benben I too have just bought Deans books an am enthused about elevating my fin. situation. Not smart enough yet to ask or asnwer ?'s, but hope to be soon. Good luck and please stay in touch!!

they cant buy it from the seller if you have the house locked up.

im a 22 year old male,(yes,im terribly young)i saw deans stuff on tv early one morning when i couldn't sleep. im currently going through the hardest time in my life,i have no money or anything to invest in real estate.to get to the point his show gave me the most hope i have had in a long time to possibly make somthing of myself.he was so positive and reassuring.i have the feeling if i do what he says i can succeed.

my question is this.....

how do i start? what do i need for the first step and where do i go as broke as i am to start this process.im interested in doing assignments

thanks everyone and thanks dean for the ray of sunshine.i hope to succeed with your knowledge.

my suggestion would be if you dont have great credit and very little money to invest is to do assignments. The property you should be looking at is FSBO's or pre-foreclosures. My understanding is that it is extremely difficult maybe even impossible to do assignments on foreclosures/REO's. If your friend is a real estate appraiser then he should know some people to put you in contact with to find investors/buyers. Hope this helps.

I am about to get my first house under contract, The seller and I agree on a price let's say 35K and we sign the contract. (Is there a sample of a filled out assignment contract, would it be filled out any different using the above info on keeping the assignment fee private?) Now I have it under contract and I want offer it to my buyers for 45K. I line up a buyer that will pay 42K. Now what?
Who contacts the Title company? what do I do if the seller wants a 2K deposit in order for me to assign the property? Is there a way to get around that?
Please Help I'm STUCK. I have a deal that I want to move on......
Also how can you wholesale another wholesalers property?
I await your response!!
Thanks,
Monica

hey whats up out there. im new at this at this iand im more interested in assighnments,on how to do them,also where and how can i get a good assisgment contracts .

I got a property on contract for 25k and got an offer for 32k. I fill out an assignment of contract. How much should I have him write me a check for? Do I do $3500 up front and $3500 at closing. Who does he make the check out to? Me, title? Not sure. Please help!!

Dennis

In my state of Arkansas they now require a Cashiers Check at closing. Therefore you can't write a check and then deposit the money into your account. It worked a few years ago but not anymore.

Just curious, what is the FMV on this property? Also is this buyer that made the 32K offer an investor or an owner/occupant buyer? If he is an investor and is willing to pay you the 7K assignment fee, the terms on how and when to be paid is between the two of you. The check would of course be made out to you or your LLC if you have one set up.

Your situation with the possibility of the seller asking for 2K deposit on a house they are gonna sell you for 35K is highly unlikely. That is nearly 6%. Thats usually the amount that both real estate agents split once the whole process of closing on the property takes place. If they are a motivated seller,explain to them that you can close quickly. They will be more than happy to accept an exceptionally lower deposit. Also you could always raise your offer a little more in lieu of the 2K they are requesting. Just think "outside the box" Im sure everyone involved can come to an agreement. Worst case scenario you just walk away from it, lose nothing out of pocket and work on finding your next deal.

I have made no deals yet, I just need to re-cap on assignments...
So I find a property, offer enough below FMV to make a resonable profit, get my offer accepted, set up the contract with no money down (this happens?), find a new buyer for this property, get the new buyer on contract, close and make money.

-Do I need proof that I can acctually afford the property at the time of "tying up" the property on contract?
-If I set the contract to either close or void within 30 days, that would mean I would have 30 days to show the new buyer the house and get him to close within these original 30 days, correct?
-Whats happens if I do not find a buyer?
-Can I find a buyer before I tie up the contract?

THANKS

Hello all, I'm a newbie and only have 2 questions right now, trust me there will be more, lol.
1. Other than "do you deal with double closings" what others questions do I ask a title company?
2. Would an assignment contract, between me and the buyer, stipulating a finder's fee for the assignment of the purchase agreement (not the property) by pass the need for title & insurance transfer to me.

You can get any contract you will need from this site. Look down the left side for 'student resources and click on the forms and docs link. That's where I got mine from.

I haven't done any deals yet but I'm gonna try to close with the buyer first and have them pay the closing cost with my finder's fee. I'd just have to account for that when I negotiate my fee or simply get them to take the responsibility of paying the closing cost.

I got 1 of Dean's book about 2 years ago. I just started reading it about a month ago, should've started when I got, I wouldn't be scraping the bottom of the barrel right now. It explains alot. You can get any contract you will need from this site. Look down the left side for 'student resources and click on the forms and docs link. That's where I got mine from.

These are very good questions, I would like to know the answers to also. When you get the answer please let me know. Until then I'm gonna do both and tell title company to get rid of whatever they don't need.

Ive contacted a realtor and summited my offer. My offer was for 65,000. The listed price is for 105,000, but the orginal price is 120,000. The Realtor emailed me and wants me to sign a contract,and show proof that i have the money. What do i do from this point. The property is an REO/Foreclosure it is a 1bdrm 1 bath town house. Please assist.

u guys explain everything to a t so,that people could understand thx for all who paticipated in the ? that was asked sure answer my ? thx again