assigning a deal

I found a great deal on an reo. The realtor I talked to told me that it was an all cash deal because of the condition of the house. Can I still get a contract on this land and then kick it to an investor for an higher price? Anyone knowing any info about this please help.

Pone

My realtor told me before I can make a deal on a condo, I have to give 1000 dollars to a homeowners association. Is this true? Do I still have to do this on a reo property? Can anyone help me please? I need to find a way around this 1000 dollars.

Pone

Hi my name is Jamaine and I am brand new to all this investing stuff. I recently read Dean's book " Be a Real Estate Millionaire" and I am more than half way through "Your Town Your Real Estate Profits". I currently own my own home ( well paying a mortgage) but my credit isn't exactly up to par and I don't have a lot of extra money but, I but I am ready to jump into my first deal ASAP. To earn money for investing I am very interested in gainging money through finders fees. My question is how do I address myself to seller and are they going to want any credintials.My next question is do I give a fee amount or do the investor do it? Lastly, are investors looking to only by homes that are already in a livable condtion or are they willing to buy the home as is because of the equity it will gain?

Hi every one my name is Moses,I am new to this .On a assignment if i find a good deal that is 30-50% off FMV and we sign a agreement to purchase and the buyer put down 500-1500 dollars what heppens to the down payment if the deal does not work out.and what will heppen on by end ?

Hi I am a newbie to the investing scene. Now the two contracts I need are the purchase agreement and the assignment contract right? My second question is if I don't have the funds to actually purchase the home what do I tell the agent when they ask about financing? My third question is if I get the home under contract am I responsible for the inspection? If so I'm going to have to make sure that I put only one or two homes under contract because I am working with very limited funds.

Shonda,

I think you mean escrow.

Escrow is the process of a title company or escrow company obtaining all the documents and monies from both parties and making sure everything that is supposed to be done, gets done to close the deal. In some states you would deal with a title company and others an escrow company. California has both.

Escrow can also mean to put money into a holding account for paying taxes and/or insurance at a future date. If you obtain a loan for a home and do not have loan to value of at least 80%, you will likely be forced to have escrow accounts for taxes and insurance which are funded monthly as part of your payment.

Hope this helps.

If you do not have it under contract you can have the possible buyer sign a non-circumvent agreement. This will keep the buyer from going around you until you get the property under contract. To circumvent means to go around. Non-circumvent keeps them from going around you.

This is a good question. Your best preference is to have the money given as a down payment non-negotiable. Chances are that you paid earnest money or as you put it down payment money when you issued the original contract. You will want to get reimbursed for this and still make a little money. The easiest way to do this is to make the money they give you for "down payment" as non refundable.

I am new to this. I know i want to start with assignments because of limited funds and bad credit. I want to know how to put together a buyers list? I live in a very small town and in research i found only 2 rei clubs one a hour and a half from me and the other 3 hours away. I live in Bude, Mississippi. Someone please help!!!!!

Your finder's fee can go anywhere from $2,500 up to $20,000 or more in some cases. It depends on the deal.

a

Ok getting together a buyers list:

-Local REI clubs are already an excellent start.
-Then you want to find RE auctions and meet investors/buyers.
-Seek RE professionals (like RE attorneys) and ask them if they know any buyers.
-Put an ad in your local papers, on your Local CL, or use bandit signs.

All those together should get you some phone calls in no time.

Don't give up... Go get them buyers and get yourself some deals!

a

Seems very unlikely. Ask your realtor to get you the contact info for the president of the homeowner's association so you can speak directly with them. Tell that person that you want to make an offer on a condo there, and ask if there is any fee for that. I bet there won't be. Also, just by asking your real estate agent for contact with the HOA, you might find out that suddenly the $1000 requirement disappears. So be aware of possible scams! And if the realtor doesn't give you the contact info for the Homeowners Association, and insists on the money, you may not want to be working with them! If the realtor is asking you for the $1000 as earnest money deposit with your offer, you should remind the realtor that there is no set amount for earnest money deposits. The realtors LIKE to get a deposit for 3% of the purchase amount, but that is not required by law. You can make an offer with $1 as the deposit amount, although it might not make you look serious to the seller. If you confirm with the Homeowner's Association President that there is indeed a $1000 fee to simply make an offer on the condo, then you might want to stipulate that the $1000 check be made out to the Title and Escrow Company, and that it is fully refundable to you if you do not purchase the property, and don't put a time limit on that. Put this all in writing and protect yourself.

A&S

Hi everyone

What is the wording that I would use in a contract ( maybe purchase and sales agreement). To give an ernest money/deposit to the person who is selling me the house. I want to get the money from my buyer/investor. Would I write ernest money do at/after closing? And can I/should I add ernest money due within five days of closing?
Thank you

My question is similar to "Can I still assign??"

Last week I started building my investors/buyers list. Most of the investors I spoke with over the phone said they wanted block homes that are 3/2 etc. Can I go to a property whole sale website and offer a home from there to another invester. I was going to by the house and sell it to the investor for a little more than the first asking price. Should I just leave the price as it is stated and charge an assignment fee or increase the price and still charge an assignment fee?

Thank you

You are not ready to do an assignment. You have no idea how to evaluate a property and get it under contract for an amount that will allow you to make money and your buyer. Asking price has NOTHING to do with your offer price. Learn how to evaluate property values buy running (and understanding) comps sold in the last 90 days, comps that are currently listed and under contract comps. This is how you determine what a house will SELL for. This is what you base your numbers on. Also, does it need any repairs/remodeling?

Do some more reading, studying, reading, studying,going to REI meetings, reading before you try to do an assignment. Like I said and not meaning to degrade or discourage you but based on your post, you do not have a clue yet!
There are many threads on this site that explain assigning and how you work the numbers in order to get a deal one of your buyers will be interested in. Then you need to learn how to present the deal to your buyer.

So start studying and good luck!

Michael Mangham
MD Home Acquisitions LLC

SELL PRICE: $50,000 Repairs $5,000-$10,000 >Paulsboro, NJ
If interested contact me. Thank You

You have addressed many of my questions.
Kim

"THEN you call SCROW, and tell them you want to re-assign the purchase agreement to another investor"

What is SCROW? Never heard of it.

We are talking about a short sale, not a foreclosure. In the case of a foreclosure, then the bank gets the house, yes. But, in the case of a short sale, it is sold onto the next buyer. The bank can either forgive the difference and "gift" it to the home owner, then 1099 and the homeowner pays the taxes on the gift at what ever tax rate they may fall into.
Another action the bank may take, is hold the homeowner accountable for the difference, ie. the $50,000. The homeowner could still owe the bank $50,000. So, this all needs to be worked out during your due diligence process.
I had put on offer in on a house that was a short sale. It was listed for $245,000, my offer was $210,000. It needed flooring and paint, and new counters. Some clean up on the cabinets, etc. The short sale process, I was told could take up to 6 months and usually does. The seller was told, by the bank, that the bank could still foreclose within that time period because he was not making payments. And they wanted the seller to stay in the house for that period of time, so no early occupancy. Well the seller was already long gone. The house just sits empty. Well, I didn't want to put any money into it, unless I could begin fixing it and getting somebody in there to make the payments. The carrying costs would have been outrageous and eaten up all my profits and still run the risk of foreclosure.
The seller decided rather than go through all the trouble of the short sale and still risk being foreclosed on because he wasn't going to make any payments, that he would just file a deed in lieu of foreclosure and be done with it.
So, to say the least, he didn't accept my offer. What could I have said, or should have said, to talk the seller into going through with the short sale.

A friend of mine has a home in preforeclosure that is interested in signing the deed (contract for deed) over to me. Would I be able to take advantage of this program?

I understand that it may difficult because my friend would still be legally responsible for the home and the bank may call the note due. What I was wondering is if we possibly got a power of attorney would I be able to still use your program. The house is in Orange county.

Please advise.

Hello like most I am a new investor looking to begin by assigning properties. The problem that I having is determining what paperwork is needed to complete the transacation. From reading the book Profit from Real Estate Right Now I understand that I must you the IEE Strategy consisting of,

*Investor Disclosure Statement and Sellers Acknowledgement
*Investor Purchase Agreement, also includes Lead Paint Disclosure Notice
*Property Disclosure Notices
*Discharge of Agreement to Purchase Statement

I guess the problem that I am having is understanding the PA provided at deangraziosi.com/purchaseagreement.........for 1) there is three different links, am I required to use all three or just one.

Also if possible could someone please provide a template of the Purchase Agreement that they currently use to complete assignments

Thanks again in advance to anyone that can help me with my concerns.

Ok. I have a idea of what contracts to use and how the assignment process works. My question is what exactly does the attorney do after I give him the purchase and sale contract from seller and assignment agreement from the the buyer?

Does he construct the rest of the deal at closing or do the seller and buyer have to meet ahead of time?

Thanks for all help in advance and past help from DG staff, students, and followers!!!

You won't succeed until you try!

I have looked everywhere for the recourse statute in NJ, I cant seem to find out if it is a recourse or non-recourse state. I have a friend who needs a short sale on her house but don't want to get her jammed up anymore than she already is.
Thanks Joe

Where can I find wholesale assignment contract forms that are good in my state? (ILLINOIS)

so im new to all this how to i get a title search?

Is anyone in FL state? I finished my book and dieing to start!! What is the fastest way to make some fast cash now? I am a stay at home mom and need some cash. Where should i start?

Watch Dean's latest video and the last 5 minutes are with Carol, listen to her story, find the other video of just her out there under videos and check out her blog. Thats just one way to start off with no money.

After many hours of searching I found a property today that fits the wholesale or assignment criteria. I made offer to tie property up but the realtor doesn't want to submit the offer using the insiders edge proof of funds. How can I tie up property if he won't submit offer. It's an awesome deal and I'm afraid it will sell before I get it under contract? Any ideas as far as getting the offer submitted without cash?

I need a Mentor. Minor questions, thats all. I have properties under contract. I just need touch up help with questions about specifics. Are you available ?