assigning a deal

It amazes me how many people here try to fiddle around with contracts when they have no training or experience in real estate law or contracts. This is what attorneys and real estate agents are for, people. Don't forget, your contracts may have to stand up to the scrutiny of a judge!

I am assuming it means Escrow

Good morning how are you? I'm new to rei.

In the first case how much can I charge? If I were to lease option this house from the current owner? Can I then assign the contract to a lease option buyer? Would I then add a non refundable clause or addendum to the lease option or assign contract?

One thing I would want to remind you of. The realtor is under a contractual agreement with the seller to present all offers. As long as you are not trying to cut the realtor out of the deal the end result needs to be to complete the purchase.

Everyone involved has one common goal and that is to find the end buyer and all involved want to make money.

If I were you I would politely explain what you are doing to the realtor and make sure they know that ultimately the property gets sold and he/or she gets a commission.

What form do i use to make sure i get my finders fee. Is there any calculation i have to do? I am very nervous. The property is $124,900 compeletly remodeled, appraised at $140,000 4 weeks ago. How would i make this transaction? Pleas help before i speak to this buyer. This will be my first deal (if there is one).

ARV of 140k under contract at 125k is not a deal; just my opinion if it's an ALL CASH OFFER.

YOu have to factor in your buyers holding, closing, other costs when he buys and sells. This is why you need at the very least 30% off ARV minus repairs MINUS your profit. This is the basic formula for an all cash offer if you intend to wholesale/assign to a cash buyer.

This subject has had a lot of attention over the last few years, however people keep saying, "I think Assignment of Contract is illegal in my state." 1st off, only take legal advise from an attorney. 2nd if you cannot assign a contract for any reason, you can always double close it. Double closing is when you put a property under contract, buy it using short-term or transactional lending then sell the property to your cash buyer on the same day using the same title company.

There are tons of great companies that offer this type of financing including www.insiderscash.com for those using a company. If you are doing the deal under your own name you can use someone like www.coastal-funding.com. You may find it helpful to go to these websites and read through the FAQ's to get a better understanding of how this type of financing works and how much it costs.

Even if you're buying, fixing & selling houses. At some point your money and or credit will run out. Buy using the double close technique, you can continue to make money without skipping a beat!

Wish you well.

Are you allowed to do an Assignment of Contract when you are dealing with a Lease With Option to Purchase?

I know that at the end of a one or two year agreement you do a double closing normally, but I'm not sure if you're able to do the Assignment...

Courtney

The FOLLOW THROUGH is just soooo important. Things fall out but the better you stay in touch with your buyer ... you wont be surprised, or less surprised. Thanks again for your golden nuggets of info. I come out of the marketing and advertising profession and communication is key!! in ALL business transactions. Thanks for that reminder!!

Download and read "The Dean's List," ... Exclusive Insiders Report from Dean Graziosi ... sharing his insider secrets for Making Money Fast .. in as little as 30 days. Everything step-by-step on assignments ... hope this information helps ...

Hugh

i think this is kinda in the same topic
somebody wants to sell their home cause they want a newer home they saw, theyre not late on there payments, nothing like tht noo preforeclosure, they just want to move out, and they told them to put through a realtor so they can sell it and than they can purchase the new home, so my question here is there a posibility i can purchase the home, cause they only be living there for 5-6 yrs when they first got tht property it was worth 118k so know how much is the bank or wht is the asking price kinda going to be, can i still make an offer on the property or how would tht work?

if somebodyy can help me i would appreciate it
thnk u.

How do you assign an REO that has a 60-90 clause on the deed that basically says that it can not transfer hands until that time period expires?

You can't. On to the next deal of assignment is your only strategy.

Michael Mangham
MD Home Acquisitions LLC

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From what I am getting out of the course you should already have a bucket full of buyers that you got from your Real Estate Agent, Ghost Ads (Craigs List etc), Sign, Flyers, Real Estate Investment clubs or however you decide to do this.

Locking up a property with no buyer even in sight seems way too risky. Get your buyers list first, then worry about finding the properties. This way your just playing the matching game.

When you create your buyers list you will get information like, what price range they are looking to be in, # of bedrooms, the area etc. Therefore you will know exactly who to call first and have a list of potentials already to go.

From what I am getting out of the course you should already have a bucket full of buyers that you got from your Real Estate Agent, Ghost Ads (Craigs List etc), Sign, Flyers, Real Estate Investment clubs or however you decide to do this.

Locking up a property with no buyer even in sight seems way too risky. Get your buyers list first, then worry about finding the properties. This way your just playing the matching game.

When you create your buyers list you will get information like, what price range they are looking to be in, # of bedrooms, the area etc. Therefore you will know exactly who to call first and have a list of potentials already to go.

And Assignment contracts and other contracts are in the left side bar on his website under a link called Forms and Docs.

I didn't mean to post this twice. Can't figure out how to delete it. I'll keep trying. Sorry.

Thank you, Carol, for posting your formula. This helps greatly with developing a process. And

I am a new investor putting together my power team and looking for my first deal. I already have a realtor who has sent me two offers. The info on assigning is AWESOME. THANKS DG FAMILY and keep it coming! Here's to SUCCESS!!!

I am a new investor putting together my power team and looking for my first deal. I already have a realtor who has sent me two offers. The info on assigning is AWESOME. THANKS DG FAMILY and keep it coming! Here's to SUCCESS!!!

I am a new investor putting together my power team and looking for my first deal. I already have a realtor who has sent me two offers. The info on assigning is AWESOME. THANKS DG FAMILY and keep it coming! Here's to SUCCESS!!!

I am a new investor putting together my power team and looking for my first deal. I already have a realtor who has sent me two offers. The info on assigning is AWESOME. THANKS DG FAMILY and keep it coming! Here's to SUCCESS!!!

ithink as many people includeing me and as lern better waching someone we should have dean or some make abunch of viedo blogs and close ups of the contract maybe where dean plays himself some new then one were hese speeking somone and go through it eone playing the buyer; a seller and abanke from start to finish on all 3 i feel i wuld lern so much not only contracts but listning to the conversastion there haveing tomarrow i start business cards sign flyers business i orederd home phone an had them make it so when caller id is shown it comes up as lake country reality investments it was a hell of alot cheaper then the business phone i think this site is great

1. I would like to know what is preventing the real estate agent from doing the same thing we are trying to do when finding cash buyers and sellers? Since they have the MLS listing first before we even approach them for their services. especially if they might be investors also?

2. When finding cash buyers out of state, is there any different conditions to follow as far as state laws or county regulations?

I would appreciate any help or guidance. Thanks a lot.

Sparrowfox

That would be ES-crow! Escrow.

Hi all,

I've heard that one way around restrictions on assigning contracts is to have yourself set up as a legal entity--using an LLC or some other form of corporate protection which you should have anyway.

Once you are operating as an officially recognized business rather than a private person, you should be able to receive payments from assigns without any problem in most jurisdictions.

Does this sound right to folks?

As for the particulars, I recommend checking with a real estate attorney (not just any attorney) in the area where you hope to do the deal. An ounce of prevention...

The word is actually escrow. Money is held by a 3rd party in an "escrow" account for a stated purpose. Title Companies, escrow comapnies, real estate lawyers offices -- these are soem of the offices that serve as escrow offices.

Earnest money is deposited to show good faith. This is put into an escrow account, held until used (at closing) or returned (if the deal is terminated). The person/agency that holds the money holds it designated for that purpose -- that is escrow.

Monthly payments on a note may be done through escrow. commonly taxes and insurance are kept in escrow until the annual or semi-annual bill comes due. The escrow offices receives your full monthly payment, then keeps the amount designated montly for your insurance and taxes. The escrow is the dedicated aco**** where the money is held.

In an owner financing or subject-to deal this is very important. The escrow account provides security for the seller or the note holder that the payment will be paid to the mortgage company, and for the buyer or note payer to make sure the money gets to the bank, inistead of taking a chance that the original borrower-owner, who is not selling to you subject-to will keep the money instead of paying the note.

Obiwan

Note: The word is escrow.

Money you put down as a surety to a third party, who uses it for the designated transaction on your behalf. You "enter escrow" by placing your earnest money with a Title or Escrow company (or a Real Esate lawyer), depending on the common practice in your state. In many states the Title search, escrow, promissory notes, ets. are all done by one office.

Escrow can be used in ongoing payments to ensure payment and provide a professional status or distance in owner financing, so payment is made to a mortgage servicing or escrow comapny.