assigning a deal

Very, Informative!!

Yasiah

"Faith Without Works Is DEAD!"

i beleive that they are referring to escrow just a short cut? katrinia

The biggest tip would be to create a focus for you.
I would suggest creating a goal - either Lumps sums of cash or monthly money.

Once you have decided what you want then decide what resources you have and are willing to use.

As you accomplish this you will know if you need to assign contracts or you can purchase and sell properties or even rent.

Once you have decided on the path I would suggest focusing on this. You will find by focusing that you will go faster and better.

thanks for the explantion on assigning a deal i read it and it shed some lite on it for me to use as well. i am still trying to connect with a real estate person to help me with some deals..

A consideration for you would be to create a list of buyers before you create or obtain a Realtor to work with.

Having a buyers list will offer a lot of mental strength when making an offer. When you look at a property will have the "Ok, Let’s make an offer because I have a buyer" attitude. This is a key building mental state for you.

The buyers will also direct you to certain properties, this way you are not spread everywhere with every property and doing this will help you be more productive.

There is a lot, lots of books and Dean's info about them.

Basically it goes:

1) you find a renter that would actually like to buy but can't yet
2) you make a deal that helps them to do that using two agreements
3) you set a date in the future for them to purchase
4) you set a price at which they will purchase,'til then, they rent
5) you set a rent price and possibly include rent incentives
6) you collect rent and sell as agreed at the purchase time.
7) OR for a fee, you assign all these rules and agreement to
another investor who would like to sit and wait and you move on.

Regards

I was wanting to know if I could work on an assignment in which the house is already listed on the market by a realtor? I was able to get the seller's information and would like to cut out the middle man (the realtor) and match the seller to a buyer that I already have waiting. Please let me know if this is possible or any other comments...

There is an old saying "What Goes around comes around" You should not try to cut out the Realtor, It will only come back to bite you in the end. Real Estate investing in any area is like a big circle. The Investors (buyers) know the wholesalers, the Realtors etc.... If they hear that you have in any way tried to cut someone out you will lose your credibility very quickly and you can also damage your reputation in the future should you want to make offers on listed properties. and in reality the property is broker protected if it is listed because the seller signed a contract with the agent. If you are going to do assignments you must keep a good reputation in your area. People need to know that they can trust you.

I suggest going through the Realtor on this. Just my opinion!

That is great! One question, did the bank require earnest money deposit or any other amount in order to do the contract?
I want to approach the banks on some foreclosures, but did not know what they expect.

thanks

Hi, first, you need to understand what you might be buying. Check with state laws pertaining to redemption by the owner. You could be buying nothing more than a tax debt with interest for a period of time. Any improvements you make to a property may not be reimbursed! A standard real estate contract can be used that is customary for your area. Insist on a warranty deed from any seller and acquire title insurance. Bill

To Rebucks:

You said in your explanation that you don't give any earnest money to the seller, but I've read in many sources that you have to pay the seller something- even as little as $1 to make it a legal contract in which the money is called 'consideration'. Your explanation is kind of confusing as well. I, too, would like step by step instructions on how to do contract assignments legally and correctly.

I've also read that in order to be able to legally assign a contract, the clause to be included has to state: my name then "and/or assigns".

Also, why aren't there any answers to the questions we are all asking being answered by the people who know the real estate business well? I've read many of these posts and it's like the blind leading the blind. We're all just wandering around in the dark hoping someone will guide us in the right direction. Sounds like all the posts are just opinion and no real help or explanation.

I call the RE dept in CA. I described Assignment contract procedure. The man said I need a license to make the deal. What am I not understanding in Dean's book. Is this legal in CA? Please help. Thanks, Randy

Are poeple assigning contracts in CA? Is it legal? I called the RE dept in CA, and the man said it was not legal. Maybe I'm missing some info here. Please help, thanks, Randy

I called the RE dept in CA and described the assignment procedure to him and he said I need a RE license to do it. What am I not understanding ? Please help, thanks, Randy

Do I need to legally inform the seller that I am seeking a 3rd party buyer[an assignment],or can I just include 60 days or more in contract??

Well since you are adding and/assigns in your contract, let the owner know you work for a list of investors and will most likely assign the deal to one of them. Honesty is the best policy,

Sully you are absolutely correct. I'm a newbie here and I will be working on 2 REO properties and saw that both finally showed the magic button "Seller Motivated make your offer" both properties have been sitting on the market for over 200 days and I check it every week now when I saw that phrase i wanted to see I'm going for them. I ran comps and found the median price for same type of property also I check the Estimate Value with 3 sources and from the comps and estimate value and came up with a reasonable FMV, for example - 1 property has a FMV of $240,000 their asking price is $194,900 I will offer $124,000 once excepted with the and/ or assignee clause, then I will assign it to my end buyer at $156,000 giving them 35% of the current value which is $84,000 below FMV giving them enough equity on the property to do minor normal repairs - such as paint, carpet etc. I will be doing the same thing to the other property since they are both held by the same bank and once they see that I am getting there properties sold I know they will be calling me giving me more properties to buy. Win Win for all. My way of thinking out of the box to find my sellers. I have a nother story to tell but will post that when it happens. Has to deal with 2 landlock properties 11 Acres each west of a Casino. More on that later.

Jesse that is an awsome deal! Congrats! Can I ask where you were looking to find these REO properties? MLS or just the local paper thing... I wonder if 200 days is the magic number for that bank to put the "seller Motivated" into the listing.

Elaine could youpls e-mail me a copy of the blank addendum form. thank you

Elaine, could you pls e-mail me a copy of the blank addendum form. thank you

sully can you pls send me a blank addendum form

I seen your previous blog. I wanted to know if you could send me the 65 Hard money lenders listings.

Thanks!

When you sign a contract with the new buyer to transfer the rights of your contract with the seller to them, will the seller see what kind of profit you made on the sell? How does all this actually happen and take place?

Are there the states where reassigning the contracts is illegal?
Thank you.

Does the IEE strategy work if ur goin threw a real estate agent instead of seller first? Do i need to have the documents ready or will the agent already have the seller sign them. In the book it really only discusses dealing with the seller directly. Just put in first bids need to know this info before offer gets accepted so ill know what im doin!Thank You for ur time!

I am new to DG systems..just got it this past weekend. I have a family member who is considering giving their house back to the bank. I urged him not too and told him would try and help out. He mentioned he has already talked to the lender about a short sale. Did some leg work with a local realtor and the difference between market value and the number the lender will take for the house is around 10k-15k. Do you think there is enough discount here to try and work a deal? The rents in the neighborhood aren't quite enough to cover the note, so a sale is really the best thing.

What kind of deed is it?

It is actually called ESCROW. Which is where your deposit money is held ( it's a bank account )

I have found a pre-foreclosure from Google map real estate section.
It's listing from realtystore.com as it indicated.

As the property listed from $435k for pre-foreclosure price, but after the research from totalviewrealestate.com Not only it give me the estimate of $483k, but it also indicated "Last Sold On 1/5/10 and price for $355K".

Then, I went on Property Shark.com found the same property with the data stated "Most Recent Sale date: 12/28/09 and price for $355k".

Can anyone help me which data I can trust? I'm totally confuse here.
How can this property sold on 1/5/10 and now again on pre-foreclosure.
Anyone can explain? I'm doing a lot of research using these 3 sites to test out before action. Now I do not know what to trust.

Thanks,
Kathy

I am trying to do my first assigment and I need to know where can I find a copy of the Discharge of Agreement to Purchase.

I have look on this website but can't find it.Any help will be highly appreciated.

max