assigning a deal

Can you tell me where I can find a copy of the Discharge of Agreement to Purchase.

thanks

max Oklahomna

You can go to your local library and find books on "Learning About Contracts" that offer sample contracts and most books now-a-days have websites you can go with even more sample contracts and information on contracts.

Thank you for such simple steps outlined in your post. It is all starting to come together in my mind, and your post is helping me get there too!

You are holding on to the property until you transfer the deal to a buyer
you have already set up, that you know or can find that wants it.

Hey I just want to know how or where do I go and get started. Found and house that I want to purchase and sell it to make profit.

http://www.deangraziosi.com/real-estate-forums/everything-else/43112/get...

How can I find someone to negotiate my short sales.. or do I just use the moa formula?

awesome!!!..im sure the efforts have been well worth it...if not..give me alil time..i'll gladly nod my head n tip the cap...great daez to u...

ur the man Sully!!!..thank u so much...another piece to the puzzle.. lets build this right...greatest daez to u...=)

I would like to start out investing by doing assignments. Can someone show me how to fill out an assignment contract. I wanna find buyers up front so I`m not wasting a bunch of time finding buyers after I find a property to assign. Time is of great value in this business.I would like to do what Carol Stinson does, she works from home. I`m partially disabled at this moment. GIT-R-DONE

I think you should try and find a RE Attorney, it's good to have one on your team, and he/she should be able to walk you through the contract. Good Luck.

D'Angelo

to get a property under contract am i responsible to put down earnest money and does earnest money have to be put down also am i reponsible for the inspection or is that the responsiblity of the person i assign it to?

Thank you

Great questions missladykey...

I also have some questions, if anyone can help out that would be great.

Lets say a REO property needs fixing up and I am able to get financing through a hard money lender. Does the property need to fixed up prior to assigning it or can it just be assigned to another investor so the HML (Hard money lender) can be paid off and I make a profit.

I am also looking for investors (buyers) in the Tacoma Washington area cause I am finding allot of REO's, Pre-foreclosed and foreclosed properties and I would love to take this to the next level.

Thanks to everyone for all your help and great answers to allot of the questions I don't have answers for...

Dear Cam
You are right , investors are educated buyer and sellers in the same time . In my opinion , before you get in any kind of transaction , it's better to study the rules , you don't have to like them , but to know them , Get as much reading as possible , listen to tapes on investing , take classes ... The more you know about RE the easier for you to decide what to do when .
Do get informed , before you get yourself in trouble ...
m

I don't know of any hard money lenders that will allow an assignable contract, they come in 1st position and loan on the property itself if the numbers are right. Usually 65% to 70% percent of ARV at anywhere from 2 to 6 points up front and 12% to 16% interest.
It sounds like you might need to use transactional funding (usually 2%) and do a double closing. In order to do that the transactional funds lender will require proof of your buyers funds at the title company at time of closing.

Good Luck Investing!

Michael Mangham
MD home Acquisitions LLC

Thanks for your advice. What is transactional funding? This is the first I have heard of this type of funding. Are they like a HML? Do you know what the process is when using transactional funding. I'm also not to familiar with double closings but have been reading allot about it here on DG. Thanks again and here's to moving forward...

"Banks are required, by law, to keep a reserve based on potential bad debt
losses," says Karen Gross, director of the New York Law School Economic
Literacy Coalition. What this means to you the short sale buyer is this. As
soon as a loan stops performing, the bank is required to increase its reserves
and can’t use that money for lending which is how the bank profits.
Foreclosure laws vary by state but it can take six months to a year or even
longer before the bank can foreclose on the property, manage the property
and pay expenses like property taxes until the property sells. Then when the
property finally sells, the bank takes a huge loss. Until the asset is resold and
off the bank’s books it can’t make loans using the money required for
increased reserves.
Here’s how it works. When someone deposits $100 in a bank, the bank can
lend some of the money and must keep some of the money in reserves. Let’s
say that the bank is required to keep 10% on reserve. $90 is then free to loan
out for a profit. The bank profits because it may pay the depositor 2% on the
$100 deposited but charge 8% on the $90 loaned. This is how banks profit.
Imagine for example that when a loan stops performing, the bank is required
to increase its reserves to 15%. On a new$100 deposit the bank must now
hold back $15. Additionally it must hold back another $5 of the new deposit
to cover the former $100 deposit as the reserves on the first deposit must also
now be $15 but it only held back $10. Therefore in this example on the second
$100 deposit, the bank must hold back $20 and can only lend $80.
You can now see that when many loans become non‐performing, banks must
hold back more and more money and have less to lend. This is exactly what
happened in the 2009‐banking crisis. However, banks can borrow money
from the Federal Reserve to cover these “reserve requirements.

I Hope it helps with this information for some unanswered question.

If the house has a 1st & a 2nd, and I negotiate a price that barely covers the 1st, what happens to the 2nd? I assume that the homeowner is still on the hook for it.

I am gearing up to do assignments and understand the benefit of finding a real estate agent to help me find properties (not an easy task I understand,...but a goal). I hope to be contracting for properties in Arizona and selling to buyers in California and Arizona. How would an agent working for me get paid? Since he/she doesn't represent the seller,...and I am only making a small amount on the assignment, how would the agent make money? A percentage of the assignment fee would seem to be too small to motivate an agent to work with me. Would the agent have to represent the buyer to make a commission? What if a buyer already has an agent that they use? Can someone who uses an agent to find properties, please tell me where the money to pay them comes from.

Also, regarding the many disclosure forms, will I need to have the assignment buyer sign these disclosures prior to closing? Who is responsible for making sure the disclosures (if required) are signed off.

Thanks for your help.

Suzie

when u sign u name after u name u write and/assignee

Rina,
That makes perfect sense!! I was curious about IRS liens.Who will be responsible if those pop up after the assignment closes? Say I get an assignment and sell and close to an investor, then later something comes up?? And I would think a real good title search would be necessary too prior to agreement of price for me getting the assignment but so much can happen in 30 days. Everything I look at lately has IRS liens so I have been steering away from them. Any help would be helpful.
Thanks

How do I go about doing an assignment of contract with a homeowner that has listed his property with a realtor? If anyone is located on here from Indiana, please tell me if you have come across this dilema & what is your solution?

Contact the sellers realtor and tell them the contract they provide must be assignable. Put and/or assignee after your name in the contract. Its assignable!
The trick is getting this done when the agent knows you don't have the funds and you are going to try to find another buyer by closing. Also you will have to come up with earnest money at some point. If you have a buyer ready to go on this deal than use their money to cover the earnest. Do you know it takes 2 contracts to do an assignment?

Hope that helps!

Michael Mangham
MD Home Acquisitions LLC

Thank you for your response. I downloaded the contracts and forms Dean has online for his students. Where do I go to find out if these contracts are acceptable in my state? What are the forms i need to use to complete this transaction?

I have a friend who is in foreclosure and the loan on the house is more then the house is worth she wants to get out of the loan without being foreclosed on and screwing her credit up worst than what it is. what can I do to help her? Is it possible to assign this type of deal.

Gia:
If the bank has already won the bid and she in fact in foreclosure there isnt much you can do about it at this point. (someone will correct me if Im wrong here) Since the bank now owns the property they are going to want the highest price they can get for it. In most cases this also makes it difficult for you to get the spread you want in order to make a profit. In addition, in most states it is hard to assign REO's (bank owned properties) unless you have some creative and open minds that you are dealing with. Hope this helps.
- M

Can anyone tell me if banks work with investors.Can you put a forclosure under contract and sell it to someone else?

that's a short version of ESCROW - Me thinks

Chris

I am a bit confused on the Ca. law about Assignments still. At the edge 2010 I heard in Ca. you can't do them. Then The success academy said, that we can. Then one of the speakers said we can,.. just a different way. What is the real story with Ca. and Assigning Contracts. Can any body specifically explain the details??? Thanks, Charisse

Hi,
Does anypne know the deal on assignments in the state of Georgia? I have heard that it is unethical and then I have heard that it is not. Can someone elaborate and give me advice. This is all new to me.