What If?

What If?

Lets say I find a deal on a property, What can I do make sure I have a way out if I cant find an investor? Does the purchase agreement in the forms and docs section have the "escape" clause? Just curious as to what I can do to get out if I cant find an investor.

Thanks

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Spidrmnky

Yes, the purchase agreement has escape clauses for you in case something doesn't work out. Download them yourself so you can have them ready to use. Best of luck!;D

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Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


Escape Clause

Don't be so quick to run! I'm still pretty new at this myself, but if you read Dean's book he lists a number of ways he made lemonade when he got stuck with a lemon.


Do I have to take it to closing?

Hi...I posted this question on the assignments forum but noone's been in there for weeks! Please help...If I find a property and negotiate a purchase price with the seller, do I have to go to closing to reassign the property or can I just reassign the property to a buyer/investor with the proper contract and then they take it from there? Also, do I have to get an attorney to review the contracts when doing an assignment or is it okay to just make all the clauses in the contract clear and proceed without an attorney. Can't I just reassign the property and then the new buyer would get an attorney before going to closing?

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"The hands of the DILIGENT MAKETH RICH!" (Proverbs 10:4)


AS far as I know and someone

AS far as I know and someone correct me if i am wrong you don't have to go to closing! You just sign a purchase agreeement with the seller, find someone to assign it to, sign an assignment of contract. The person you assigned it to will take it from there and they will pay you your assignment fee.

If this is your first time and you are not for sure about your documents or if you are doing things correct I would HIGHLY recommend you have an attorney look over them. That will just save your butt if you screwed something up.

Hopefully my information is correct!!

Thanks,
Shaun


Thanks!

Thank you, that helps.

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"The hands of the DILIGENT MAKETH RICH!" (Proverbs 10:4)


Closing on assignment

You do not have to go to closing but I would recommend that you look over the HUD settlement statement. This is going to tell you where and who the money is going to. Make sure your fee is in the settlement statement so you get paid.

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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Assignment of Contract

On this exit strategy, you are finding the property and negotiating the price but your intent is to assign to another end buyer/investors. You assign your interest in the deal to another under the original terms of the contract. Once that is done, you will receive your fee at closing.

__________________

If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


spidrmnky wrote:Lets say I

spidrmnky wrote:
Lets say I find a deal on a property, What can I do make sure I have a way out if I cant find an investor? Does the purchase agreement in the forms and docs section have the "escape" clause? Just curious as to what I can do to get out if I cant find an investor.

Thanks

The escape clauses that you are looking for are often referred to as contingencies. Contingencies can be written for any reason.

You could write a contingency that states: "This offer is contingent upon seller shaving their head before closing." If the seller did not shave their head the contract would be void and earnest money returned. This example is a little far out but it is to show that you can make your contract contingent upon anything.

My most used contingency is: "This contract is contingent upon buyer and/or buyer's partners suitable inspection and acceptance of the property with ______________."

__________________

If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Lender's bankruptcy

What if your lender shuts its doors,continue making mortgage payments as usual until notified to do otherwise. Your loan will be transferred. Your current company must notify you at least 15 days before the loan is transferred, and the new company must contact you within 15 days of the transfer. During a 60 day grace period after the transfer, you cannot be charged a late fee or be reported to a credit bureau if you send your payment to the old lender by mistake.

__________________

If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


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