New Question About Assigning Deals and Working With Agents on MLS

well I havnt goten my 1st deal yet but have been at this for a bit now and have experience making offers and agents and I have coaching and they all tell me you can assign a deal as long as the seller allows it, for example if the seller is an REO a bank in other words pretty much 100% they wont accept assignments I think everyone will tell you. If it is traditional sale or fsbo like you said you can assing it, be transparant of course to the seller.

Fasteasysuccess huh, I dont know about fast & easy I think it can be fast but not sure easy it def takes some elbow grease as I have found out but doable, good luck.

PS Am I correct dg'ers?

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Appreciate the comment and do know banks reo's don't do assignments, but my question was...

If using an agent on my behalf to submit multiple offers for listings located on mls and have cash buyers, can i still do assignments as long as not a mortgage being taken out. If investor assigning to is all cash buyer can do, right?

Or is assignments only work with for sale by owner. I thought can do fsbo and mls as long as all cash buyer and no mortgage taken out because can't legally do assignment with mortgage.

Mls listings referring to ones that sellers are working with agent and they have their property listed on mls.

As far as the fasteasysuccess comment, you can always achieve success faster and easier if learn from others who have done it already and then take action on that knowledge. The key is the right knowledge and action on that knowledge. I take things that worked before and use and or adjust. Why reinvent the wheel cesar when it's all done for you within here and other sources?

The assignment of a contract has nothing to do with how the property is purchased. If you have a good buyer's list and all of your buyer's are cash buyer's then you don't need a "subject to financing contingency" in the purchase agreement.

Hope that helps.
Mark

The answer to your question is, you can do assignments as long the contract you are assigning is assignable. The contract between you and your seller must state that it is assignable. It varies deal to deal. Some FSBOs or individual sellers listed on the MLS will not allow the contract to be assignable, some will. Most sellers agents don't like to allow assignable contracts.

We never use an agent on fsbo properties. Why would you? We negotiate directly with the motivated homeowner ourselves. No commissions paid out and our own contracts ARE assignable.

You might consider joining the Success Academy. Learning how to evaluate if a deal is a deal and then getting it under contract is far more difficult than doing a contract assignment. What is the true ARV? What are the remodel/repair costs? What do I offer?

Good Luck,
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

You can assign both FSBOs and MLS listed properties that are not REO's (bank owned). On REO's you will need to do a double close instead of the assignment because bank contracts do not allow an assignment.
When you make offers on FSBO's you generally do not use a real estate agent.
So I think the answer to your question is "yes"

That's what I needed to know appreciate it. I'm going to be doing personal offers but was also wondering about this when using agents to submit offers for mls and fsbo and mls options with assignments. I know for fsbo's and mls you don't need to use an agent offering, but listened and read some of the strategies about working and using realtors like the 25:1 strategy with the realtor and just trying to clear everything up so have that as an option as well besides personal offers on mls and fsbo listings. Thanks for the replies and answers everyone.

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Hi (fasteasysuccess),

The answer to your question would be yes. I think the element of confusion is when you are questioning a mortage beeing in place V/s No mortage? It doesn't matter that there is a mortage in place or not, the important factor is: It must be very clear to the seller your intent to assign the contract. And that is clear stated (And Assigned. There is an example of that formated contract here on DG. Personally, I think when dealing with a FSBO, it's better to remove the agent from the process, With some leg work you can find unlisted motivated sellers. Goodluck on that Buyers list,I have had a bit of luck calling those " WE BUY HOUSES" Signs post in my area, though most tend to be simply people like you and I who have set themselves up with buyers and they themselves arent the buyer. Hmmmm, But, it's a great source. Again good luck in your endeavors

"The only thing achieved without effort is: NOTHING"

Thanks for the comments. Basically you're saying it shouldn't matter if the seller has a mortgage for assignments as long as the buyer is all cash and the seller accepts the and or assignee in contract, right?

So is it if my investor/buyer for property is all cash, no issues, but if my buyer or investor taking out mortgage to buy my assigned property, then issue with assignments and need to do something else, correct?

Thanks for all the clarification.

Just trying to make sure have everything understood correctly.

Thanks so you're saying if all cash buyer and seller obviously accepts assignee in contract offer, then can do assignments with mls as well. If mortgage being taken out by my buyer to purchase property and not all cash buyer, then can't do assignee with mortgage have to do other options you mentioned, right?

Hopefully you have had your questions answered and that everything is clear. But just in case hopefully this will help.
As long as you have a solid CASH buyers list, and the property IS NOT with a bank ie REO, foreclosure etc. you can do an assignment. This pertains to FSBO and MLS properties.
A mortgage on the property doesn’t impact your ability to do an assignment. As long as the seller agrees to the terms of the contract and the assignment you are good to go.
Good luck!

Thanks-That's what I needed to know. I just wanted to make sure I have that cleared up on the wholesaling side, appreciate it.

I 100% agree with Michael, The key is having a contract that is assignable. And sometimes that can be hendered/or overcome by something as simple as verbiage. With that in mind, As REI it is essential to have a Real Esate Attorney is place to review all of our contracts. At least until we have done enough to know what is needed or required in our respective states, regarding the particulars of the contracts we work with continuosly. I personnally don't have a large power team in place but, I have found that I can't live without a Attorney,Bird doggers, and a Tax Pro just to name a few.
Hope this tad bit of info helps.

Always looking for like minded folks. Here in sunny San Diego California

Thanks Nate