OfflineI have an 'end-buyer' who is worried about her loan qualifications. She has an FHA loan. I told her and her agent that I can find her a home. The agent is on the train, but the buyer thinks that her 'loan' will stop the sale from going through. I haven't gotten my book "30 days to cash" yet but I have researched enough to know that it all boils down to the contract that I set in place. Is there something that I am missing by saying this? I want to find her a home she is happy with and she wants to make sure I make money on this.
Any thoughts?
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Be careful representing a buyer or a seller. You need a RE license to do that.
If this person is looking for a move in ready property why hasn't she found one yet? How are you going to find one and make your fee legally?
Get the property under contract then "sell" the contract to your buyer for a fee. Tear up your contract and put her as buyer instead of yourself on the new contract. All parties must be disclosed to in advance. Not to many sellers like this for obvious reasons. But they are out there.
OR do a sandwich L/O and have your buyer exercise the option as soon as she can get financed and close.
Good Luck,
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I agree with Wayne that you need to be careful that you don't represent the buyer with that kind of deal. But if you have a contract to purchase the property, then you can assign that contract to your buyer that will keep you at arms length and would not be considered representing the buyer as an agent
Mike Kessler
Advisor
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Hi. I 'm new to this , but I know that if you are representing the buyer or seller, it's because your not representing yourself. What I mean is, you need a contract from the seller and when you get one, then you talk to your buyer again as a wholesaler.
The others are right!
If not you need to be licensed.
I do believe this is correct...And yeah--you Can Do This!!!!
Here in Boston, Mass.
Thank you all. (DGFamily)
'Fortune Favors The Bold', Francis Lambert
When looking to do an assignment of contract, you will not be able to do it when the end buyer is getting a loan to buy the property. The bank giving the loan will never pay an asignment fee to someone. That is why you need cash buyers to do assignments. Michael is right on the mark to try to make this deal work.
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