Real Estate Agent Advice For Assigning Deals With Realtors

Hi my name is Ada and I belong to the DG Family, I read your post and I am very interested in this, I really hope you get an answer, and if you don't mind will you please let us (DG family) know about the results. Thank you very much, God bless you and have a good one..... your friend Ada

LOL Well thats why I posted the question. So that an Agent from the DG Family could respond. Being that not many Agents Assign Deals and Wholesale with Investors.. I know there are many of them here.

Hopefully one of them respond...

This is how it works in a nutshell.

1. You get a deal under contract. One that is assignable. It either states in the contract that the contract is assignable or you offer with and/or assigns following your name. THIS WILL NOT WORK ON BANK OWNED PROPERTIES. Their contract are not assignable.
2. You assign this contract to your buyer using a assignment contract.
3. You take both contracts to the title company.
4. Your buyer closes in your place. Your realtor gets paid their commission. You make the assignment fee.

Agents don't assign the deal. You do.
Agents don't wholesale. You do.
You just offer through an agent. You offer what you offer to make the deal a deal. That's all! Agents don't work with many investors because the investor does not know what they are doing!!!!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Ditto!

I thought it was the other way around.. Investors dont work with many Agents because Agents don't know how to do assignments...

Michael when an Agent makes an Offer of course the seller will have an Agent..

The question is.. How are you going to handle the deal from start to close as a wholesaler if a sellers Agent is involved..

An agent is not needed if you were to make an Offer directly to the Homeowner..

My ultimate question is more CONTRACT oriented.. From the moment the offer gets accepted by the Sellers Agent. What is the next step Contract wise ?

Maybe im not asking my question right...

I have an Agent who needs to know how this works.. She wants to do this with me and my partner but I in know way will have her doing something that she doesn't understand.. Hell none of us understand and thats why im here to get advice...

The advice my Agent needs is the after offer stuff..

#1.) Offer is Accepts by Sellers Agent

#2.) What steps do me and my Agent take from here...

I'm not claiming to know this stuff. I've read all of Deans books.. Im here for advice and mentorship..

Straight to the point "How To"

So once the offer is accepts, do we use Realtors Contracts of our own contracts and what about earnest money..

This stuff is so technical..

It is very simple.

1.You have an accepted offer that your agent made to the sellers agent. This contract must be assignable. This is the ONLY contract you need from the agent. 2.You then assign the original contract to your buyer using an assignment of contract contract. (total of two contracts) This assignment contract has an earnest money requirement just like the contract you have with your seller (1). Your buyers earnest covers your earnest. Simple as pie.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

How does my Agent explain that we don't have upfront earnest money ? She needs to know how to word it, which will give us time to get a buyer and back out if we never get the buyer.

Now another question. When you say the "excepted offer contract", these need to be Real Estate Agent Contracts Correct ? Or can they be Contracts from Deans site ? Or is the Assignment Contract the only Contract that we need from Deans site ?

I don't know about the laws in your state but in NJ we are not permitted to put "and or assign" on a purchase agreement nor are we permitted to assign a contract. Therefore we have to get creative. One strategy is....

1. Once your offer is accepted have the purchase agreement drawn up in your name (or your LLC). Make sure the contract is endorsed before you present the property to your buyer.

2. Once you have your property under contract with the seller's Agent and you have your end buyer lined up have your agent draw up an “addendum” to your purchase contract that states you will be adding an additional buyer onto the purchase agreement. When explaining the need for the addendum to your Agent simply tell them that you must bring in an additional funding partner for the property and that their name must be on the Title as well.

3. On the day of closing your buyer will bring 2 certified checks. One for the property purchase and one for your wholesale fee. Immediately after closing on the property a “Quitclaim Deed” will be drawn up removing your name from the title. Your buyer then gives you the check for your fee in exchange for the Quitclaim deed and the Agents both get paid. DEAL DONE!

This enables you to get around the 90 day hold as well. You can use this strategy on REOs too

Hope this helps.

Great info. Thanks but when submitting an offer, does the Real Estate Agent have to use there State Approved Contracts, "By Law" or can they use Deans Offer Contract located @ deangrasiozi.com/purchaseagreement ?

#2.) When making an offer, how do we steer clear of Earnest money when trying to get an offer accepted ? What if we need 60 days to get the buyer ?

#3.) Once the offer is excepted. Can we use an Assignment paper from Deans site to Assign the deal to our end buyer ?

I'm just still kinda confused as to what my Agent needs to do... She is all for it but she needs to know how to word the Offer and how to steer clear of earnest money..

We also are trying to figure out how the pay is divided. So does the wholesaler get there assignment fee from the IEE invoice or the assignment paper ?

I feel like there are so many ways to do this but I just need one formula that will work in my State of GA..

Its not the fact that we don't know how to get offers accepted and so forth, but we just need the technical A - Z details paperwork wise.. How to word the offer. How to steer clear of earnest money and how to split profits with agent and wholesaler...

Lots of confusion on my end

I think your strategy might work better because i do here that alot that Agents here can't assign contracts.. But I think what i need in details on how exactly to word the offer. And if the offer has to be a Realtors Contract or can it be Deans..

This stuff varies from State to state so it can be a head ace and difficult

When I typically do a regular deal with an owner, I simple offer them a price using an offer form. When the offer is accepted I then assign my offer. Once the buyers signs for the offer ( and or assigns ) i then get the buyer and seller to meet and draft up a brand new Purchase and sell agreement. The owner signs the Purchase and Sell for the new inflated price and the seller signs off as the original buyer.. I have the owner sign an IEE contract.. Investor Disclosure Notice and a Disclosure Notice and we submit that to the closing Agent or the attorney and we go to closing...

Dont know exactly how it works when an Agent is in my shoes making the offer..

tricky !