Correct contract/strategy when dealing with a forclosure

You are correct that foreclosures cannot be assigned. There are some ways around it, but yes you can also bird dog and that will work!

Thank you. When bird dogging it, do I just connect the buyer with my realtor?? (since it was my realtor who found it) won't I risk that the buyer develop a relationship with my realtor and then use him directly?

Hey Darlene,
If you want to choose foreclosures as your "target" properties you can visit county records for upcoming foreclosures (in person or online). This will enable you to 'stay in the loop' and to deal directly with property owners and their lenders. A real estate attorney can help you write up a "release of mortgage information request" to present to the lenders of the property owners.
The mortgage information will help you develop an offer that is beneficial for you and all parties involved in the real estate transaction. It just takes a little practice for comfort to settle in. Experience the fear and unknown while you move forward to your success. We are here with you! When you build an investing team, then they will be there for you too!
As you travel the path to real estate success it is important to invest in real estate educational tools, such as books, audio, real estate investment clubs, real estate events, or even a business voicemail system. Some of these tools you may be able to afford right away, while others you will gain access to after you have profited from a real estate deal. As you surf through this site, have paper and something to write with. Write down useful links for financing (if found); look for forums or posts concerning your "target properties"; write down answers to your questions (if you find them useful). This will serve as an educational tool to aid you in your development within your desired target market.
That's enough for now. I really hope that I have helped in some way.
To Your Success,
Anthony

Is to use a land trust so that you can get around the assignment problem. Then you don't have to worry about being cut out of the deal. REad more on land trusts or find it at the IE site. Best wishes!

Darlene,

You are right your buyer could just work with your realtor instead of you, good point. Why dont you just put them under contract, using an LLC or a land trust(Carol Stinson has a thread about using land trusts to lock up & sell foreclosures).

You can then sell the LLC to your end buyer or also with a land trust sell it to your buyer by having another trustee named-of which you would get paid for.

Otherwise you do run the risk of being cut out of the loop.

Or you could work out a written bird dog agreement/closing reimbursement with the listing agent. Then when you refer a buyer, the agent will give you a bird dog fee. In this way you are actually encouraging the buyer to work with the agent directly and you still get a cut of the pie. Just make sure it is writing so they don't "forget" about you at closing.