OfflineThere is a FSBO in a near by city. I have done a walk through and the home is a 3/2, 2 story home, good location to schools etc and in good condition. Checked out FMV comparisons in the area and it is a bit high but that is OK, they already stated they are willing to negotiate. This is where Im at:
I posted an ad on CL poseing as the seller and got a response almost immediately. What I am worried about is this. I inadvertantly posted the ad as if I was the seller and used wording like, "we are selling our 2 story 3/2 etc etc". Did I screw myself by using "WE" eventhough I am not the "WE"? Does this make me a "broker" b/c I advertised or marketed the house for sale? Obviously, I would have to clarify my intentions to the buyer when it came up, as well as the seller by stating that I am a private investor, or should I? At this point in time I havent told the seller that I have even advertised their house for sale. Is that going to be a problem as well or will they be none the wiser? I was thinking this: Now that I have an interested buyer (who is already approved for a mortgage just not getting the needed results out of their realtor) I would contact the seller and see what their bottom end price is and try to lock it up with a time frame of 30 days. The I would talk to the interested buyer, maybe schedule a walk though and see where it goes. Does this sound like I have a problem on my hands or am I headed in the right direction?
Any input is greatly appreciated.
-Marc
Did I screw up this Assignment?
Posted on: Mon, 05/31/2010 - 13:53
Did I screw up this Assignment?
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- by msully1090
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Get the property under contract. Did you post the address on craigslist? If you did then that was a mistake, but if not I don't see the harm in advertising a property for sale as long as no address was posted. Get the property under contract so that you can really advertise it all over and make that assignment fee.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I did post the ad on CL but never gave out the address. So basically its like a ghost ad anyway, right? My interested candidate is asking for an address but I dont want to give it out as the seller doesnt even know I posted it on CL. In addition, I dont want him to go there and work the deal by himself with the FSBO seller themselves.
Sounds like I just need to get my contracts reviewed by an Attorney to make sure they are legit (so I dont get any hassle at a closing) and then go and lock it up, right?
Thanks
Most important: get the contract signed!! I've had two deals stolen out from under me because I listed the address on Craigslist BEFORE locking the deal up. I was axious about not being able to find a buyer and screwed myself out of the finders fee. As far as saying "we" instead of "I"...no biggie. Doing so gives the impression of a larger operation and adds to your credibility. Keep going man, you're almost home!!
Ogal
"Only those who can see the invisible can accomplish the impossible"
Patrick Snow
"Instead of using your words to describe your situation, use your words to change your situation" Joel Osteen
I don't think you have anything to worry about msully...you didn't post the address on CL. You should focus on getting the property under contract ASAP and don't disclose the address to the buyer until the property is "locked up". One good thing about this scenario is that you already have a buyer lined up and that's a very good thing. I can almost reassure you that the seller is going to be ecstatic knowing that you already found a buyer for their property. Go get that house under contract ASAP and make yourself some *money for your efforts. Good Luck.
D'Angelo
"A Winner Never Quit And A Quitter Never Win!"
Thanks for the input everyone! It is much appreciated and has inspired me to take the next step. I will be calling local attorneys tomorrow to schedule an appt to make sure the contracts I will be using can be presented to the seller(s).
Thanks Again for the vote of confidnece.
Hi,
They are all right, it has to be closed under contract & there's nothing to worry as long you didn't give the address. I also made a mistake by giving the address to my potential buyer & whalla! turn around & said that he is no longer interested.
You know i still believe in karma, if he did something behind my back, it will haunt him in the future.
Be careful next time...
carmen