Assignment Resistance

It could be both. My brother has had his Real Estate license for 3yrs. He has never heard of assigning a contract. However, he has never worked with an investor. Also, if the RA is the listing agent, they are almost like their attorney. So to speak. They are their representation. They are looking out for the SELLERS best interest, not yours. It's best to have your own agent.
Your agent needs to represent your needs, and only yours.
I'm looking for an agent too. Good luck.

My friend and I are interested in the assignment strategy. We live in Houston, Tx and both of us are in collections. So we talk to people all day long. My friend spoke with a lady in Alabama and she has 2 houses that she wants to sell. One house she lowered to $10,000 she wanted to just get rid of it because she doesn't want to pay the taxes on it.The other home the seller lives in and is motivated to sell that one as well which is worth $275,000. We both read the book and understand the importance of building our investor list first. We are going to a free network at the Renaisance hotel this weekend and we also have a separate phone line and a craiglist advertisement to drive these investors to us. My question is, how do you work a coastal assignment deal?

I think a lot of realtors do not want a contract signed with someone whose funding is dependent on someone else. They what a contract that is as close to a sure deal as possible. Why have it of the market for X amount of days and then have it fall through do to no buyer and a bunch of silly contingencies?
Of course some realtors have no idea what assignment of contract is. Either way you must sell yourself and then produce!! Like you said in your post, it is so much easier to do this with the homeowner directly. Call coastal and ask them how this works!

CMR2010 What is a coastal assignment, If you are talking about a transactional funded double close you don't do an assignnment because you are going on title!
Usually an REO, Short Sale, Pre Foreclosure purchased through a realtor, deals that won't allow an assignment and you use this strategy to lock it up and flip it.

Good Luck
Michael Mangham
MD Home Acquisitions LLC

Hi Philba,

I'm not quite sure what the real estate laws are in your area, but I can tell you how it works in Las Vegas.

We have a moral and legal obligation to submit ALL offers to our sellers unless told otherwise by the seller.

So let's say that a seller has a home listed for $200K and a buyer submits an offer for $100K. we HAVE to submit that offer to our seller regardless of whether we think it will be accepted or not.

But like the other members have said, not all realtors are aware of what an "assignment clause" means because it's not something that we are taught as Realtors.

Dealing with Realtors can be a bit tricky because there are a lot of techniques that investors use that we don't have experience in or the knowledge.

Hope that I was somewhat able to answer your question!

It is true that realtors work with the seller exclusively. Realtors want a done deal on paper to know they are getting that commission. What you need to look for is a buyers broker. They have YOUR best interests in mind and can do all of your leg work. These brokers work in some, but not all real estate offices. You may have to call around to find one, but it should not be to difficult. Good luck !!!

in the realtors eyes, you are wasting his/her time

Like Michael said, it is a roll of the dice that you will get a buyer in that 30-45 days

Assignments are not as solid a guarantee that you're going to find a buyer as opposed to a direct buyer who you know has the money/pre-qual

Its not personal; its business

Philba,

You've told us you're having trouble getting somewhere by working directly with the sellers' agents, well, get your own! If it isn't working, "change the recipe" and try something else!

Vincent

I used to be a realtor, here in Ky. Until agents started breaking rules, laws, etc. I don't play by those rules. One thing I would like to add, If the agent truly wants to make that commission, So what if they think you have no money? If I were still an agent, I would not care if I found 50 offers a day to put in. And/ or waste of time. My concern would be, how many buyers can he/she find? How fast can they close? As long as it is ethical, legal, and the deal is a win-win.. I would not care ... Lol

From my personal experiences with clients doing assignments, it hasn't been a successful one, but I try to give people a chance. maybe its because where I am opposed to others.

I say keep at it because this is a numbers game and something will come out of it

The listing agent also should be looking at it with the realization that, while the offer you submit may be far lower than he or she hoped, they can get a double commission by representing both you and the seller. So, let's say you had a 5% commission on said $200K house. That commission is going to be split between the listing agent and the buyer's agent, so the listing agent will really only get 2.5%, or $5000. But, if you offer $120K, and that agent can represent you as well as the seller, they can keep all 5%, which, on $120K, will be $6000! Go figure!

Vincent

We make dozens of offers & most agents don't know anything creative or outside the box. We also have had many offers not even presented, despite the fact by law they have to, we have had other agents in the firm buy the properties out from under us or give it to one their clients. We had them not even return calls on one their listings or say they'll show it 3 days later.
Jill has then called some other agent out of the phone book, saw the property,
bought it, & then that agent showed her another one & she bought it; 2 in one day...3 days later the 1st called & asked if she still wanted to see it ...
Some people don't like to deal with you privately, we have sold 26 houses
on our own & only 2 or 3 with agents...
However your area is, don't get discouraged...just keep looking, but we have found that dealing with the listing agent usually works the best, quicker communication with the seller. Good Luck & stay focused. Gary/Jill

Ya know, it is so true about some agents out there today. Some are aggressive, some are not. Probably the later is true. I had a guy just yesterday tell me that an agent had shown a property, found out how truly motivated the seller was, bought the property, Had interested parties willing to buy it, bought it out from under the prospective buyers, did not present the offer, which is illegal. One thing I think some of these agents out there doing that need to remember, We as agents are bound by law. Just like Dr.s Attorneys, not to break Fiduciary trust in our clients. So many today are buying, flipping, which I don't have a problem with, what I do have a problem with is being unethical, illegal, undercutting to make a buck. It all falls back to one thing, Do unto others as you would have them do unto you. It is a universal, Biblical LAW. It can and will come back to bite you in the behind. Agree?