I already have a Realtor Giving me MLS SOLD cash Listings.... Now could someone experienced explain please......

The books are great and they pretty much walk you through the assignment process; however, I too am confused on the earnest money thing and although I have asked that very question AT LEAST 10 times in the last 2 weeks I am sorry to say that I have not gotten one single response to that question so if you get someone to respond PLEASE share that info with me!

If you look up in the left corner of this page; under Deans chin, there is a search box. I have found that to be a wonderful tool for finding answers on here since there are so many great people sharing incredible information! Anyway, type the word "assignments" in the search box and lots of stuff will come up. Then just start reading. Also, like I first said, There is good info in the book Be A Real Estate Millionaire as well as the Profit From Real Estate Right Now book (info on assignments; how to do them, and what paperwork to use). I have also just googled "how to assign real estate contract" and got some good info that way too!; but I must say that the books are probably gonna be the best source. Hope that helps.

As well. I think once I get someone to walk me the a deal itself then I should understand the whole process. That and if I have I have to put earnest money down on each time you submit an offer. So it's good to know that I am not the only one that is concerned about this? I haven't got very many responses on here since I have posted this. I am sure there is a least some one that can tell me how to go through the deal process from making the offer to filling out the contracts to to assigning the contract to the Buyer Investor. But yes I will let you know as soon as I find out. I just have to do some research. I thought maybe making a post of my concern would have drew a lot of attention. Where are all you experienced people at when some needs help. I just need some mentoring through this process so I will know what to do when I get to that point. Will someone help me with this?? Thanks to anyone that helps me out.

Daniel In New Mexico

1. Find the killer deal that you can assign. This is the hardest part of the process! What true ARV is and how much are repairs combined with your exit strategy. Then you know what to offer.

2. If you are using an agent they will supply the contract. If you are not you should get a simple one page offer to purchase real estate contract oked by your RE attorney. Submit your offer. If it is an REO through an agent they will require POF and Earnest money. They do not cash the earnest money until the deal is approved and then when it is stated in the contract that it can be cashed. If you are dealing with a home owner directly earnest money can be $10.

3. OK you have an accepted offer and it is under contract. Now you have a 2nd contract. The assignment of contract contract. Your buyer signs this contract for the amount of your contract with the seller plus your fee for his total cost. Example Your contract with seller is $100,000, your assignment fee is $10,000 Your assignment contract will state YOU ARE ASSIGNING YOUR ORIGINAL CONTRACT FOR $100,000, your fee is $10,000 total purchase price is $110,000

4. Take both contracts to the title company, arrange a closing and get your check at closing.

This is a simplified version of contract assigning. Check with your attorney on how it is done in your state. You need to study, network in your area with active investors and buyers. A REI club and at public trustee auctions, seminars, training. Join Dean's success academy if you are serious!

Good Luck!!
Michael Mangham
MD Home Acquisitions LLC

http://www.mdhomeacquisitions.com Sellers site
http://www.mdhacq.com Sellers site
http://www.mdhomea.com Sellers site
http://www.mdhomeacquisitionsbargainhouses.com Buyers site
http://www.mdhomeacquisitionshousehunter.com Bird dog, door knocker site

I am aReal Estate Broker Lic. # 0211674 in CA. I would be glad to help anyone in the state of CA with contracts, disclosures or any issues. We are here to help each other out.

Did you read my post?

Michael Mangham
MD Home Acquisitions

JUST WANTED TO SAY GUYS GREAT POST ON THE ASSIGEMENT DEAL.I HAVE A QUESTION, TRYING TO BUILD MY BUYERS LIST AND JUST GOT OFF THE PHONE WITH A REALESTATE AGENT AND I HAVE A MEETING WITH HIM NEXT WEEK. IF THE HE ASK ABOUT COMMISSION WHAT WOULD BE THE BEST FEE PER DEAL AND THE BEST RESPONCE TO GIVE HIM. THANK YOU FOR YOUR HELP

Thanks for the much needed help. I appreciate it. I am sure this will help others out too.

P.S. When I am submitting offers to the same property do I have to keep putting earnest money up each time I submit a new offer? I could use help on this too. Thanks.

Daniel In New Mexico

Yes I would love help you. First before I go on any further let me ask you this? What first made you want to get in to Real Estate? What have you learned and What have you used to educate yourself in Real Estate? What is your specific niche that your going after? The reason why I ask you all this because I want to learn more about where you want to go in all this? I was fortunate to purchase the Edge 2010 and Set For Life. Were you able to get this also? Whne asking for a Realtor remember to ask for the receptionist and ask her about any investor friendly Realtors and then tell the Realtor that you want to BUY FIX AND SELL IN UNDER 30 DAYS AND MAKE A PROFIT OF AROUND 20,000 - 25,000 DOLLARS.

Then when they agree to that ask them to pull all the properties that sold for cash in the last 6 months. Tell them to go by the word "foreclosure" "handyman" or have been "rehabbed" or have "0" to closed possession time. How new are you to all of this? I hope this helps. And be confident and not so serious. Show your serious but be willing to be humorous and just act naturally. Just relax and talk like you would with a friend. Remember your interviewing them.

P.S. I have learned that you want to give your Realtor at least $500 - $1000 in fees that's sufficient because your doing all the work. Also ask them up from front what other fees are in involved called junk fees that aren't need. But don't call them junk fees when your talking to your realtor just say what extra fees are involved. You want to find a realtor that won't charge those other fees. Als make sure never to sign a buyer agency agreement if you do sign one make sure it is on that deal only. trust me you don't want to be stuck with one of those because you won't be able to work with other realtors. I hope this helps.

Daniel In New Mexico