How to sell a contract

This is a VERY simplified explanation:

1. Get the property under an assignable purchase and sale contract.

2. Assign the contract you have made with the seller to your buyer using a assignment of contract contract.

3. Take both contracts to the title company or attorney depending on your state and get paid at closing.

Have you read Dean's books? Get them and read them over and over (I did) and learn this stuff. If you a are serious join Dean's success academy!(I did)

Good luck,
Michael Mangham
MD Home Acquisitions LLC

thank you so much, could you please tell me in brief what are the steps to buy a short-sale from a bank through broker?

thank you in advance !

Hello fellow DGF, I Just have found an agent that is willing to work with me I understand the strategies I am going to be using.(IEE, Assignment)
But the agent wants to sit down and talk about the strategies we are going to be using witch I can describe and I see where my profit comes from but how is she going to be getting paid I was wondering.
Does her commission come only from the seller or the buyer or both?
and what if I find a great deal listed with an agent does that not allow my agent to earn commission or will they split comission?
Well I need to explain to my agent how these strategies work but I dont fully understand where exactly does my agents money come from with her help on the assignment deals.
Thanks in advance God Bless DGF.

So I get a house under contract for x $amount, then assign for x $amount.
Go to closing...will the price on the original contract be visible to the person you assigned to? Or will a new contract with the assigned price be made?

I always practice full disclosure, The buyer is assuming the original contract. That is his contract after you assign it. He WILL know what you paid, I prefer he knows when he signs my assignment contract. It's the only way to do it right anyway. So say I got the house under contract for $100,000 and I assign it for $10,000. My assignment contract states: I have it for $100,000 I assign it for $10,000 Your total price is $110,000 all up front and in writing!(basic explanation of this) Make sense?

Good Luck,
Michael Mangham
MD Home Acquisitions LLC

Yes, makes sense. Thanks once again

I'd like to know if anyone have experience selling LLC in-lieu of "classic" assignment. See more information below.

Thanks,

Haim

As more and more banks were burned by assignees and they started inserting a “Non-assignability Clause” in their contracts.

One way around it is to purchased properties within an LLC, and then sell LLC to end buyer instead of assigning the contract to them. As far as the sellers were concerned, the buyer (the LLC) on their contract remained the same.

It should go like this:

1. Make offer in the name of an LLC. I often include the property address in the name of the LLC.

2. Once offer is accepted, create the LLC. Check with an attorney and/or your Department of State regarding the procedures and costs for forming an LLC.

3. Assign/sell your membership (ownership) in the LLC to a buyer once you receive your assignment fee. Check with an attorney regarding the documents required to assign/sell an LLC.

4. Collect your assignment fee in the form of cash or a check made out to the LLC and endorsed over to you by your buyer (the new owner of the LLC).