Offlinei understand the concepts but now that i actually need a legal piece of paper in my hand it feels like i am missing something. i have 2 houses that i know the ARV is at least 30 % higher than the asking price so i want to offer them their asking price or a little lower and assign the contract over. all i need is the steps to do that. here is what i think it is. 1. look inside and outside property and speak with seller and say i want it and want to be able to assign it! 2. have me and the seller sign a piece of paper ( NOT SURE WHICH ONE) and then call my buyers and advertise on craig's list and the paper and flyers or whatever. 3.then find a buyer and sign a piece of paper ( i think I know this paper) 4. and then call the seller and say i found another buyer and HOPE they are ok with that 5. then keep in touch with buyer and go to the closing to accept a check for my assignment fee in my full name? is this right??
am i missing a step? do i need to find my own laywer or title company?
In another post my friend Elix gave you some very good advise. You have no clue what you are doing, No understanding of the process at all other that I want to assign a property and make money. That's not enough!(no insult intended)I will try and give you some help.
1. There is no way you know what to offer to begin with!
What if this property needs $25,000 in rehab or remodel? You MUST know this before you make an offer.
2. What would this property actually sell for after its fixed up? (ARV)You must know this before you make an offer! Do you know how to do this?
3. You take ARV minus repairs minus what you want to make minus what your buyer wants to make to come up with an offer price.
Learning to do what comes first before making some off the wall offer like, Gee zillow says it worth $100,000 so I will give him $80,000 is critical! You must know how to make offers based on real numbers!
Next, the contracts, these are legally binding "pieces of paper"
1. When you put the property under contract you will use a Purchase Agreement that has your purchase price and all your other terms and stated that it is an assignable contract. You and the seller agree to the terms and sign the contract. You now have control of the property.
2. When you find a buyer you assign your contract with the seller to the buyer using a second contract, the assignment contract. You take both contracts to the title company and set a closing date.
You have some research to do!!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site