Owner advertising on an assignment

Hey Sandi, If you have put the property under contract you have 1st option to purchase. It is under contract to be purchase (regardless of your exit or strategy - assignment, hold or whatever). I have put a property under contract and then 2 days later, the owner had a neighbor approach him to purchase. He paid me out of the contract. I could have refused and pulled my assignment fee off it with end buyer, but chose not to because he had 13 rental properties and I anticipated future business. So if in your PA you have a 30 day timeframe to close, it's locked up until expired, you exercise your contingencies, or waive right to purchase, etc.

God Bless,
Jen

I did do an assignment contract with this man, but he had a couple agents that he had talked to about showing the place before my contract with him. Should I insist he put my number on his ads now, I don't know if he wants to do that, but he also said he doesn't want to take anything away from me, he was glad I offerred to help him.
I understand what you said about future business, and I know that a happy client is good for our business too. Do you think it is okay to let them keep up their ads?
Just a odd question about comps.
I have run some comps on this mans house and used totalview. All of a sudden he had 4 other investors trying to get him to work with them.
This happened on another house. And she got people approaching her too. So I did ask a couple people about this. Is it true that everything we check on Total view can be taken from someone else.
I am afraid now to use it, and told a bird dog I work with to stay away from the site.
Tried another site last night and found it was part of another investor from Calif..
So any other ideas to run comps?
The house I am looking at today, is in a small town and this place is twice the size of everything around it.
Sandi

Great questions! I don't think we can make a seller add us to their ads. It's part of the whole free will thing - LOL. But once they agree on a price and sign a contract anyone has to go through us to purchase as long as that contract is in place. He has the right to advertise his own property as well as lining up a secondary buyer. The multiple listings (ads) could dampen your exposure if list prices aren't consistant. If your property is getting that much exposure, should be able to move quickly though. Something I have found with a few 'investors' is not to tell them time left on contract. I had a guy ask me how long I had it, and had a gut feeling he may hold out and try to pick it up once expired. (He went to the back of my list - HA!).

I have not heard or experienced that with TotalView or seen any triggers from it. I find it to be a good tool. But like any internet source is only as good as the information it is pulling from. TotalView is only one of my sources. I use different sources for different reason also. Ex: Zillow NOT for comps but for property data (shows listing records, etc.). I typically pull 5-8 sources when calculating my numbers. If it is something I am looking to hold or having issues with pulling a clean comp, I will have my RE Agent pull solds.

Just a thought you may find useful. If you are farming a particular area (couple of subdivisions, etc.) I had my agent pull an area 1/2 mile to 1 mile radius to capture my target for solds in last 30, 60 days (also listed to see volume). That way I can take the solds and calculate my own comps on a per street basis.

Jen

thanks for the help. I will talk to him about the ads he has and how to still go through me. We do have it for the same price. He listed it $8k over and then came down a couple thousand. So I still have some room to work with and still get something for my time and effort.
I do go on Zillow and do like that site and a couple others I used. I have only written up a few assignments and have learned a lot already from them.
I had a house with an agent under an assignment and like you, had these callers pressuring me about not owning it yet, or when is the contract up, and I am sure as soon as my contract ran out, I know one of them got it.
The couple I meet with today, she is a cop and knows the DA very well, so better get my facts straight!!!..she has been ripped off before. However we have talked often and her and her husband said they like me already and can't wait to meet me. Are willing to discuss the assignment.
Thanks for the input!
And nice to know we made runner up on the EDGE. Happy for Karen and Brandon, and at least this site does help us through with questions, and coaches we can use.
Sandi

I don't typically go deep in the assignment explainations to my seller. I will tell them I am an investor and buy and sell properties all the time. Some properties I choose to hold and some I pass off to partners or other investors I work with. For the most part, because they don't understand the simplicity of the assignment of contract. They are just wanting their property gone and it's my job to determine my entrance and exit strategy.

It's been a little trial and error for me. I've killed deals by over talking. Meaning trying to explain the 'working details' of a strategy (assignment, L/O etc.) to a seller. So learned to do less talking, more listening and more action. Motivated enough, the seller want care how you get it off them as long as you do. You could paint it purple and stick flamingos in the yard as long as they are no longer liable. LOL

Yes, very excited for Karen and Brandon!!

you only have contract rights if you have equitable interest, meaning you have to give them consideration when you fill out the contract, if you don't give them at least 1$ to change hands then your contract isn't good.

Good info from both of you. Will remember these things when I talk to them today.
"Less talk" listen and action!!
Sandi