Have a question? Ask a coach! anything you might need

Sorry I never got back till now. Been busy.
If you have access to the advisory line I would recommend calling because its easiest explained over phone.

Most of it will depend on what your strategy is to buy the property but in an assignment strategy here is what you do.

You will have a purchase agreement between you and the seller. Once the property is under contract you then see if any of your investors want the property. If they do then you get another contract called the "assignment of contract"
it is a 1 or 2 pg document. All it says is that you are assigning the rights (selling the rights) the said contract for an amount of "X"
from there you will get your fee either upfront or at closing (whatever you can negotiate) however you have no more rights to the contract. You are out of the picture and now it is just your buyer and the seller of the property.
Yes title company will handle all of the paper work.

I say this to everyone on here but do you have access to the advisory line? because this would be very simple to answer on the phone.

You can make an offer verbally but if you want something solid you need a contract. Otherwise it is not legally tied up. If you just have a verbal they could sell it so someone else no problems, so get it under contract.

This site has the documents for you. It is in the section on the left hand side called forms and docs. In there you will see all sorts of contracts we can use. get help from us as to what docs to use and when.

You will want to have an inspection period in the contract. I usually get 10-14 days, or as much as I can. It should also say that " the property is subject to buyers approval and inspection"
That will help you back out if it comes to that.

Earnest money always has to be put on a contract to show " good faith". So the only way to make a legally binding contract is with earnest. You can get away with only a dollar earnest if it is for sale by owner but if there are agents involved it will usually be a lot higher.

hope that helps

Is it appropriate to send an purchase agreement by email or fax to the selling agent for an offer?

The rest of us would like the letters as well. Isn't that the point of this forum?

Tina and Blake the area manager winners I want to congratulate them but I can't find there name on the site. Can you supply that info?

Armando they are not illegal, but maybe not allowed by banks but you can assign anything you want as long as the seller allows it and the title/escrow co allows it, most do. I would include the and/or assigns in your contracts and let the seller tell you they dont allow it when they counter and talk to a real estate attorney only about this other people arent qualified to give you legal advice, talk to real estate attorneys & you will see they will say it is perfectly legal, ok. How is your investing going?

I just got my 1st deal a bird dog fee of $1,350 tue so i am stoked, lets make some deals!

Are double-closes or simultaneous closes still being used for flipping bank-owned properties? If I can't assign REOs, are there other ways to wholesale it? Matt didn't mention any changes on that front in the livecast.

Vincent

Hello I am trying to obtain bank owned properties that are in pre-foreclosure and foreclosure, and I was wondering how do I get around the 20% down, and just make an earnest deposit. Also I want to transfer the contract to another investor and I need an LLC to do this. And I will just transfer my rights to the LLC to another investor but when I have the LLC made do I get a limited liability LLC or a corporation LLC? Is there anything else I should know about bank owned properties?

Hello all.
What exactly is expected of a bird dog? Do we need to have all the pertinent info for the buyer: pics, address, name of owner, asking price, ARV, comps and do we negotiate with the seller on price or leave it to buyer? Also, how does the payment situation go, can I charge say 2% of the buying price as my fee and how do I know I'l get paid if I give the buyer the address?

Thank you,
Gerard,
Queens
New York.

Oh, No! Did I just read, what I thought I read? I thought that I could make offers to my RE Agent and do a Double Close using the Funding Company that I was referred to.

My Coach says that it is okay to use them. I guess my Question is:

"If I'm making offers and putting $1,000 of my own earnest money down with a 10% down on every offer, also with a year contract w/agent, now looking into the contract, I see a no assigning clause in it, will I be going to JAIL?"

If I'm going to be going to Jail, who's going to bail me out, My Coach?

This is my question.

Will I need to cancel my agreement with her? I don't trust her not agreeing to drawing a template.Mus tevery offer have it's own PA with a 10% down?

Before I go to jail, does anyone have any suggestions?

Romaluv22

Signing Out

I have read my study books, looked around this website, I still cannot grasp the need to figure ROI. Isn't Cash Flow a better indicator of a property?

When looking for a Real Estate Agent, do I have to put down $500 or more to make an offer?

I'm going through Dean's book, 30 days to Real Estate Cash and am at the section that talks about getting a real estate agent. I don't have moeny for Earnest Deposit or Down payment. Does anyone have any suggestions about how to proceed while still moving forward with Dean and Matt's techniques of how to get an agent from his book 30 Days to Real Estate Cash? I'm going to move forward and act as if, and see where it goes, but any info would be greatly appreciated. Thanks for having me. Louis

I am not a coach but Eric must be busy.

Offers can be sent by email or fax.

You can also call the agent that you will be sending it to ahead of time to make sure they don't have a problem with that.

If the offer is accepted, they may want you to follow up with the hard copy.

Karen

Yes, double closes are still the way to go on bank owned props.

Karen

Different buyers will have different things that they want their BDs to do. The best thing to do is to get that clarified with each buyer ahead of time. All I ask my BDs to do is furnish the addresses.

A BD does NOT negotiate pricing. If you go so far as to do that, you would just have them sign a contract and then you would be a wholesaler and sell your rights in the contract.

NEVER give the addresses of your properties to a buyer unless you have a signed NCND contract with them. Another step that I would advise is once you have the contract signed, always send your addresses to the buyer by email. Then you have a paper trail showing the date and time that you furnished this info to them.

Fees are negotiable. Everything in this biz is. Just be sure that you have negotiated that ahead of time also and have that in your NCND contract as well. The average fee is $500-$1,500 but if you can get higher, go for it!

Good luck!

Karen

Sorry, I am not trying to take over your thread! Some of these had been here for a while so I figured you must be busy. I am sure you may have things to add and I didn't answer everyone.

Karen

Thank you Karen,
I did talk to Eric on the phone and he sent me a copy of a letter of intent which so far I have sent out 5 waiting to hear back .....fingers crossed

Can I sent an Purchase Agreement to the selling agent for an MLS listing without using an buying agent or is that only for For sale by owner?

Woo Hoo my first deal
I have a buyer for a property will assign it hopefully on Monday or Tuesday