OfflineOk I've found a great assignment deal set at a 45 day contingency to close. I meet with my investor he says its a go. Then he drags his feet and the contract expires. My question is what prevents the investor from going in after and negotiating with the buyer a new contract (minus my fee,profit,etc.). Is there a contract document that prevents this?
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I don't think so...They cant really go around you if you put the house under deposit/contract...But if your contract runs out, then basically they can...If there is any way that anyone knows about that can prevent this somehow, let us know...I am interested also if there is a way
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Get attorney to draw you up a NDA contract where you get your investor to sign agreeing that they will not use the information you've given to them to a disadvantage towards you. After the contract expires between you and the seller its anybody's gain. If you know the contract is going to expire soon, ask the seller to sign an addendum extending the contract to give/buy you some time to find another buyer from your list if your first investor is dragging their feet.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
the full 45 days if it is OK with the seller? I haven't done a deal yet so there is a lot I have to learn. How about working to get the deal done before the 45 days are up leaving time to get a serious investor who wants you to bring deals to him/her again & again? Maybe I just don't realize the time involved yet.
Lea
SPR Property Solutions, LLC
Ask for a non refundable assignment fee up front! You get paid and they have to close or lose the property. That's what I do.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
thats why you're the man! You don't have the use the full 45 days, if your buyer can close earlier than prescribe 45 day time frame (keeping in mind the time it takes to fulfill their obligations with a property inspection and title check and also the bank release the money if they're financing) than they can.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I look for U,
I can tell you one of the tools a Real Estate Invester will use to protect the product...Less information!My friend;Would be a contract stating full disclosure TO: the seller
Call it and/or and have the right OPTION in your sale agreement
Invest in yourself!
Hey,when I find and lock up a good deal here in atlanta GA,at what percentage will it take so a buyer knows he or she has a great deal.
Dare yourself to fail!
Hi 1Blook,
Yes there is such a document it is called "Non-circumvent agreement". You can find copies on several web sites, one of which is www.docstoc.com.
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Find out your buyer's criteria, if they're an investor. Make your offers 30% to 50% off of FMV (dependent upon the popularity of the area). I would be mindful of those areas saturated with foreclosures.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
When I do my assignments, I give an offer that is this forumula:
.75 x ARV - repairs - your fee x 2
So for example:
Owner is asking 65,000.00 for the house. After all repairs are made the house is only worth 75,000.00
75,000.00 x .75 = 56250.00
56250.00 - 5,000.00 (for repairs) = 51250.00
51250.00 - 10,000.00 (I want to make 5k on the house x 2 for negotiating room)
Offer = $41250.00
Destrie
Destrie
Failure Is Not An Option
Ok so lets say I have a buyer who has signed the agreement. Do I just turn the paper work over to the title company and wait or is there more to the process? On average how long does this usually take?
They told me I couldnt, So I did it.
The motivation for me, is them telling me what I cannot be.
Thanks for the input!
Dare yourself to fail!
You will hand the paperwork into the title company when you go to close. I have found out that my buyers are wanting to know what closing costs will be, and so I called the title company and told them that their would be another buyer taking my position in the transaction. I have heard of wholesalers not letting the title company know about the assignment and facing a whole set of fees for the attorneys for different paper work. I will be closing here soon on one of my wholesale properties, so I will know more about the process when I get to that hopefully (keeping fingers crossed) this week.
Destrie
Destrie
Failure Is Not An Option
Thanks and I hope that goes well for you. I have 10 properties lined up right now and my head is spinning. Also has anyone ran into this yet. I posted an ad and I got a response from two guys that are wholesalers themselves. They want to work with me on getting their properties sold and split the assignment fee. How do I go about doing that? Are there different contracts I need to draw up for this? Destrie let me know how that turns out for you, all info will be helpful.
They told me I couldnt, So I did it.
The motivation for me, is them telling me what I cannot be.
I would take advantage of doing your own wholesales as well as doing wholesales with the other wholesalers. Especially if you could get a few done with them first and get your feet wet. That would help out the learning curve a little bit.
Destrie
Destrie
Failure Is Not An Option
Hey Destrie,Good luck on your closing.I am just starting to get serious about RSI and taking the assignment action.If you can share any info on your closing a assignment deal I would be most greatful.Again good luck!
Dare yourself to fail!