OfflineI locked up my first contract So now im going to assign it to an investor i have..NOW!!!! who paids me , does the owner of the property or the investor who buys the porperty. How is it done, do i have to go somewhere with the buyer or do i wait until the seller gets the money at the closing and she pays me...or does the investor gives me a check...HELP...IM HAPPY MY FIRST DEAL YAHOOOOOOOOOO..$$$$$$$$$$$$$$...
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It's all spelled out step by step in the PFRERN book. If you got this far in getting a contract signed, you surely must have known what you were doing.
The investor pays you the amount that you want above the original contract price between you and the seller. You will get paid in the escrow process. Be sure to get your papers in order and submit the proper forms to the escrow company.
Read the chapters in the book again...and again...and again
Celebrate when the check cashes
Not to rain on your parade, but that is the most basic aspect of the whole process for you to know
Good luck from here on but do as SoCal said and read the book again.
IM GOING OVER TO BOOK AGAIN.......
DO I HAVE TO DO ANOTHER AGREEMENT OF SALE GCONTRACT WITH THE NEW BUYER OR WOULD THE ASSIGNMENT OF CONTRACT DO......
EXAMPLE
I LOCKED UP THE HOUSE WAY BELOW MARKET VALUE FOR 50000
IM SELLING IT TO MY NEW BUYER FOR 70000
MY PROFIT IS 20000
SO 50000 FROM THE CONTRACT I LOCKED UP AND 20000 MY PROFIT
DO I HAVE TO MAKE THE NEW BUYER A CONTRACT FOR 70000.
OR DO I ADD UP THE LOCKED CONTRACT WTH THE ASSIGNMENT CONTRACT TOGETHER AND THATS IT AND TAKE IT TO ATTORNEY..
Congratulations on taking action!
You found a seller, created a great deal, have an end buyer lined up, even got your contracts in place to do an assignment! Wow!
It will be good for you to go back over the book like the others said, but I have to say you have already made it past some of the hurdles that took many of us a good long time in the beginning.
OK, now.. The only way I've done assignments is to get paid outside of closing. You can ask that your buyer just write you a check and go on to closing without you. OR you can have the attorney include it in the closing.
If you were concerned about your seller and buyer knowing how much you're making in the middle (which obviously is not an issue since he already signed the "assignment of contract"
), in that case you would double-close by doing a seperate purchase agreement with you buyer.
Anyway, just decide between you and the buyer how you want to do this, and then talk to the attorney about it. (I am assuming you're using the attorney for closing).
Good luck and again great job!!!!
Rina
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From Reading "Profit From Real Estate NOW*" Book is if you have a Attorney you can have The Seller Cut your attorney A check & then your Attorney turns around & write you A Check for the Amount asked . which is probaby better .