OfflineWell hello DG family! I know, I am not around here too much anymore and I miss it. I just have so much on my plate right now, something had to give. BUT, I wanted to let you know that I've now done my first SHORT SALE 'assignment'.
Here's how it worked. One of my partners who had a short sale under contract was going to let it go because it was expiring and they already extended it twice and had been working on it for a year. I told him to hold off on letting it go, I may have a buyer, sent it to my buyer's list and one of buyers was very interested. We signed the finder fee agreement and then resubmitted the short sale paperwork with the new buyer's info.
This is a complicated short sale as there is a first and second on the home. The revised approval with the new buyer was received immediately by the 2nd lien and a month later by the 1st. The bank wanted to close end of Nov, but this gave the buyer 5 days to close. The short sale negotiator was spent and said that there was no way they could get another extension the bank was through with dealing with the extensions and changes from the past. Major prayers went out that day, and 45 minutes after the short sale negotiator said there is no way, we had the extension.
So, the new buyer is closing end of this week. I get my $4000 finder's fee, and split it with the other investor. 
My time involved? About 30 minutes... it took over a month.. but, does it matter?
Go make it happen... it is possible. WORK on a buyer's list. Also, as a bit of encouragement, I have had over 15 assignments of REOs fall through. This is the 16th deal... so, success comes after a lot of failure; keep this in mind and DON'T get discouraged.
It is CERTAIN I will SUCCEED!
God Bless!
~Tammy
Sweeeet deal CONGRATULATIONS!!! just in time for christmas...nice present...you deserve it for all your NON STOP NEVER QUIT ATTITUDE! !! you are a LEARNER!!! awesome!!!
Jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
Hey Tammy way to go I knew you could do it an my little legs are running to catch you, Iam an email away, have a wonderful day, Jim
jbischoff
Assign the contract before you close on it. If its a bank owned property, there are ways to do this w/o having to use transactional funding. Trusts, LLCs, requesting a partner go on title with you and QCD your interest away when it closes.
Who told you about the law? Usually its a bank rule; certain banks have these restrictions; usually not laws. Where did you hear about it? Who's or what's the source?
It feels liberating because doing assignments in CA is NOT an easy feat! Even Carol Stinson says so.
For the words of encouragement. Congratulations on your 16th deal!
Looking forward to getting there.
Merry Christmas, in deed!
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
No, its not my 16th deal. Its actually my 14th.
But, I had 27 (went back and counted them) assignments NOT go through, until this, my 28th, which successfully closed. 
Perseverance and never giving up is key! 
My pom-poms are now officially waving!! On to the next one!! Congratulations!
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
Hi! Tammy, I'm so grateful to have someone like you in our DG family.
I'm a brand new CA wholesaler cautiously stepping out of my comfort zone. I read your journal and made lot of notes. (
More than Dean's book
Thank you so much for your generosity in sharing your experience!!
Never Give Up!!!
Now, everything I learned about wholesaling and even the concept itself I learned from Dean, so that is still a compliment to Dean.
But, thank you so much. *blush*
hi carol. i see your text. is 41. i needed it so much just now. thank you so much
for reminding me of this wonderful promise
joy
Jeremiah, I didn't officially 'assign' the short sale. We went to the negotiator and changed the buyer to the end buyer after the end buyer signed a fee agreement to pay us out of escrow for bringing them the deal. You have to ALWAYS think outside the box. Most of the time, the impossible, is possible with a different perspective and method.
Hey there,
i was wondering wat a "Fee Agreement" contract would look like. Im confident in finding a deal but kinda scared of contracts. This sounds much more easy until i learn how to fill out assignment contracts myself in California. Is there any way i could get get my hands on this Fee Agreement???
- Look Out World, I smell my FIRST Wholesale deal coming...lol...
- "Ether we evolve or dissolve, but change is inevitable". - Davillion T. Royal Ward
- "All men dream but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act their dream with open eyes to make it possible". - T.E. Lawrence
as a follow up to DWard i would like to know about the fee agreement. in Pa they make you pay transfer tax twice and I cant find a solid way around this?
I will post a text sample here. This gets around the 'no flip' clause the banks put on the short sales because you actually aren't flipping it; you are changing the buyer before it closes escrow
Property Finder's Fee Agreement
Effective Date: ____________ Property Finder's Fee Amount $_______ (the "Fee")
Property Address: _______________________________________ ("Property")
This Agreement is by and between _______________; and/or any of its subsidiaries or partners, and/or assigns (the "Company"), a
California LLC whose address is _________________ AND ____________________ (the "Property Finder"), Mailing address: _________________________
Phone: ___________ Cell: ______________ Alternate number: _________________ Email:______________________________
The Company and the Property Finder agree that _________________ has/will act/ed as a Property Finder for the Company according to the following terms and conditions:
1. Property Finder understands and agrees that she is working as an independent contractor at her own expenses and risk to find leads and information on Property.
]
2. The Company agrees to pay Property Finder the Fee if the Company buys the Property that Property Finder introduced to the Company by the Property Finder provided Property Finder has returned an executed copy of this Agreement prior to the closing of the sale of the Property even if Company
partners of the transaction on the Property to Property Finder.
4. Property Finder understands this Agreement alone does not require the Company or any of its subsidiaries, partners or and/or assigns to buy the Property.
5. Company and Property Finder further understand and agree that Property Finder is I I is not IXI an agent for the Company and is | | is not [X] authorized to negotiate terms on the Company's behalf.
6. Property Finder will not provide any services that require a Real Estate license.
7. Property Finder, at Company's request, will do a walk inspection on the property and provide video of the property to Company. [YOU CAN REMOVE THiS altogether OR put that an authorized agent will do this) I left it in because the person with the short sale under contract already had the video and did the walk through and had all the quotes and assessment of the issues with the house
8. Property Finder further understands that the Company will not remit any proceeds from purchasing the Property to Property Finder other than the Fee mentioned above.
In witness of these terms and conditions, Company and Property Finder have executed this Agreement as of the effective date first written above.
Understood, agreed and accepted:
Company
_______________________________________________ and any of its subsidiaries,
partners, and/or assigns
Phone: (___) _________ | Cell: _________________ | Email: _________________
Property Finder
_________________________________________________
Phone: ______________ | Cell: ____________ | Email: ________________________
Great Job Tammy,
God Blessed You!
"With God All Things Are Possible Matt. 19:26"
"Give a Man a Dollar he's Rich For The Day, Teach a Man To Make a Dollar
He's Rich For Life" - T. Grant
this is great and should help me. the only thing I dont understand is when do they pay me? if the agreement says they dont have to pay until they buy the property.? and if they dont close i have to give the fee back?
when it closed, directly from the escrow company. They should CLOSE the deal for you to get paid. If they don't close, you usually don't get paid.