rmsuccess

Is it possible to assign a contract to another Investor if a realtor is dealing with the property? reason being I see a property below market value I told another Investor about it and it fits his criteria I do not want tell him the address or phone number of the realtor because he might go around me. what should I do? Help please! I can make at least 10 to 15 grand on this.

Hey Ronald
I wanted to stop by and welcome you to Deans board. I know you will love it here. Read all you can and ask many questions.

Concerning houses that a realtor has under contract: if it is a house owned by an individual...tell the individual that you have a investor who is very interested and will fork out the cash if the house suits his criteria...BUT...the owner needs to tell the realtor to let you put the house under contract for xxx amount of days...long enought to get the investor in to look and give the investor time to either buy with cash or time on the contract for the investor to get a loan for the property. You need to negotiate the house down from the advertistecd price so you can add your assignment fee into the price you quote the investor.
One big problem you may have is the realtor telling the seller that what you are doing is illegal. Most all realtors who do not "think out of the box" consider wholesaling to be illegal...which it is not!
Any contract is assignable unless there is specific language in the contract forbidding assignment to happen.
Contracts have been assigned for hundreds of years. Wheather you are assigning a business over or a car or racing horses or whatever! You just so happen to be assigning your RIGHTS to a contract over to your investor for a price. It is done everyday. Banks even assign lots of non performing loans over to other companys everyday. Don't let a realtor try to tell you that it is illegal.

When the seller agrees to what you are wanting to accomplish and they tell the realtor to go along with you....I believe you will need to have your own contract in place to do this deal. This is what the realtors tell me...but I have never worked a deal with a realtor except one time on a HUD property and the realtor got to me. I work without realtors.
Hope this makes sense.
Sissy

I forgot to mention...if you will out the city and state you are located in there is a chance you will find someone else here on the board that may be a neighbor and future real estate partner. Many great partnerships have been formed right here on this board.
Also tell us a little about yourself on your profile.

Thanks Sissy, What area are you in. looking for a broker
who is familiar with doing back to back closings. working on a short sale in Somerset NJ. Looking for a broker to assist with this deal.

Looking for a broker who is familiar with doing back to back closings. Working on a short sale in Somerset NJ.

Is it possible to do a short sale
and get paid without doing a double closing? can you please tell me how many ways there are to get paid with short sales.