sroberts9

Susan,
I just read your post to Eugene.Tax assesments use to be a good feel for FMV,but, due to the down mkt check comps from a realtor. Far as getting paid: I contract the home from the seller and use my name and/or assigns at the bottom of the contract. My buyer will sign the assignment contract and pay me 50% at signing and the other 50% at close.

Thanks for the guidance - You have been officially adopted as my "Big Brother"

Do you get the contract notarized? or filed in the courthouse to protect your deal and cloud the title? or have you found this unnecessary?

Also, to protect your other 50% at closing do you give the new buyer that "invoice" looking form from Dean's book to ensure getting the other 50% or does your contract state the pay off terms? I've not seen a completed form filled out so, please forgive me with all the questions. I got one from Carol Stinson that she uses and although I understand it completely, I did not know how the deal is suppose to go. I've not bought a home yet, so I've never been at a closing and are not sure how this all works. I don't want to look stupid on my first deal you know? Please clarify. I'd really appreciate it.

Normally I don't use them. Their commission is usually 6% which they split with the Broker/owner they work for. The SELLER usually pays the commission and closing cost. I use contracts that are favorable to me,meaning: if I'm selling, I ask that the buyer pay closing cost,they sign it, they pay it. If not, you can negotiate the expenses 50/50 or agree to pay (depending on the deal) $1000 in closing cost. Same scenario if you're buying. You don't ask-you don't get. As to your name only at the top of the contract,but at the bottom where you sign, I add 'and/or assigns.I then assign the contract to my BUYER with the assigment contract which states the fee and collect 50% at signing and 50% at close. Check out one of the members here, he has a nice post on 'wholesaling' his user name is jacobi or something like that-and bookmark it for future. Mike

Thanks Mike, that makes more sense to me the way you explained it about the REA.

Also, when you assign it over to the New buyer (investor) do you tear up your old contract with the homeowner and yourself or does all the forms go together with the title company for closing?

Also, do you get your contracts witnessed or notiarized? or filed at the court house to protect your interest?

Lastly, do you allow your Investor/Buyers to go to the home for inspection without you or do you go all the time?

I hear some Investors are pretty slick out there and could try and steal your deal.

Thank you again for clearing up my many questions. I've been searching on here and the internet for the answers on "how" to do this the right way and finally you have truly helped me by answering my prayers.