OfflineSo i made my first official offer using a realtor and we used his contract and i didnt see any part that said it was assignable?
My goal is to assign a deal to a end investor buyer, so do i need to make sure that the contract we use is good for this strategy?
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yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
If you're trying to do an assignment, what's most important is that the contract doesn't forbid it.
Matt Larson's 25-1 strategy is simply for finding awesome deals in any market. It has nothing to do with assignments, per se.
The most important thing is to have cash buyers who can close ASAP and are looking to "pull the trigger." Once you have buyers ready to buy, going out to find and close deals becomes fast and easy. Best of luck to you...
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
You make the contract assignable by what you put in the contract. Putting your name and or assigns is one way. You can also put in an adendum that says this contract may be assignable. If you are puting in offers on REO's and short sales they will not be assignable, banks will not allow it. Any other offer you put out will be assignable with either one of these terms you can put in.
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So REOs and short sales cant be assignable? but couldnt you do a double close on these types of properties? or can the banks stop this too?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
If you tell the bank you are double closing they may kill the deal. Question: Why would you tell the bank?
Also. A contract is either assignable or it is not. REOs and short sales are not 99.999% of the time. Putting and/or assigns after your name on a non assignable contract will not make it assignable. Most board of Realtor contracts for the state you are in will state this contract is or is not assignable. If it is not assignable I do a double close. I do not show my cards (exit strategy) to the seller by asking for an assignable contract.
When dealing directly with a homeowner/seller use your own assignable contract. No agents involved! This is the easiest way to assign contracts.
Michael Mangham
Mentoring/Team Building Nationwide
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
i called 3 title offices in my town and they said that when im doing a double close every party involved has to know? is this just these title companies saying this or you think i might be a California law?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
It may be something in California. Contact Tammy at Zion. She will know. also another good source of info would be the local REI clubs. That way you know you are talking to people that are into investing. Not just Realtor/Broker type stuff. They may have no clue.
Here the buyers must be fully disclosed to and sign docs stating they are fully aware when doing a dry double close. If you do a wet close, using transactional funds no legal disclosure is needed. That is here in Colorado and several other states I am working. Leave it to the peoples republic of California!!
Michael
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
If you are not using any Real estate agents on FSBO, How do you calculate Fair market value, and pull comparables???
Doin DEALS !
Thanks I will contact her for sure. Hope its not just in California that you need to let the bank know... Thanks again for the advice.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Good question Lewis, I've wondered before too how would the realtor get paid for doing work for you?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Hey Lewis,
If you are not using realtor then you can do comps by yourself on the following websites:
www.totalviewrealestate.com
www.eppraisal.com
www.realtor.com
www.zillow.com
www.trulia.com
If you have software like Prop Trend you can do comps there as well. If you want your realtor to do work for you on a FSBO deal either get seller to agree to pay a reduced fee for realtor helping both sides or you will have to pay out of your pocket.
Good Luck,
Shah