OfflineI am a little bit confused. If a realtor is assigned to a property, can I offer it to a cash buyer. The realtor is not one of mine. Also, I have been going through assigning contracts...what are the recommended exit strategies that should be included in the assignment contrat...if anyone has a sample of this assignment contract can you please share it with me by sending me a pm...than you and have a great evening and looking forward for ya'lls advice.
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1) All the basic contracts you need are on this site. Look to the left down under "Student Resources" and click on "Forms and Docs". There you'll find an Assignment contract.
2) You mentioned exit strategies... but I think you mean contingencies. An Exit Strategy is what you plan on doing with the property, such as fix & flip, wholesale, or buy & hold. A contingency is what terms you add to the contract to get you out of it if need be. Some to consider would be:
- Contingent upon partner's approval
- Contingent upon an inspectionthat meets buyer's approval
- Contingent upon free and clear title
3) I'm assuming the realtor you mentioned is a seller's agent? Of course you can assign the property, they can't stop you from "buying" a house. That's essentially what you are doing... "purchasing" a property with a Purchase and Sale agreement (which is putting it under contract) and then you are assigning you're right to buy that property to your buyer. Just remember that if it's listed under a realtor it's more than likely listed on the MLS, which means more competition for you.
Hope that helps a bit. Keep reading and educating yourself, and look around on this site a lot! Utilize the search bar up top to find more information on topics you're interested in.
Good Luck!
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Thanks for being so detailed in your response. My wife and I went over what you mentioned and took some notes for ourselves. Keep up the good work.
I am always so glad to see you!
Karen
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Hi Butt3rfly6,
On an assignment of contract form it is straight forward and no exit strategies on it. If you buyer does not perform then you are out of a deal. The exit strategies will be in your purchase contract with the seller. The documentation you need are on this site as Success32 pointed out in her reply to you (great advice by the way). Make sure you call the advisory line for help and we can go over with you in detail on this. Agents go with the contracts. So example: You are working with your agent and you find a deal that you know your buyer would like, you submit a contract in your name or your company name through your agent to the sellers agent, the contract will have all your terms including your exit clauses (if your buyers happens to back out, then you can cancel the deal). Once contract is excepted by both parties then your can assign the deal to your buyer through a Assignment of Contract form, once that is signed you get your agent in contact with new buyer, let them finish out the contract and you get paid at closing.
Hope that helped.
Thanks,
Shah
Thank you for ya'lls advice...we have a better understanding now. My partner and I will put everything together and we have decided to send out our offers by the 9th of February...we believe that we are now ready to make our first deal. Once again, thank you.