Has Anyone on Here Done a Successful Assignment Deal?

there isn't anything magical about them. Assignments are very, very simple.

Search in the My Deals forum, these are done quite often and are the mainstay of many people here.

Assignment of contract is one if not the easiest real estate transaction that you can perform.

Depending on the buyer you are assigning to, and your business relationship with them. You can have the "Assignee" cut you an assignment fee check before escrow is even opened up.

But I don't recommend this on your first one!

thanks for the encouraging words.. i guess whats holding me back still is not completely understanding the contracts, finding a RE lawyer etc..

i know i have to just do it.. or at least try..

>>>Another question:

>>>If you see a house represented by an agent (sign on the lawn) should i not bother trying to do assignment with such type situation? or do you just be open & honest with the RE agent representing the house & see if they are responsive to assignment?

thanks again

Should be no problem. Even if you are in an area where the agents have never heard of "assignments" you can educate them (that's what I had to do!). lol. And if you are working with an agent/RE attorney who IS familiar with them, bonus!
I have found that their biggest concern is feeling that the deal will fall through because they don't know who the end buyer will be. But there isn't actually any greater risk of that than every other deal they work on. So just sign everything and/or assignees and it gives you the option to do what you want with each deal you do. Definitely have a buyers list. It would take only a few "losses" to lose a good reputation, which you definitely want to keep with local agents.

Good luck and have fun!! Don't worry too much. Just get out and do it!

Rina

thanks for sharing that knowledge & experience

also just curious.. in such a case, where you would be working with an RE agent, do u have to decide on some type of cut/percentage for them, or do they just make their money once the final sale goes through with the end buyer?

in other words, do u not have to worry about how the RE agent is going to make their profit...

thanks

Are the terms negotiable or do realtors usually want a flat fee or percentage?

Thanks. I'll check in later to see if we get an answer.

On a listed property, the agents get paid by the seller at closing, at the percentage agreed upon in the contract between the seller and their agent (typically around 6%, 3% to buyers agent, 3% to sellers agent). You, as the buyer, do not have to pay any part of that unless for some reason you choose to.

if the seller and their agent have a contract, then how do i squeeze in my contracts with the seller to lock the property up, and then eventually assign?

I think (I'm not sure), this is why you try to find properties that are
generally not represented by an agent. Such as REO's, foreclosures, FSBO's,
etc. Anybody jump in if I'm wrong! Thanks!

Now that I think about it, I think I read somewhere on one these threads that you can still submit a bid and assign a contract, even if a realtor sign is in front of the property. I'm not sure how everybody gets paid in this instance, though. 6% split 3 ways????

Vince,
If i understand what your asking, (What if the Seller will only use the Realtors contracts?). You can (and should) take the contract, read it over and add or change anything that you dont agree with. (Have a RE Lawyer check it over to be sure you stayed within the law). Then after the seller agrees add "and or assignes" to your signature. Good Luck!

The Sale percentage can't be split 3 ways. You must have a RE License to take payment in the form of a percentage on a RE Transaction/sale.

I don't know if a RE investor can work an IEE contract with a Realtor or RE Agent all ready under contract with the property owner.