Beginner's questions on assigning REOs

1) I sent about 15 email offers out on homes that have been on the market a long time.They held onto it for a month and just got back to me.The agent said they had no offers on this home, so they gladly accepted mine.Comps in the area sold for $350k offered $240k light re-hab
I would write your offers as:

I would like to submit an offer on xxx xxxxx for the amount of $$$$$$
Timothy Wayne and/or assign.
If you can't accept this offer, please hold onto it as you may change your mind.
Thank you,
Timothy Wayne
Investor

2)Do a walk through inspection yourself,so you can estimate how much re-hab needs done.Endbuyer pay's for the Fomal inspection.

3)Using a Realtor will help with this.If your having trouble with finding a Realtor, like most of us. I pulled her in after I got an offer accepted and know she knows this strategy works and I think she's aboard now.

4)?This question will get answered when your going through the process.

5)?I don't know

6)Wholesaling you don't need to spend any money like that.

7)Don't understand your ?

Thanks for the input. On question #2 I forgot to mention these properties are all out-of-state, so a walk through isn't possible. As for #7, I suppose the realtor will ask how I'm going to pay and I shouldn't say "All Cash at Closing", but just say that I'm assigning the contract and the buyer will decide that. Is that what I should do?
Thanks again. Tim

Did they tell you that you have 7 days to close after they accept your offer? That is the way they do it here in Ar.

I thought this might help you out.
I would send your offers in with your name and/or assigns.Get offer accepted.

Kris Wrote:
There is no need to ask if you can do an assignment. You just do it. Send them a purchase agreement with all contingencies and the "and/or assigns" clause filled out. If they ask, tell them you are a wholesaler and have signed all your contracts this way. You will be using your investors money to purchase the property. The check they are tlaking about is probably a down payment of some sort esp since they'd like a proof of funds letter and a copy of a deposit check, but again, all you would need is a lil earnest money at which you should get back. Lastly its only a copy, you can't cash a copy. But thats all I would do is submit a purchase contract with all the clauses, and some earnest money to them. If they call and ask what the deal is, then tell them you are investor that wholesales properties and you use your investors money to purchase the property (which technically you do).

Yo Tim, I see you trying to get started on doing assignment deals as well, haha good for you man. I'll be rooting for ya.

To the more experienced investors I have a question to ask:

Ok so what is the earnest money deposit for anyway? I never understood what the purpose of giving a deposit was for. So if any of you could fill me in on that, then that'll be great. Thanks.

Earnest Money just shows interest in the property. But it csn be as small as 10.00 or a promissory note. So do't get caught up in that. That should be the least of the sellers worries as long as you are helping them get their house sold in a timely manner. Some sellers get caught up in the earnest $ but it doesnt even go to them it goes to the title company to be held in escrow, So I don't know why they get so caught up in the amt...hope that helps and answers your question.

when assigning a property, where in the process does a realtor fit in? how do they get paid?

just trying to get the whole picture,THANKS for any info,

1) A Realtor can help in many way's.They can get you comps,into homes(lock boxes)fill out the contracts for you,Give you advice and help put in offers.
2) A Realtor gets paid from the seller.
The listing agent and the Realtor you have, splits the commission.Usually 3% each.