OfflineWhat can I do if I've signed a contract with a seller offering all cash, closing within 30 days, etc with the intent of assigning it to an investor and I find a regular person buyer? They would need to get a regular mortgage and all that..which all takes more than 30 days and more process. What do I tell my seller? Does that even change anything, for me, for them?
sorry, but I can only seem to find info on re-assigning with the assumption of having investors as buyers.
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Hi Rae,tell us what the situtiation is with the seller. Are they able to carry the note, or are they in foreclosure?
As a REI this is the prefect chance to tune your skills, The deal is still good if you want it to be!
rand
If you have the Profit From Real Estate Right Now book, review chapter 8. It shows you what forms you need to use with the seller of the property as well as the end buyer, whether they are cash buyers or they are Instant Equity Exchange buyers.
The book even tells you where to access the forms on the DG website.
Hope this helps and good luck with your deal.
This is a good question. Someone will likely chime in that has had this experience or similar enough ones to offer some good insight - so I am only talking hypothetically hear... thinking out loud - so take this for what it is worth. Smiling
But... I would ask to update the contract with an additional 45 days to close. A serious/qualified buyer should have some earnest money. I would try to solicit that and throw some of it at the seller if they are hesitant to lock it up again - especially if they have had an offer since you had it under contract.
Try to assess how serious and qualified the buyer is. That will be helpful to determine the best course of action for you and the seller. Also, a well qualified buyer can usually push threw a close really fast - so if you still have 30 days or so left they should have no problem making it. Make all the connections for them if they haven't yet - like getting them setup with a good mortgage broker who works fast.
It's just a contract that I locked up with a short sale...or near lock-up anyway. But I have a few pre-qualified buyers that might want it...it's on an dead end road. They need to take out a mortgage But I know that going through a bank you have to jump a lot of hoops, usually at the last minute. My contract is with a bank and it's for a quick cash closing at 75K. Is a double closing an option at this point? Or should I be looking at HML's?
Ok...now I really need an answer to this.
Before it was hypothetical...now I have an offer to a bank for a short sale. I put in a cash offer 75K 30 closing, bank came back with 88,5...down from 135K (listing price). I havent' done anything yet. My financial backer backed out...so now i'm posting on CL and have a few inquiries. But they are regular joe buyers and I'm am not sure where to go with this! Any ideas?
thanks
Rachael
sorry ...that's a 2 week closing w/i acceptance. 10 day insp. and 5 day deposit. (it was my first offer. never figured it be accepted or even considered!)
You can always ammend the contract (counter). I just had that discussion with my broker. She said that as long as you have a counter, you can keep countering, in the meantime if you have a mortgage broker or a bank, you can start the ball rolling. In the mean time, while all this is going back and forth, you are buying some time. If you want my advice, I would counter with 80K (that is probably what they are expecting) and longer closing terms.
Let us know how it works out.
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
You can always ammend the contract (counter). I just had that discussion with my broker. She said that as long as you have a counter, you can keep countering, in the meantime if you have a mortgage broker or a bank, you can start the ball rolling. In the mean time, while all this is going back and forth, you are buying some time. If you want my advice, I would counter with 80K (that is probably what they are expecting) and longer closing terms.
Let us know how it works out.
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
Thanks. That's what I was thinking and it's nice to see that it's along the right lines. So basically I'm putting in a new offer. all new. Well, the first one i put as trustee (cause that's the POF letter I had. had to be either trustee, or llc). Now I'm going to try assigns. I posted an ad on CL to try to assign it. Kinda a ghost ad. to see what kind of response I get on it. Ok...I'll resubmit contract for 80K. Thanks
BUT....I still need to know if I put in a cash offer with quick closing and say it gets accepted. I'm looking for a buyer (investor buyer) and find a regular person buyer...needs mortgage and all. Its already been accepted. SO where would I go from there??