Licensed Realtor and Assignment Contracts

Hi Treytrout,

I would encourage you to always talk to your broker about this since you are a licensed realtor, they will let you know what you can and cannot do as a realtor and investor on the same deal. Most of the time using the GAR will be fine with adding and assignment clauses to it. You can always have another agent rep you on the deal where you are the investor and do the assignment. Regardless always let your broker know what you want to do before doing it.

Hope that helps.

Thanks,
Shah

The most important thing to do is what Shah801 suggested. Ask your broker how to proceed in such transactions. Here, is where having a license can sometimes hinder your investing efforts. Depending on how your broker feels about wholesaling is going to determine how to proceed if your broker allow you to proceed.

I have wholesaled Bank Reo's right off the MLS no problem, however with Bank REO's you’re going to have to use the GAR. Using the GAR to purchase property for an off market property is not mandatory as a Realtor. As far as your fee you are going to receive your commission from the asset manager for purchasing. For off market properties why wouldn’t you get the seller to pay a commission for you purchasing? I always put my commission in the contract and explain it to them. However, if the numbers just won’t work because of the commission Id take it out.

I do not understand why you think other commissions for the seller agent will come out of your profit margin maybe im missing something.

However, your broker will be the authority on how to proceed on assigning contracts. I once had a Broker tell me I couldn’t do BPO's because of the liability involved. Listen to your Broker.