OfflineHi,Im new to the assigning community. Can anyone walk me through How do the real estate agent I work with and I get paid if im assigning the houses she sent to me through MLS?and How do the contracts get written up?
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Hi,Im new to the assigning community. Can anyone walk me through How do the real estate agent I work with and I get paid if im assigning the houses she sent to me through MLS?and How do the contracts get written up?
If you haven't read Dean's book 30 days to Real Estate Cash, I would recommend you do. Well when assigning a deal you would need a purchase agreement contract and a assignment of contract. When dealing with a agent you agent would be providing the purchase agreement and you would just put on the contract your name and/or assignee. Then you have your buyer sign the assignment of contract and you just step out the way and let your buyer close on the property, which then you get paid your assignment fee. You cannot assign REO properties though, the banks really do let this happen. Make sure the house your assigning through an agent is not a REO and if it is, you can always do a double close on REO properties.
Reynold Orozco
so once I assign the property over, the real estate agent still get their 6% during the closing? I'm reading the book now, I just had a few questions while reading.
Your re agent will get paid like they would any other time. I always give mine a bonus especially if her commission is under $1000.
Can I assign short sale properties that my real estate agent sent to me? because I heard the bank has to approve of cash offers and sometimes it takes a long time. My buyers just want the deals to go as fast as possible.
Short sale homes usually take a long time. I have pulled offers bc I have waited so long to hear back. And you can't do a straight assignment on reos you have to double close which usually envolves using transactional funding. Depends on what the law is in your state. You can check with a title company or an re lawyer!