OfflineOk so I'm submitting offers evry week I still have not closed my first wholesale deal yet. I need a bit of help. I'm making offers with a realtor on MLS properties. after reading sevral forum posts about this I include in every offer a contigency that says offer is contingent upon the ability to reasign the contract and that has came across as shady to sellers. Is there any way to go around this do you guys use this contingency or just put and or assigns after your name and do you handwrite or sign and or assigns
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First off.I would never put that contingency that is just saying you dont want it your just tied up his property for nothing..Put contingency on Inspection that will give you 14 days to find someone
At the end of the day I have to put it in as a contingency or wirte and or assigns to make it an assignable contract right
If your going to Assign any Property, You have to have your Contract say
and/or Assign next to your Name..Your Contingency is'nt where you put Assign.Contingency is for you to have away out of the contract If you cant find a buyer
Hey guys o.k. a little straight talk.
With FSBO yes, you can easily do 'and/or assigns' or simply have an asssignability clause in the contract.
In the real world of submitting on MLS props. If you are targeting foreclosures, the: and/or assign and the per partner approval DOESN'T fly. They'll tell you 'in so many words' get your parners approval then resubmit - LOL
Cleanest thing to do with foreclosures property is 14 day inspection contengency. Then PLAN on simply double closing the property to your end buyer.
If your not getting offers accepted don't burn out your agent. if using the 25:1 remember that strategy is based on the filtered approach to (layer searches of as-is, vacant, price reduction) then if still a large # of properties, layer the search again to include keywords to indicate the property needs work. Narrowed down to have 25-30 +- that have a HIGH likelyhood of accepting a low offer. That will be justifyable to the agents involved and noone gets their feathers ruffled.
If still nothing, do market research just giving you a feel for what your market is doing, what's moving and where. Have the agent send you a sales report for the last 30,60,90 days I have my pulled by county then you can see what zipcodes are hot. side note: where there are heavy retail sales you can bet investors (flippers) are there. lol
Pull actually comps per property you are going to offer on and make a calulated offer. Riffle approach rather than buckshot. lol No it's not the 'fast blast' way BUT will get you a property to move your end buyer aka putting food on the table.
Just say, you've got a foreclosure on the market that is listed at $40k and actually it's sitting in a $80-90k + neighborhood. AT list price it's pretty decent if only cosmetic repairs. Then just say it's a HUD and they only do 10-15% price reductions every 30 days and have a reserve amount set they can accepted and the offer process is automated. If you randomly blast an offer at $15-20k and their reserve amount was $36k (10% reduction) you'll miss it because of no due diligence. make sense?
So the seasoned investor in your area, knows his market and knows he can sell quickly at $80k offers say $42k (which is OVER listed and gets it) puts $6k in it and sells for a quick $20k. so guess what, seasoned guy won. lol
Blessings,
Jen