OfflineI found a deal from a bank and i have a buyer but how do i do this because the bank will not let me assign the deal? Also i don't want my buyer to go around me and purchase the house from beneath me? Also how do i do it without any of my own money?
please help here ... Dg Team
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Life is great when you let it be
1. Tell the bank you want to do a courtesy closing at your title company. They will send all the paperwork over, so your title company can have the "C" transaction ready to go, so they can close the deal and you get paid.
2. Sign the purchase Agreement as an LLC business you have or you can get. Then, sell the LLC to your endbuyer for your fee and the buyer will go to closing.
3. Use transactional funding to close this deal. The way this works is you have the cash buyer ready to go.
I hope this helps you.
How do i do this without any of my own money?
Life is great when you let it be
First step is to get the property under contract. You must make an offer in order to get an accepted contract from the bank.
In order to be seriously considered you must provide the bank with proof of funds and a copy of the earnest money check with your written offer.
You can research POF letters and earnest money right here on Dean's site. The same with double closing and selling an LLC. If banks know you are planning a double close they will usually kill the deal. Most title companies that do closings for the bank won't allow double closing. Find an investor friendly title company for the b to c closing.
You must pre determine your exit strategy. You have quite a bit of study to do.
Tell your buyer you will be requiring a non refundable earnest money check from him.
This is a great opportunity for you to learn. This goes past theory into real world knowledge! Good for you!
One last thing, how do you know this property is a deal? What is the actual ARV? What are the rehab/remodel costs? How are you going to present this to your buyer.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
You may want to fill out some information on your profile; that way other investors in your area may partner with you to make this deal happen; or at least post in what city, state your deal is in...
Buying a bank property is not the easiest deal to start with if you don't have any money to fund it (you cannot assign bank properties); therefore you will need to find a partner to finance it for you to double close; you can offer to split your fee on this one as well as other deals until you build some capital to do it on your own.
You should read some of the threads here that are loaded with great information that will help you learn DG's strategies.
wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...