Contracts and Offers

I had an offer from a seller, sounds like a very good deal:
He had 12 Single Family Houses, some are with tenants. Market Value range from $30k to $50k each.
Also, 43 City-Urban Parcels. Most of the parcels have 2-3 lots each. Market Value range from 8k to 10k, each.
He's asking $50k for all!!!
One of the houses comes with Oil rights! Not much earnings, but, hey its a killer deal.
We can easily sell the houses $6k each and parcels for $1k each: $115k sale, profit of 65k! at least.
He had Title on each property, not Deeds, Titles!
Let me know if you are interested.
PM me.

I've had a FSBO home under contract now for a week(my first deal) but need several questions.
1)How much time do I have to find another investor to assign my deal to. My contract states 60 days to closing date but is this realistic to the seller?
2)When do I get my assignment fee and from who do I colllect.

I read another post hear where that person got their assignment fee from the title company.

Thanks,

Joseph

Hey everyone! I'm finishing up my research and putting the last touches on my paperwork/contracts (want to have all my ducks in a row before I swoop down and hit the ground running ).

My question is concerning the IEE process. Here's the setup for the question:

Sally Seashells wants to sell me her seaside chalet for $110,000. She accepts my offer and I rush over to sign the 4 simple contracts (total of 6 pages, believe it or not!):

1) Investor Disclosure ("I want to immediately sell the property for a profit of approx $10,000).
2) Purchase Option (I created this as a separate contract from the purchase contract, to keep the purchase contract as "clean" as possible. "Sally grants Riffmaster Chris a 30-day option to purchase the property").

If anyone can help me out with this(thought I'd try here before going to my attorney), I'd appreciate it!

I'm in the process of drawing up a Residential Real Estate Purchase Contract (Using the specific Florida contract as my template) and came across two small sections that I'm not sure about what, exactly, they mean to me or if I can omit them completely.

Think: "IEE" or "Assignment" for this contract. Here is the text:

14. COMMISSION FEES: Purchaser and Seller agree that said contract was negotiated at arms length without assistance of any real estate agents or brokers and that no such fees shall be paid by either party in connection with this contract or sale.

I'm still a bit confused on this. Basically, what's the difference between these 3? I understand they all involve finding properties for investors & receiving a commission/fee % from it. But is there really any major differences I'm missing, or are they all technically the same thing just termed differently depending on who you talk to?

Also, which one would be the best way to start out when you have VERY little money? I'm in the middle of reading Deans' PFRERN book I totally believe this could be huge for me! I'd like to get into Dean's Success Academy & I talked with one of the Coaches yesterday on the phone, but unfortunately don't even have the minimum to get started & no job (I'm a stay@home mom). So I figure the "finders fee" type of deal as a good way for me to pay for it.

OK so here's the deal with me. I'm pretty new, read 2 of Dean's books which Im starting over again, consistently put out flyers and building a pretty nice buyers list but seem to be a little stuck. So far, the first 2 properties. I.I tried making offers on required a nice little lump of cash for a down payment on contract. This involved money I didn't have so I didn't go ahead with any of those deals. One of the sellers told me that it is going to be very hard to assign deals in New York because most sellers require money when signing a contract. Another thing I'm worried about is property inspection. Inspection from a bank is going to be required when an end buyer is buying with a loan.

I recently brought a buyer and a seller together for this major transaction in the excess of $15000000.00, I received a NCND from my buyer,the seller has not given me any thing in writing that how I am to get paid for bringing this person who bought this property, my buyer however will not and has not gone behind me and contacted the seller, what is a percentage of compensation and how is it calculated, do I charge let's say 1% of the purchase price to the seller? how do I write this up?

any help is appreciated

I see this question asked over and over in the forums. I just learned some info and thought I'd share right away, for those of you (just like me) who never really heard a solid answer.

ARE ASSIGNMENT CONTRACTS LEGAL IN FLORIDA?

The answer is YES THEY ARE! I *just* got off the phone with a Real Estate attorney in my area (Daytona Beach/Volusia County (central Florida)) who told me very clearly that they ARE legal, but NOT for short sales. So, assign all the contracts you want... you just can't assign a short sale.

Hello. My name is Andre'. My neighbor is laid off. She makes $200 dollars a week. Her mortgage is $1250 a month. She owes $96,000. The house is valued at $179,000. She has equity. Her name is the only one on the mortgage. She wants to stay in the house but wants me to buy her half of the deed. Now. Here is the kicker. Her live in boyfriend has abandoned her. He left her to alone with all the mortgage payments and utilities etc...She has tried to talk to him but he says he'll just let the bank take it. He is on the deed. Not the mortgage. The next major problem is that she does not know where he is or how to find him. He has completely abandoned her. She wants to sell me her half of the house. But what would I do with his half?

Hello Folks - I received a call from one of my bandit signs the other day. The homeowner is actually a rehabber investor as well. My intent was to get it under contract and assign it to one of my cash buyers. I met with the seller today. Seems like a good guy. He has several other deals in the works. Anyway, he planned on rehabbing it himself and has architectural plans but now needs cash for another deal and therefore wants to dump this quick before doing any work. Here's the rub - Rather than go the normal route and have me get the assignment fee from my buyers after he signs my purchase contract, he'd prefer to pay me the fee himself and will draw up a contract on his own that says as much. Has anyone ever run into a situation like this?

Thanks for your thoughts

Best of luck