assigning a deal

It says in the book that the HUD-1 form is on the website does anyone kown how to get one????????

I am pretty informed with all the information about assigning a property and finder's fee.. thanks alot!! a newbie here.. I have a question, might sound stupid- but where do I get the legal purchase agreement and assignment clause contracts?? Do I need an attorney? Please help. thanks!

Welcome to the DG family, we're all very happy to have you here with us.
You can get both contracts right here. See the Student Resources section in red letters at the top left? Right under it is Forms and Docs, click on that and you can download them to your computer. You don't need an attorney, but you're welcome to use one if you prefer. The contracts are binding, just like an attorney's.
Best of luck to you, keep us posted on your progress!

- GET THE HOUSE UNDER CONTRACT
- GET A TITLE SEARCH
- RUN AN AD
- SEND CALLERS TO THE HOUSE
- GET AN ASSIGNMENT OF CONTRACT AND DEPOSIT FROM BUYER

- Send the assignment of contract to the closing agent with an agreement to buy after you have a clarifying conversation. Have agent notify the buyer and seller

- Attend the closing to pickup your check.

I am a rookie when it comes to buying preforeclosures etc, but i've been wanting to do it for the last 5 years. To tell you the truth i'm shy and afraid of knocking on doors or calling potential sellers. I'm ok when people call me, it's when i have to contact them that i panic.
I just need some advice from anyone of you who have done it before.

Welcome to the DG family we're happy to have you here with us. I have the same problem, I panic to the point that I get sick to my stomache! I don't like making calls and I won't knock on doors. What you need to do is run an add on craigslist or backpage.com and have motivated sellers calling you. You ad should be something like this:
NEED HELP!
Do you need to sell a house?
I need more houses for my buyers!
If you have any houses for sale please email:
or call:

You want to get them to call you, so you need to keep running ads. Good luck, keep us posted on your progress.

ruby21pv,

The difference is 1098 to the seller/owner of the property at the end of the year - which is considered as a "short sale". This is reported in the credit report as "charged of".

This is taxable income to the seller/owners. However, on 12/21/07, Bush signed off on passing "The Debt/Tax Relief Act of 2007" which allows the sellers to be exempted from being taxed as long as it is their primary owned residence - which may vary state to state.

That was a great list, so informative. Im cant wait to sign up for coaching. Im so excited to begin but still do nervous to start.

Lists like these help alot!

Hi evrybody,

I new to the book and this website and need as much as help as possible................

i finished reading the book awhile ago, and since then i been trying to make my first deal. i can find the property but how can i get them wtith no money down and no credit, and even harder for me is finding a buyer. i tried adds in newspapers, asking people who migh be intrested. can anyone help?

i found a REO through a realtor if the bank accepts my offer i can make a few bucks.
The problem is how do i show the house to anyone that may be instead in buying if i don't have a key to show it????? And last time i found a steel through a realtor he got ****ed off at me when he found out i was going to flip the contract. He would not work with me and said it was illegal for me to be doing that!!!!! I'm afraid if i tell this new realtor what I'm doing, he'll act the same way? I had to put 500.00 before the bank would even look at the offer, and i only have 17 days to sell or back out or I loose my $500 so what do i do to make this work? ??????
Tammy

Hi Tammy,
When it comes to real estate, I've learned that if you think it - its important that you disclose it. In this type of business we are in, especially in assignment for a fee, its important that we inform our agent of this. This way, there are no surprises.

The other agent that refused to continue to work with you obviously did not know his/her fudiciary duties with you. You're the client and you are not doing anything illegal, and she just said NO to her potential commission.

Glad to hear that you have a new agent. Just keep in mind that your agent works for you. Don't be afraid to give his/her instructions of how you would like the contract to look like. (If for any reasons this agent chooses not to work with you, in this market there are many agents out there that are looking to jump on board with you on this).

As far as your $500 earnest deposit. Is it already in escrow? If it is, you are entitled for a full refund thru a mutual cancellation agreement as long as you have not removed your contingencies yet.

Let us know how it goes - Goodluck!!!

Finally got Dean's book...read the 1st 3 chapters today, then to work, then can't wait to dig into more this evening!

Hazco, great question and in particular the ideas shared about realtors, investors, lawyers, escrow, and the differences from state to state are just incredible. Even sometimes a bit confusing, reading this forum is helping me follow the gist of the concept and I hope the book in conjunction with these forums continues to gel.

Hi Everyone!

Ok, I'm on my lunch break (well actually today...all day) at my other very temporarty j.o.b. and going through some of the posts regarding Reassignments.

I realize that the following clauses must be induded in the Purchase Agreement but can someone provide the actualy wording necessary for:

1. Reassignment Clause
2. Cancellation Clause
3. Ability to Acquire Financing
4. Property must past inspection

I've checked the Forms & Docs under Student Resources and the Purchase Agreement does not include these.

Are there other resources (websites) that provide examples too?

Also, where & how does the Escrow apply?

Thanks a bunch & God Bless.

P.S. If this is included in Dean's book, please forgive me. I did order Dean's book back on July 31, 2008 & still haven't received it due to a new updated computer system that had some "bugs". Well they are sending it today...thankfully.

There is no re-assignment clause, you have that right when you sign the contract your full name and/or assigns. Although I guess you could put it in there, but it's not really needed, with that signature it's pretty self explanatory... LOL! There's no cancellation clause either, it's worded like pending partners approval or pending financing, something like that. Now property must pass inspection is on there. Actually Dean's contract is a GREAT one because of the details he's included, like the roof, the air, heat, all that stuff is included in the first contract on his forms and docs page. Read that one, you'll see what I'm talkin about. I'm not sure what you mean about escrow applying?? I'm tired from being up early and work was hectic today so my mind may not be firing completely too... LOL!

CANCELLATION CLAUSE, where in the contract would you put, "pending partners approval", or do i need to have an attorney make up a seperate addendum? AND which agreement are you talking about elena?, the AGREEMENT TO PURCHASE? or the PURCHASE & SALE?

You could put pending partner's approval on the additional conditions line. You don't need an attorney to make up an addendum, I have blank ones I used. I was talking about the Agreement to Purchase, did you see all the stuff about the roof, the ac, etc?

hey E, were did you get your blank addendums? I could use some blank ones

Shoot, I don't remember, I've had them for four years. No problem, when I get home I'll send you one.

thanks dear, that would be appreciated

Elena, would you be so kind to send me one of those blank addendum's?

Thank you

Ok, I'll have to send the addendum as an attachment by email. So just email me (on profile) and I'll send it to you. I don't know how to do attachments here... LOL!

Thanks a million!

Just shoot me an email and I'll email it back as an attachment.

If I may make a sugestion, and that is the property is selling for $124,900 and it was appraised for $140,00 four weeks ago. What I would do is this; I would sell it to my buyer for $130,000, allowing them at least 10 thousand profit in the deal. After closing you will walk away with $5,100 Dollars in your pocket for your first deal.

*Point Note* In the State of Connecticut it is eligal for an investor/buyer to pay you a finders fee for locating property for them.

I do hope that this helps. Good luck.

The difference, is your fee for the making the deal happen.
In other words, you purchased the property (on paper) for 350,000.
You found a buyer for the property and you reassigned the purchase agreement and added 50,000 to the purchase price and that is your finders Fee. It may seem like a lot to wrap your head around but if that is the deal than lucky you! Maybe your ? is how to write this up. Get a R.E. attorney for that.
Ljay

I NEED A SAMPLE OF HOW A REASSIGMENT LOOKS LIKE.. IS THIS A FORM?

this is great that everyone has similiar questions.....
colleen

sitting on that deal until 2010, theirs not a whole lot of investors including myself that would settle for a measaley $10,000 profit, when doing s REHAB(assuming thats what your talking about), it's one thing to ASSIGN another deal to another wholesaler(if the deal's good enough to allow for that to happen) for that amount, but for a REHAB.....expect MOST REHABBERS to want @ least $25,000-$30,000 per deal.

I believe she meant Escrow.

Bo

I have a great looking home which I'm attempting to lock up, looked all its available info up. I want to know how about contacting the owner and how do I go about getting the purchase agreement contract. Where can I look for investors who can take this good deal up off my hands?

You should already have a "buyers list" of potential canadates that are looking for deals to REHAB, if you don't you better start NOW, i would start calling the "we buy houses" AD's in your local newspaper, and AD's in craigslist, and backpage.com, you can also advertise for your own "end buyers" too, by placing your own AD that would read something like this: "HANDYMAN SPECIAL, CHEAP, CASH"