assigning a deal

Hi,

I'm new too. Do you mind if I pick your brain and ask what you wrote on your flyers and buisness cards? I would ultimatly want to make up bandit signs where the sign will be worded to attract buyers AND sellers. Or do you think I should make separate signs for investers and another type worded to get sellers?

Thanks , Andy

We are just getting started with our bandit signs, too, but we are thinking that we should have 2 different types of signs -- one for sellers and one for buyers.

We would love to hear from others who have already had success with their bandit signs and flyers!!

This seems crazy however, my husband and i have had a buyer for about a month now, we are trying to do an assignment, however, were at a loss as to how to find a house to sell to this buyer. The route we were originally taking is to find a house (based on specificatios of the buyer) that is in pre foreclosure, or any house that has been on the market for more than 90 days, however in my current area this is easier said than done.My resources are extremely limited at this point. Anyone have any suggestions as to how i can find a house for this buyer. I'm really anxious to get this off the ground.

Maybe I'm missing something. But, I see 275,00.00 for a house that's worth 230,000.00. The way I would go about it is to skip it.

But, I might be missing something.

Matilda,

I don't think it's a matter of not being able to assign a foreclosure. It's just a matter that a lot of banks won't accept assignments. This varies and will need to be addressed during the negotiations.

Someone mentioned earlier in this thread that banks may be loosening up on this criteria due to the credit environment.

Hope this is helpful

I hope you meant ESCROW LOL.

Orit

Hello Anita !

I was curious what state you are in ?

Thank you,

Orit

They show both seller & buyer here title companies I use.

I always use title co. for HUD 1

Orit

hi my name is jerry, im 20 and i live in memphis,tn bi lost my job bought a month ago i have been lookin in to assignment deals but i cant get a sufficient buyers list i have tried craigslist and other stuff but ive only got 2 serious buyers can someone help thanx

There are several posts involved in answering this.

A few pointers to remember:

Flyers work great.
Ghost ads do wonders.
Real Estate investment clubs are fantastic for wholesale buyers.
People that advertise "We buy houses" can be a great resource.

Do a search for building a buyers list and you should find some great posts. I believe Rena did a good post on this.

IN the past 2 days there is an infomercial running about home auctions in my state (CA.) they claim that "it's great for investors"...I'm really new at this, in fact i'm only half way through the book and am interested in doing assignments.

Now getting back to the advertised auction; they claim that the homes are lender owned and that they have lenders on site to work out the financing (That is the part that has me a bit weary). Also there is "no cost" to register for the auction; I'm tempted since they advertised homes that are valued at 250,000-400,000 starting at 20,000 and 50,000...Does this sound like a good opportunity to those in here that have started doing this, or should I just look for "actual auctions" in news papers and online?...If you would like to know what I'm talking about their site is called: www.Auction.com... Let me know what you think, thanks.

Hello coachWhat verbage are folks using on thier contracts for assignements and on closings of lease options?
I am having difficulty figuring out what to write into the contract everything I use iether the lender or title is saying is illegal. I have some lease option contract but I don't know what to write into the contract so that I get paid.
I collect the nonrefundable considreation money and a little each month, but can you suggest a way to get my share of the equity. i am considering consulting an attorny very soon for advise thought please.Thank you

I know Dean Says you can make money in any market, but...

I'm investing in Detroit, and no one is buying (other than investors), and the prices are so low (40%-80% of FMV) that it seems like it's not a smart place to invest.

Does it make sense to invest and/or wholesale in an area where anybody and everybody (and I do mean anybody) can get an 80k-150k home for 20k or less (waaaaay less)?

If you have a buyer who has money inhand or pre approved loan. Just look on the internet for a house to sell her or him. Look at FSBO.com or forsalebyowner.com. Make offers with the seller and get it on contract. Find about 5 or 6 homes she would be intrested in. Get contracts on all of them. Show them the homes, agree on a price ....higher than the contract price ...and go to closing.....simple! GET PAID!!!

Okay! So you find a property that seems like a good deal. You lock up the property with a contract that states Name and/or assigned etc... In this contract you give yourself an option to buy this house in 30 to 90 days depending on how great a deal it is and whether or not you have an investor who you know already that buys the type of house you have contracted. In order to have the option you must give them money. I never gave more than a dollar, once I didn't have a dollar with me and they gave me the option anyway, but that could have come back and bit me on the butt. So always give at least a dollar. Then you call your investors who have the cash and try to get more than one to come and see the property to inspect it and decide whether or not they want the property. It is best that you meet them there because many investors are RATS and they will try to still the property from under you! Make sure that the investor knows that you have a signed contract and NEVER tell them you don't have the money to close, make them think you have too many rehabs right now and can't handle another. Anyway, if they like the property you have a single piece of paper that will be the "Assignment of Contract" contract.
The deal is if you are a realtor than you must use contracts that have been approved by the Real Estate commission in your state, if you are not a realtor you don't! So check to see if the commission has an approved assignment of contract if you're a realtor, even you're not it would make it easier. If they don't have a contract you can type one up.
When I was assigning contracts I lived in Houston, TX. And the contract we had worked perfectly and I never had a problem. I think I assigned somewhere in the neighborhood of 15. Then we got more into short sales, but that's a different story.
ASSIGNMENT OF CONTRACT OF SALE

In consideration of the sum of $ and other good and valuable consideration, and the mutual benefits to be derived by all parties to this assignment, the undersigned, does hereby assign unto, all rights, interest, suits, claims and titles in and to a contract of sale dated 20, by and between as purchaser, and as seller, concerning such property known as (Address) and further described as Lot Block , of , an Addition to the City of , County, __________.

This assignment does not transfer any earnest monies that the assignor may have on deposit.

Executed this day of , 20 .

(Assignor)

This Assignment of contract of sale accepted this day of , 20 .

(Assignee)
Phone Number:
Address:

As you can tell it doesn't copy perfectly, however you should be able to make it out for the most part. Now we always closed at a title company and there was never a problem. However, if the end buyer doesn't have cash and has to get a loan there could be issues with underwriting. Every deal we did was with a cash buyer and they either had investor money or hard money lenders. I never sold anything to an end buyer so I think for that you might want to go speak with a loan officer and ask to speak to some underwriters and get a better contract. Anyway, I hope it works out for you!

Daniel

Okay! So you find a property that seems like a good deal. You lock up the property with a contract that states Name and/or assigned etc... In this contract you give yourself an option to buy this house in 30 to 90 days depending on how great a deal it is and whether or not you have an investor who you know already that buys the type of house you have contracted. In order to have the option you must give them money. I never gave more than a dollar, once I didn't have a dollar with me and they gave me the option anyway, but that could have come back and bit me on the butt. So always give at least a dollar. Then you call your investors who have the cash and try to get more than one to come and see the property to inspect it and decide whether or not they want the property. It is best that you meet them there because many investors are RATS and they will try to still the property from under you! Make sure that the investor knows that you have a signed contract and NEVER tell them you don't have the money to close, make them think you have too many rehabs right now and can't handle another. Anyway, if they like the property you have a single piece of paper that will be the "Assignment of Contract" contract.
The deal is if you are a realtor than you must use contracts that have been approved by the Real Estate commission in your state, if you are not a realtor you don't! So check to see if the commission has an approved assignment of contract if you're a realtor, even you're not it would make it easier. If they don't have a contract you can type one up.
When I was assigning contracts I lived in Houston, TX. And the contract we had worked perfectly and I never had a problem. I think I assigned somewhere in the neighborhood of 15. Then we got more into short sales, but that's a different story.
ASSIGNMENT OF CONTRACT OF SALE

In consideration of the sum of $ and other good and valuable consideration, and the mutual benefits to be derived by all parties to this assignment, the undersigned, does hereby assign unto, all rights, interest, suits, claims and titles in and to a contract of sale dated 20, by and between as purchaser, and as seller, concerning such property known as (Address) and further described as Lot Block , of , an Addition to the City of , County, __________.

This assignment does not transfer any earnest monies that the assignor may have on deposit.

Executed this day of , 20 .

(Assignor)

This Assignment of contract of sale accepted this day of , 20 .

(Assignee)
Phone Number:
Address:

As you can tell it doesn't copy perfectly, however you should be able to make it out for the most part. Now we always closed at a title company and there was never a problem. However, if the end buyer doesn't have cash and has to get a loan there could be issues with underwriting. Every deal we did was with a cash buyer and they either had investor money or hard money lenders. I never sold anything to an end buyer so I think for that you might want to go speak with a loan officer and ask to speak to some underwriters and get a better contract. Anyway, I hope it works out for you!

Daniel

Okay! So you find a property that seems like a good deal. You lock up the property with a contract that states Name and/or assigned etc... In this contract you give yourself an option to buy this house in 30 to 90 days depending on how great a deal it is and whether or not you have an investor who you know already that buys the type of house you have contracted. In order to have the option you must give them money. I never gave more than a dollar, once I didn't have a dollar with me and they gave me the option anyway, but that could have come back and bit me on the butt. So always give at least a dollar. Then you call your investors who have the cash and try to get more than one to come and see the property to inspect it and decide whether or not they want the property. It is best that you meet them there because many investors are RATS and they will try to still the property from under you! Make sure that the investor knows that you have a signed contract and NEVER tell them you don't have the money to close, make them think you have too many rehabs right now and can't handle another. Anyway, if they like the property you have a single piece of paper that will be the "Assignment of Contract" contract.
The deal is if you are a realtor than you must use contracts that have been approved by the Real Estate commission in your state, if you are not a realtor you don't! So check to see if the commission has an approved assignment of contract if you're a realtor, even you're not it would make it easier. If they don't have a contract you can type one up.
When I was assigning contracts I lived in Houston, TX. And the contract we had worked perfectly and I never had a problem. I think I assigned somewhere in the neighborhood of 15. Then we got more into short sales, but that's a different story.
ASSIGNMENT OF CONTRACT OF SALE

In consideration of the sum of $ and other good and valuable consideration, and the mutual benefits to be derived by all parties to this assignment, the undersigned, does hereby assign unto, all rights, interest, suits, claims and titles in and to a contract of sale dated 20, by and between as purchaser, and as seller, concerning such property known as (Address) and further described as Lot Block , of , an Addition to the City of , County, __________.

This assignment does not transfer any earnest monies that the assignor may have on deposit.

Executed this day of , 20 .

(Assignor)

This Assignment of contract of sale accepted this day of , 20 .

(Assignee)
Phone Number:
Address:

As you can tell it doesn't copy perfectly, however you should be able to make it out for the most part. Now we always closed at a title company and there was never a problem. However, if the end buyer doesn't have cash and has to get a loan there could be issues with underwriting. Every deal we did was with a cash buyer and they either had investor money or hard money lenders. I never sold anything to an end buyer so I think for that you might want to go speak with a loan officer and ask to speak to some underwriters and get a better contract. Anyway, I hope it works out for you!

Daniel

Okay! So you find a property that seems like a good deal. You lock up the property with a contract that states Name and/or assigned etc... In this contract you give yourself an option to buy this house in 30 to 90 days depending on how great a deal it is and whether or not you have an investor who you know already that buys the type of house you have contracted. In order to have the option you must give them money. I never gave more than a dollar, once I didn't have a dollar with me and they gave me the option anyway, but that could have come back and bit me on the butt. So always give at least a dollar. Then you call your investors who have the cash and try to get more than one to come and see the property to inspect it and decide whether or not they want the property. It is best that you meet them there because many investors are RATS and they will try to still the property from under you! Make sure that the investor knows that you have a signed contract and NEVER tell them you don't have the money to close, make them think you have too many rehabs right now and can't handle another. Anyway, if they like the property you have a single piece of paper that will be the "Assignment of Contract" contract.
The deal is if you are a realtor than you must use contracts that have been approved by the Real Estate commission in your state, if you are not a realtor you don't! So check to see if the commission has an approved assignment of contract if you're a realtor, even you're not it would make it easier. If they don't have a contract you can type one up.
When I was assigning contracts I lived in Houston, TX. And the contract we had worked perfectly and I never had a problem. I think I assigned somewhere in the neighborhood of 15. Then we got more into short sales, but that's a different story.
ASSIGNMENT OF CONTRACT OF SALE

In consideration of the sum of $ and other good and valuable consideration, and the mutual benefits to be derived by all parties to this assignment, the undersigned, does hereby assign unto, all rights, interest, suits, claims and titles in and to a contract of sale dated 20, by and between as purchaser, and as seller, concerning such property known as (Address) and further described as Lot Block , of , an Addition to the City of , County, __________.

This assignment does not transfer any earnest monies that the assignor may have on deposit.

Executed this day of , 20 .

(Assignor)

This Assignment of contract of sale accepted this day of , 20 .

(Assignee)
Phone Number:
Address:

As you can tell it doesn't copy perfectly, however you should be able to make it out for the most part. Now we always closed at a title company and there was never a problem. However, if the end buyer doesn't have cash and has to get a loan there could be issues with underwriting. Every deal we did was with a cash buyer and they either had investor money or hard money lenders. I never sold anything to an end buyer so I think for that you might want to go speak with a loan officer and ask to speak to some underwriters and get a better contract. Anyway, I hope it works out for you!

Daniel

Okay! So you find a property that seems like a good deal. You lock up the property with a contract that states Name and/or assigned etc... In this contract you give yourself an option to buy this house in 30 to 90 days depending on how great a deal it is and whether or not you have an investor who you know already that buys the type of house you have contracted. In order to have the option you must give them money. I never gave more than a dollar, once I didn't have a dollar with me and they gave me the option anyway, but that could have come back and bit me on the butt. So always give at least a dollar. Then you call your investors who have the cash and try to get more than one to come and see the property to inspect it and decide whether or not they want the property. It is best that you meet them there because many investors are RATS and they will try to still the property from under you! Make sure that the investor knows that you have a signed contract and NEVER tell them you don't have the money to close, make them think you have too many rehabs right now and can't handle another. Anyway, if they like the property you have a single piece of paper that will be the "Assignment of Contract" contract.
The deal is if you are a realtor than you must use contracts that have been approved by the Real Estate commission in your state, if you are not a realtor you don't! So check to see if the commission has an approved assignment of contract if you're a realtor, even you're not it would make it easier. If they don't have a contract you can type one up.
When I was assigning contracts I lived in Houston, TX. And the contract we had worked perfectly and I never had a problem. I think I assigned somewhere in the neighborhood of 15. Then we got more into short sales, but that's a different story.
ASSIGNMENT OF CONTRACT OF SALE

In consideration of the sum of $ and other good and valuable consideration, and the mutual benefits to be derived by all parties to this assignment, the undersigned, does hereby assign unto, all rights, interest, suits, claims and titles in and to a contract of sale dated 20, by and between as purchaser, and as seller, concerning such property known as (Address) and further described as Lot Block , of , an Addition to the City of , County, __________.

This assignment does not transfer any earnest monies that the assignor may have on deposit.

Executed this day of , 20 .

(Assignor)

This Assignment of contract of sale accepted this day of , 20 .

(Assignee)
Phone Number:
Address:

As you can tell it doesn't copy perfectly, however you should be able to make it out for the most part. Now we always closed at a title company and there was never a problem. However, if the end buyer doesn't have cash and has to get a loan there could be issues with underwriting. Every deal we did was with a cash buyer and they either had investor money or hard money lenders. I never sold anything to an end buyer so I think for that you might want to go speak with a loan officer and ask to speak to some underwriters and get a better contract. Anyway, I hope it works out for you!

Daniel

on an assined deal a buyer does or doesnt have to pay cash will the buyer be able to work with a loan company

on an assined deal a buyer does or doesnt have to pay cash will the buyer be able to work with a loan company

on an assined deal a buyer does or doesnt have to pay cash will the buyer be able to work with a loan company

i just read the artile posted # 172 by ddwamp i am also from the houston area just tryin to get started on genarating $ through the program i take it that it is leagal n the state of texas to do assinments

I am beginning to start with RE investing and I have a question. I am looking at properties that are a REO and I have contacted a Realtor. I have read somewhere in DG books that banks like "cash" offers instead of financing. However, I am planning on assigning REO properties (wish me luck) with a cash offer so the offer will get accepted. I will be offering at a substanital discount so I can make a "finders fee", while the new buyer is getting a nice deal on the property.

There would not be a problem if I had $150,000 cash, however the Realtor is asking for a 1% deposit on the offer of the contract, and proof of funds (bank statement, financial statements, etc.). That is the first problem, how can I get around that? Or can I?

Second problem is, The Realtor said that if the bank accepts my "cash" offer and it is an assignment and the new buyer needs financing, the bank will cancel the contract and I will lose any deposit. I thought I read in DG books that, if the property sells within the agreed amount of time (30-45 days), who cares?

Should I concentrate on Pre-foreclosures and Foreclosures (not REO), or is this Realtor off her rocker? Any help would be appreciated on how to successfully assign a "cash" deal without showing proof of funds so I can pick up properties and assign them out.

One last thing. I am totally transparent with the Realtor. I let her know my intentions of doing assignments.
Thanks DG Family!!

The new buyer can also use financing. Unless the seller says their terms are different. But the best way to close quick is to have a cash buyer. Much success.........Lubertha

I'm confused here...when people say "cash buyer" is said buyer going to bring a briefcase full of cash? How many people are actually out there with 150,000 lying around other than donald trump? Am I just reading into this wrong when people say "cash buyer"?

A cash byer can have his or her bank wire the funds to the closing. Or a cashier check, or bring cash. As far as your PM, it is located under your picture on th bottom. There is a link that says PM> Click on this and it will bring you to a screen to write a message. After you write the message type in the security letters and then hit send. To review the message, click on my inbox in your home page. When ever you recieve a message it will notify you also at the top of the page. ope this helps. Much success...............Lubertha

How do I get around putting 1% down and proof of funds?

Well, I guess i don't run into too many (if at all) people that are cash buyers for a property. As for my PM...thanks for the help but the problem is that I don't have the link you speak of. I go into my settings where it says "allow PM messages" and it is checked off for that but I don't see the link when I'm in the forums. I'm not sure if it's like this for everyone in terms of not being able to see your own PM link.

I currently have a list of short sales; It has the property address and condition but it's being represented by the realtor. Can I send a postcard of some type to the property address and see if the sellers want to talk to me directly or would they just tell me to contact the realtor and if i did would I be able to negotiate an assignment as long as I have a buyer? On some of the listing the realtor even says "motivated sellers" He emails me shortsale properties almost everyday. (automated service, but still)...Is this a bankable opportunity? What does everyone think?