AND/OR ASSIGNS - How to Use It and Get It Accepted!

I want to try whatever works, but if they don't even respond or just reject right away what good does it do to push the issue? I'm so fed up right now, I think I'll make 10 offers this week on properties I could care less about just to force that and/or assigns into our system!

usually very mild-mannered,

Rina

I think I like the way you said that rina...lol

But seriously, get it into your Realtors head first, so that when they do the original call to the other agent on the property they can tell them straight ff that you are thinking of assigning and that is the only way you will deal. Once she gets into the habit of accepting this she can then give it a stronger case to the seller, especially when sh quotes your purchase history in last year. They would be crazy to say no and miss a qualified and stable buyer.

She doesn't mind at all writing them that way. Apparently the title companies and sellers are leery of it because they haven't seen it before. Then they reject the offer out of fear. I think I just need to get the phrase some exposure here. Gail's been doing stuff I ask her to even when other realtors are telling her they really don't like it or "I've never seen that before."
She's pretty gutsy.

Anyway, I'm getting to be pretty well-known now in the local circle. I'm telling everyone that I have contact with through my offers (getting to know a LOT of realtors) what I'm up to and about Dean's programs/website. Everyone has lots of questions, and several are like Wow!

SO, I guess if I keep pushing what I want, eventually I will change some thinking around here.
Oh, Anita, what are you turning me into? lol
Rina

Thats right Rina - A CROC!....Find what you want and GO GET IT!

and here is a suggestion. Ask your Realtor if they have a newsletter or something and see if you can post info on the and/or assign in there. If not create an INVESTORS NEWSLETTER and distribute it to the local agents and leave copies in their offices for others. It does not have to be anything extravagant just a single sheet would do, just a way of you getting your stuff out there.

Who knows, some of the Realtors may take an interest and want to pay you to advertise in it. You could even send it out via email.

Girl....start thinking a little different and STOP waiting on others to gain enlightenment....throw that light on them, for them and show THEM.....WHEW!!!!.... I started sweating on that one....lol

But I like that I am now a crocodile, and no longer a chicken! LOL

Rina

NOW THATS THE RINA I KNOW....you can do it Rina, you already are, Not everyone can do what you have done in the last year so be very proud, and stop thinking like a landlord and start thinking like an investor....good things, no GREAT THINGS will happen and continue to guide you.

The Professor is back from Sabatical

As Sully would say "Class dismissed". heehee

Anitarny,

Well maybe i'm not thinking right!! But on this "and/or assigns" subject do you put it on every contract? and just confussed on what you need it for and how will it help you or hurt you in a deal? Sorry for being so confussed on this, but I think I am just exausted and not thinking clear.

Nice to have you here, by the way.

Now as for the and/or assigns. This allows you to assign or "sell" the contract to someone else so that you never have to close on it yourself.

For example: I find a house for 150K and it has FMV of 190K and comps ranging from 155K - 210K in nearby sales in last 6 months. I lock it up by putting it under contract then I find and investor or buyer that I will let have the deal I have just negotiated, for 175K. They purchase the contract from me for 175K and I get 20K back at closing (my fee for them purchasing the contract from me). The and/or assigns will allow the person I assign it to to step right in an continue where I left off and purchase the property.

So it benefits you in that it gives you the right to sell it off for a profit beefore you even own it, in a sense. I hpe this shed some light.

Thanks for the quick response and your info that you help everyone with is very helpful. It's nice to have people with alot of knowlege and info on this site that are willing to help us folks trying to get started.
Once again Thank you......Ryan

That's excellent stuff there. How do you learn to be so aggresive?? I realize I need that edge. I'm too passive and when I'm aggressive or think I am, then I sit there and feel guilty about it, wondering was I too pushy?? LOL! By the way, shouldn't the assignment fee have been $25k? Or did I read that wrong? I've only been up a half an hour so the brain may not be firing completely yet. Thanks again for another awesome post professor!!!

You two are too much! I think Anita is the crocodile since she a go getter and get what she wants, and you Lorina, my friend, i guess you just moved up from a chicken to a turkey, LOL. So, keep on going and keep up the great work. What can i say about Anita, you're such a blessing to all of us and we love you and appreciate you. Lorina, keep up the great work my friend, and soon or later you will become a bird-dogger. I agree with Anita, you need to step out of your comfort zone and be an investor instead of the landlord. Better yet, you can be both, but you should not put all your eggs in one basket. I appreciate the info above and i'm working on implementing the assignment concept.

LL

I'll have you know I just finished my first bird-dog job (pat myself on the back. )Yay!!!
I just want to get the ASSIGNMENT thing going. Eventually, though, nobody gets my deals but me.

I love having Anita to push me. And then I have Elena to go cry to when Anita hurts my feelings. LOL!!!!! jk

No, seriously though, between everybody here I don't know how a person could have a better support system. REALLY appreciate you guys!!!!!

Rina

P.S. Thanks, Lloyd. And congrats on your hard work and how far you've come! It's fun to watch each other's progress.

You got that right, she is the biggest TURKEY I've ever met!! She keeps me laughin and laughin, I'll tell you what! This woman is crack up!! You should hear the crazy things she says to me, oh my gosh. It would make a sailor blush!! Ha, just kidding Ri! You are a crack up though. I'm so blessed to have you as my friend. I look forward to making more friends for life here.
Continued blessings everyone,

Well, just you know i love turkey. So, you should not take that in the wrong way, but i just want to put a smile on your face and i think i've accomplished that today, lol. Plus, Elena said that your the biggest turket she's ever met, so i guess i was right all along, LOL. You guys are so funny and you all crack me up.

LL

Just so I understand you correct. "Everywhere" and "every time" I sign, on the purchase agreement, I need to write "and/or assigns" right?

Every place you sign your name.

It's so nice to finally be online at the same time as you. Maybe you could help give me some advice. I'm working on my first assignment and I don't want to mess up. The property is going to the auction on 8/26, do you think I have enough time to get a buyer and do a quick closing? If so, besides putting and/or assigns after my signature, what else would you suggest that I put on the addendum to cover myself?

Anita - you are so awesome! I totally like and admire your aggressiveness. I am looking forward to impleenting this on my next deal! Thanks for the post and shedding light on me.

Just me

Anita - you are so awesome! I totally like and admire your aggressiveness. I am looking forward to implementing this on my next deal! Thanks for the post and shedding light on me.

Just me

I did my home work,
I made my offer,
It was accepted,
and I signed it;

DeJor Properties, LLC by Rohn Everson and/or assigns

long name, amazing results!!!!! lol

All kidding aside. My realtor had NEVER heard of "and/or assigns" and was unclear as to what it would do! And because of all of you, I was equipped to 'splain it to her.

Regards,
Rohn
(DeJor Properties, LLC

That is wonderful, glad I could help.

anitarny and rina,

Here's just another reason why I LOVE these forums! You each challenge/encourage/sharpen one another which helps BOTH of you AND then the rest of us are able to benefit from those shared insights...Proverbs 27:17 says that as "iron sharpens iron," so one person "sharpens" another, and in fact, you two are "sharpening" an even larger audience by sharing in this forum. Thanks!

Anita, if I am clear on the "and/or assigns" concept, then everytime you sign your name on every document, you include that lingo...two questions:
1) When the seller sends you documents WITHOUT the "and/or assigns", you kindly send it back and one of two things occurs:
a) They change the wording to add "and/or assigns" or
b) They do NOT change the wording and simply send it back to you...
Therefore, in (a), you simply continue signing all documents with "and/or assigns" or (b), you ADD the words "and/or assigns" to their documents, THEN set up Escrow...correct?

Final Question: Once Escrow is setup, do I understand that there is NOW some financial commitment for the seller to follow through or YOU get the Escrow?

Thanx for any/all of this posts insights...

PS) Am getting closer Started Part 2 of Dean's book last night! wib

Anita,
Do you do and or assign when dealing with banks and do you ever deal with banks directly or do you have your agent present the deals?
The reason that I ask is when I've had my agent present my deals the banks don't seem reseptive to a good offer based on the condition of the home and I've had at least two houses that I had made previous offers on go for $10,000 to $20,000 less than my highest offer, but when I try to deal with banks I can never get the right person.

What did your realtor make on this? Did you end up paying her a % out of the 20k or did the agents commission come out of something else? Im curious because I have been resistant to get one and Im not even sure why

Thanks Anita!

Beth

Yes I deal with bankr and REO. I have had no prob so far

An assignment what I make is all profit the realtor makes their coo from the actual sale with the owner

Hello All!
I've just got BAREM and I'm in the middle of the book. I am a good business man (Not in Real Estate) and starting to get into real estate. Is assigning an investor with a seller the easiest way to earn a profit without using your own money?

Welcome to the DG family, as we call it, it's great to have you here! Assigning and lease options are the easiest ways to profit without using your own money, or credit and with the least risk. We look forward to hearing about your rei journey.
God bless you,

have to say; ASSIGNMENTS: offer the least amount of RISK with NOT a bad REWARD either, and gives you a "foot" in the RE door