OfflineAll of us on here know the importance of using and/or assigns on our purchase contracts, if we are planning on assigning them, but do you know how to use it and get it accepted without question or rejection?
As I write this, I a m speaking strictly from personal experience, because EVERY purchase and every offer, I have made, has read "and/or assigns". By now my agent knows to not even prepare the offers without it because I won't sign them.
Now I will usually make my offer as "ANITA WILSON and/or ASSIGN". When my offers is accepted and they send that huge stack of paperwork back for me to sign and accept, I politely send them back to them and remind them that they "FORGOT" that my offer was made with and/or assigns. Almost all of them have quickly fixed it and returned the paperwork, but a the few that did not fix it or refused to change it from just my name, I still signed the paperwork, I still work in and/or assigns and then once we opened escrow, I submitted and addendum with a contingency that unless I have the ability to hold title in and/or assigns and also use assignment on the property as a pert of the deal, then the deal is OFF. Well I have a few buck at this and try to strong arm me, but I kindly reminded them that the offer was submitted with and/or assigns originally and EVERY SINGLE PAPER I signed had and/or assigns on it.
So unless they were prepared to handle a breach of contract for something they inadvertently "Ignored" then I suggest they sign he addendum and lets move on. Not a one had refused so far and another reason for they may be that since escrow was already opened, them backing out would make them responsible for paying those escrow opening fees, which I also wrote in as an addendum/ contingency.
I know thats a little on the cheeky side but its best to get the upper hand as quickly as possible.
I am sort of aggressive and this works for me, and for those of you that do not feel comfortable with this tactic, then do what works for you.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
After assigning a property, how does the invester that you assigned the deal to go about paying you? Does he get 2 checks from his lender and does the lender ever have a problem with doing so.
Jomo
actually jomo, what happens is, which ever TITLE CO. that you use ends up paying you at the close of the deal(closing) example: lets say that you do a DOUBLE CLOSE, the TITLE COMPANY will issue the seller his check and you will get whatever's left over(the difference), but in essence who really paid you was your end buyer(the other investor) CLASS DISMISSED
YOUR HERO, SULLY
Sully could have not explained this more better than I could. This is also considered as a "3rd party check" in escrow.
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
Sully could have not explained this more better than I could. This is also considered as a "3rd party check" in escrow.
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
In ref. to your response/example to "Confused"...What if you find no buyer to assign the contract to? Are you stuck with the property or does it become null and void if you don't find an assign within a certain amount of time?
I ask this because I would not be able to obtain a mortgage with my poor credit (fixing now) However, I'm very good at finding great investments. Is there a way to do the research, lock the property and pass to assign without liability?
Of course, once I can carry a mortgage, the example you gave/found...I wouldn't mind holding on to...What a deal you found!!!!
Thanks in advance.
Have a Blessed Day,
Phoenx
We all are everyday Angels, so why not expect miracles? They're there...have you noticed or made yours today?
Hey yall!
I found an Investor in my area who is looking for good deals and will pay a finders fee. Should I search in Preforclosures for a good property to lock up and assign?
Thanks sully. I appreciate the wisdom. I'm new at this,and have learned alot from visiting this site. I can't wait to get some deals done.
thanks again.
Jomo
Hi everyone, I'm new, but have been learning alot from Dean's download I bought and alot of your posts as well. My question is one that was already asked but I didn't see an answer to it yet...(I may have missed it).
It was what "Wib" posted on the 1st page of this thread titled "escrow opening fees". Thanks
angellwings22
Here is a very good article on "escrow fees". Hope this helps.
http://realtytimes.com/rtpages/20030418_titlefees.htm
I'm not sure what "escrow opening" fees are, as I have only seen the title company paid at closing here. Maybe Anita can clarify.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
if you add "and/or assigns" to the sellers paperwork if they didn't add that in for you...
I ask this because I would not be able to obtain a mortgage with my poor credit (fixing now) However, I'm very good at finding great investments. Is there a way to do the research, lock the property and pass to assign without liability?
Of course, once I can carry a mortgage, the example you gave/found...I wouldn't mind holding on to...What a deal you found!!!!
Thanks in advance.
Hi Donna
If you preparred your offer with the right contengencies, such as the right to withdraw your offer within the first 45 days of a 60 day escrow then no you will not. I never sign off on the thing they have in there about loosing my earnest miney if the deal does not go through. I also use the subject to financing contingency. I hope this helps
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I found an Investor in my area who is looking for good deals and will pay a finders fee. Should I search in Preforclosures for a good property to lock up and assign?
hi fende240
Searching preforeclosures would be fine but maybe you better ask your investor what types of properties they are interested in. Such as pre foreclosures, REOS, lease options, fsbo etc.
This will help you better find exactly what they are looking for.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
There is no charge you you having and/or assigns on the peperwork. You simply put it in your original offer and sign every single place you sign you name with and/or assigns behind it. Then if you receive escrow paperwork with it on there, you simple refuse to sign it, send it back to them and tell them to correct it. If they will not simply do an addendum and make the purchase contingent upon it, especially if you put it on the original offer and they accepted your offer but failed to put it on the additional paperwork.
Good Luck
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Hi, I'm Mike
What if you can't find a buyer? Should I look for buyers before I make these offers?
Do you have to buy it or is there a way to back out? Do you have to put earnest money down to get the and/or assigns contract, and will you lose that cash if you back out? Can you make offers like these if the property is more then you can afford?
Thanks for your help!
just answered, if you look up about 3-4 posts above yours ant answered it, so YES their is a way to back out, and YES most of the time you will put some kind of an EARNEST MONEY DEPOSIT down to "BIND" the contract. By the way, their is no such contract "AND/OR ASSIGNS" the contract that you would be reffering to is a "PURCHASE AND SALE" agreement and when you sign it, after your signiture you write "AND/OR ASSIGNS".
YOUR HERO, SULLY
I found a good deal and someone who I can assign it to. I went to make an offer at my realitors today and she said I need a pre qualify letter from a lender. Is there a way around that.
Jomo
it must be bank owned(REO), in order to make offers on bank owned real estate, you do need either a "PRE-QUALIFICATION LETTER" or "PRE-APPROVAL LETTER", other wise it's pretty much a waste of time(if you can't get the letter)
YOUR HERO, SULLY
HELP - of all the deals that I have been doing, I had my first rejection from a Short Sale Bank that they do not allow assignment of contract. I haven't experienced a rejection from any of my deals and I do not want to back down given that this property is a super dooper deal! What do I do when the lienholder says NO?
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
HELP - of all the deals that I have been doing, I had my first rejection from a Short Sale Bank that they do not allow assignment of contract. I haven't experienced a rejection from any of my deals and I do not want to back down given that this property is a super dooper deal! What do I do when the lienholder says NO?
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
are the tough one to do re-assignment deals with. They want to make sure they get their money upfront. I suggest if they can't do a re-assignment deal with the you, then find a buyer and do a deal for a finder's fee. Better yet, i would negotiate a price with the bank that both parties agree upon and then buy the property outright if that's a super dooper deal. Just make sure you want to purchase the house at 50-60% FMV and then re-sell yourself.
I would also suggest to see if the owner still has control of the property since the bank holds the title. Ask the owner to sell you the property for what he/she owns on the house. Is my two cents in, but some might have better ideas. Good luck and best wishes!
LL
The house is under probate. The lady passed away and I believe her brother is incharge of her estate.
Jomo
The investor is interested in assuming someones unpayable mortgage (at least thats what the add said). I thought that would be someone in pre-forclosure. Correct me if my thinking is askew.
Thanks for responding!
You can do a double closing if they reject and/or assigns. You just disclose to the bank that you will be reselling the property. The process has been explained in another post. You buy from seller A, close. Then sell to buyer B. (Short version) But that's the gist of it. Hope that helps, good luck!
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I will check with my escrow company in rgeards to their company policy in regards to double closing. You are awesome, always thinking out of the box!
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
Good luck, if that title company won't do it look for one that does, they're out there.
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
you may have a hard time finding a title company that will do a "double close", just remember a lot of title companys aren't investors and when they are unfamiliar with something their quick to say it's illegal or it cant be done, so it may take a couple of trys till you find one that does.
YOUR HERO, SULLY
If you know of any investors in your area ask them if they do double closings and find out what title company they use. That should make the process quicker!
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Thanks Sully and Elena -- My escrow officer confirmed with me that she just received approval from management that they will do it for me -- only because I am one of their seasoned customers -- made me smile
This is exciting!
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
Sheila, building raport paid off again for another DG family member! Awesome news!! Glad things worked out for you dear and thanks for sharing with us.
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
you are correct - that would be a pre-foreclosure
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"