YAHOO!!! WE HAVE OUR FIRST ACCEPTED OFFER!!!

It's funny that you suggested that! It's exactly what we were thinking today when we were trying to find a notary either close-by or one that will come to us! We will most definitely take your advice! I didn't know it was so inexpensive to become a notary. Now it's even more worth it! We will make our money back in less than 8 signatures! Thank you!!

... which everyone has signed, it clearly states "and/or assignee."

I REALLY like that you have this, (good job!) and what was the final counter? Any response to it yet?

Yes, the final counter is the one that the bank accepted. So we are going forward as if we have every right to assign the contract. In fact, we wrote and/or assigns after our name AND our original offer has an addendum stating that we have the unconditional right to assign the contract.

We are going to try to assign it today. We'll keep you updated!!

Congratulations!!!

You are my heroes... Good luck!

So, the Assignment Agreement is signed by both us and our buyer and the bank has been notified that we have assigned the contract and that they are to put Mr.Buyer's name on title. Now we wait to see what they have to say about that!

P.S. Thank you, Yuri! But I must say, 100 offers in one day???? YOU are OUR hero!

We are feeling so attached to your story! Not only is your resolve inspiring, you have been SO gracious to keep posting and encouraging everyone in this thread. I am believeing the outcome will be exactly what you are expecting! I was not as firm when I was in the same situaion, so I am learning a good lesson from you! Keep it up, guys. You will go far with the great attitude and character that you possess and display!!
I am inspired by you!!

God bless,

Rina

P.S. Thank you for the kind words. (you make everyone here feel special )

Thank you so much for the encouragement! It's amazing to think that by our sharing we may be inspiring others, because everyone's comments are so inspiring to US!

Hopefully we will find out whether the bank will accept our assignment today! I don't know why they wouldn't. First of all, we have and/or assigns on the purchase contract, and we have the addendum giving the right to assign the contract to our partner. And they have his proof of funds (which is an actual bank statement showing a balance of half a million dollars -- as opposed to OUR letter from Coastal!!). BUT, the banks never seem to make much sense to me!! Our fingers are crossed and we will let you know as soon as we hear!

Way to go... I am so excited for you guys!

KimmyJ

very exciting
Isn't it fun when your acually in the game and progress is happening.
Get this one and keep going

This is so exciting to hear how your deal is going !!! Thank you for allowing us to have watched you grow here. Your faithfulness in posting all of it is a bonus for us to help us thru those rough spots that we may also encounter. But it will also be a testament for you to look back on months later (after a few dozen deals ) to see how much you have accomplished - in such a short amount of time. I sure appreciate your patience and persistence and good for you to stand firm on what you had originally committed to!!

Good luck and God Bless, we are are all praying for you.

Very exciting! I can't wait for your outcome!

so cool...All of us are hoping to hear good news...

HELLO, I need some help regarding a sale. i found an investor in az, but have not yet contacted him. my question is when i get a hold of him, what should i say to sound professional and serious? my other question is if the investor agrees to do a finders fee or something in that matter, what do i need to do when i find a house that i think he might buy? i will appreciate any feedck. thank you!

Welcome, alonzo44! I'm sure others will have lots of suggestions, but I can tell you how we approach buyers. We introduce ourselves as investors and tell them that we often get more properties than we can handle and would they be interested in buying the contracts from us? When they say yes, we ask about their criteria: area, price range, percentage below FMV, level of repairs, how fast can they close, how many deals per month or year do they want, size of home, etc. Then we tell them that we will keep their info on file and when we get a property that fits their criteria we will contact them.

Once we had the house under contract, we sent personalized emails to each of our buyers, giving them as much information as possible. We included the FMV as well as the comps we used to calculate the FMV. We gave them an approximation of repairs, as well as a small list of repairs needed that we made on our walk-through. We told them the price of the home, as well as all addendums and our fee. In each email we emphasized that the home has had a lot of interest and that it wouldn't last long at the price, so if they were interested they should act fast! Within an hour we had 3 very interested responses and 2 buyers sent out their contractors immediately. We had 2 interested buyers right away and we had to choose which one we wanted to offer it to! Because it's our first deal and we want to build a good working relationship with our buyers we didn't want to get into a bidding war or anything like that. I'm sure other investors would disagree with our strategy because we probably could have asked for more money, but this is what we were comfortable with.

Hope this helps! Good luck. Once you have spoken with a couple investors, it does get easier!!

I really appreciate the feedback 5H Enterprises! I will go on and start talking to a few people and then i can go from there. This site is great when we have people that help eachother out. I will soon be one of those people helping others. until then, i will need the help from all of you!! Thank You

if i were to get a real estate agent to help me with the contracts and helping me with the info on properties through the mls, when i close a deal lets say the seller wants 100,000 for the property and i get accepted an offer i made of 80,000. i sell it to my investor for 90,000-95,000, how much should the real estate agent receive? thank you for any feedback

Well, today was a good day. We finally received the signed contract from the bank (all this time the Listing Agent apparently had it). They signed BOTH the final counter, which was written "Dominic and/or assignee" AND our addendum page, which said "Buyer has the unqualified right to assign his interest to any entity...".

So our realtor called the lawyer handling Escrow and told her that we intended to assign the contract, and she said "Well, it appears that they have every right to do so."

Then, we called our buyer and scheduled a meeting with him to get the Assignment Agreement and Earnest Money check. He met with us, we got our paperwork and money, and we called the lawyer and said, "Go ahead and add Mr. Buyer, please!" She said by Monday it should be in his name.

The only thing that didn't go as we had hoped was that we wanted our Assignment Fee upfront, and he wants to wait until his name is on the contract. We felt nervous about this, but the coach at PMI said that it is perfectly acceptable and in fact most buyers want to wait until they are on contract. Since we have the Assignment Agreement we should be protected.

So we are feeling pretty excited, but of course we have learned that a million things can still happen to cause roadblocks. But by now we are prepared for that!! If something else comes up, we'll figure it out!!

Have a great weekend! We are going out of town for our Anniversary.

I'm in the middle of my 1st assignment, so I know how it is... I'm happy for you! The next one I do will be with a REO, so I'm reading everything on this posting... I have the agreement, but where did you get the Assignment Addendum?

I think we got it from one of the Success Academy classes. It states:

"Buyer has the unqualified right to assign his interest in this contract prior to settlement to any person, corporation or entity which he may designate."

Hope this helps!

Look at you guys, You thought me and Kimmy were closser to a deal than you were and you made it happen.
Now your going to have tons of confidence and I can't wait to watch you guys grow.

Honestly, our confidence has grown through this website and all of the encouragement we've received. It's still really scary, though, until it's closed and done.

I'm excited to watch you grow through your new mentoring program. You'll have to keep us all updated on everything you learn!

Way to hang in there guys!
Now, we are all waiting to exhale when this becomes a done deal!
Hope you have the best Anniversary!
Angela

You laid the groundwork and the harvest is at hand. I am praying that everything works as planned. Success in the making. Good Luck.

Sandra

You laid the groundwork and the harvest is at hand. I am praying that everything works as planned. Success in the making. Happy Anniversary. Good Luck.

Sandra

Dominic and Kim,
You truly showed patience is a virtue and it pays to wait and listen. You have a great realtor..who kept you from pulling the deal.
Great work and great listening skills.
cjpmary

if i were to get a real estate agent to help me with the contracts and helping me with the info on properties through the mls, when i close a deal lets say the seller wants 100,000 for the property and i get accepted an offer i made of 80,000. i sell it to my investor for 90,000-95,000, how much should the real estate agent receive? thank you for any feedback

HOLA como estas 5H Enterprises Creative artistic open minded Entrepreneurist* Thats FANTASTIC * NEWS I am brand new to all this amazing Biz *reading alot of post Gainging Wisdom knowledge from every one here *gracias for the inspiration**STICKS WIZZARD DRAGON

Realtors have set commission fees. They are usually 6%. If you have a realtor representing you and another realtor representing the seller then the agents would split their commission 50/50. If your agent is representing you as both the listing agent and buyer's agent then you might be able to get a 1 to 2% discount depending on the type of relationship you have. I would sit down with your agent and tell her that you want her to do FSBO paperwork for you and then discuss what a fair fee would be. She may agree to a straight transaction fee per FSBO. Good luck...

KimmyJ

How did you work the commission out with your real estate agent?