Potential buyer bypassing my services?

I would approach the seller and try to lock it up. How well do you know the potential buyer? I suppose he could by-pass you and go right to the seller, but you would never do business with him again, would you? It may not be to late. Make sure you have an out clause in the offer in case the deal bottoms out and you don't want the prop.either....Jan

I don't know the seller at all really. He's on older gentlemen who ran a classified ad in the paper stating his criteria and area. I made contact with him and he said he'd be buying cash. I told him I'd be looking for him and today found a property that matches in PropTrend but haven't been able to find out for sure which bank owns it.
I haven't sent the buyer out to drive by yet. Part of my strategy involves providing the bank this buyer's proof of funds so that they'd feel comfortable with me doing an assignment.
I don't think (correct me if I'm wrong) I can lock it up with a bank w/o some PoF otherwise I'd just do that.

Any more help?

I don't know if you can use the buyer's proof of funds (somebody correct me if I'm wrong) to make your offer to the bank or you maybe can put the buyer on the contract as your partner and add in the contingency to have their approval before accepting the deal and then you can somehow work out between yourselves (you and buyer) to get your assignment fee.

I feel compelled to double-check but I had someone from the Advisor line tell me that I could let the bank know right off that I represent X # of buyers but that we don't know who will end up taking title of this property so here are the PoF letters from those interested parties.

Has anyone else been able to work it this way? Or know of another way to not have to provide your own proof of funds when assigning a contract?

I personally use POF's from coastal-funding.com. To safegaurd myself so that I'm able to get out of any deal that i can't get a buyer for, I just make contract list of contingencies such as;

*contract is contingent upon BUYER finding suitable financing

*contingent upon property having a clear title

*contingent upon passing inspection

Things like that. Well good luck to you.

Bryant(aka Maixmilionalpha).

Do you use these with REO assignment of contracts?
From what I understand, assignment of contracts can be hit or miss with banks but as long as they see a qualified end buyer (or better yet cash buyer) then they're less likely to balk at an AoC situation. How true is this I wonder..

Right now I'm using them with REO's. I don't let the banks know that I'll be re-selling the property as soon as I get it locked into contract,(they don't need to know that). When they accept my bid, then I'll add an addendum that gives me a certain amount of time to get a buyer for the property(ies).

Hope this helps a little!

Good to know. So if I have this straight, you are actually buying the property using coastal-funding but then re-selling it the same day via a double closing.
Can their PoF letters be used to just satiate the bank to get it under contract and then turn around and assign the contract w/o having to actually use any of their funds to actually buy the property first?

That's awesome!

Thanks mang!

You may be able to double close on the property if the title company is willing to do it. If you want to assign the contract, you will need to get the bank to agree. Most banks have their own required addendum that does not allow assignments. Let us know if this works for you.

Al