OfflineIt sure seems like I have a million question to ask, but how else am I going to learn?
Hypothetical Situation:
My trusty realtor has found a great property for me to look at, lets say I speak with the owner and I get that home locked in at 100k.
Due to my relentless marketing efforts, I know that I have a buyer that is prequalified through the trusty broker on my team and this house is exactly what he is looking for.
OK...I have a house that I have locked in at 100K and I have priced the home to the prequalified buyer at 115k and he has accepted.
Now...here comes my question because this is where I am still confused even after reading this part 3 times.
The difference in price here is 15k and that is the money that I am making on this deal. In Dean's book, there is a "Discharge of Agreement to Purchase" shown and I guess you then go back to the seller and explain to them that you have a buyer, the house will be sold and I need you to sign this so I can get paid 15k????
I have also not found an example of this form that is downloadable. Perhaps I am making this harder than it is, but it seems like the seller will wonder why some of that money is not going to them instead of just the 100k.
Also......how is that paid? Does the buyer give the closing company a check for 115k and then the closing company writes the seller a check for 100k and me a check for 15k and we all go on our merry ways?
Is there a way to keep your profit confidential, in case you stand to make a HUGE profit on a house or is your profit always the knowledge of the seller??
...sorry about the book...just getting my feet wet
NO is not a 4 letter word!
Decisions are a 50-50 shot: yes or no!
Hypothetical Situation:
My trusty realtor has found a great property for me to look at, lets say I speak with the owner and I get that home locked in at 100k.
Due to my relentless marketing efforts, I know that I have a buyer that is prequalified through the trusty broker on my team and this house is exactly what he is looking for.
OK...I have a house that I have locked in at 100K and I have priced the home to the prequalified buyer at 115k and he has accepted.
Now...here comes my question because this is where I am still confused even after reading this part 3 times.
The difference in price here is 15k and that is the money that I am making on this deal. In Dean's book, there is a "Discharge of Agreement to Purchase" shown and I guess you then go back to the seller and explain to them that you have a buyer, the house will be sold and I need you to sign this so I can get paid 15k????
I have also not found an example of this form that is downloadable. Perhaps I am making this harder than it is, but it seems like the seller will wonder why some of that money is not going to them instead of just the 100k.
Also......how is that paid? Does the buyer give the closing company a check for 115k and then the closing company writes the seller a check for 100k and me a check for 15k and we all go on our merry ways?
Is there a way to keep your profit confidential, in case you stand to make a HUGE profit on a house or is your profit always the knowledge of the seller??
...sorry about the book...just getting my feet wet
NO is not a 4 letter word!
Decisions are a 50-50 shot: yes or no!
backs you out of being the first in line to purchase a property, so that another buyer could come in and purchase the property at the agreed upon price between you and them. The 15k will be your assignment fee, make sure the comps for the area support your potential profit. Have your buyer sign the assignment contract to pay you your fee and give to the title company or attorney. It will depend if the buyer is paying in cash or financing through a lender. If their paying cash, you can have them pay you at the closing from net due to seller or it will be paid out of bank wire that the lender sends to the title company or attorney depending on whose handling the closing still at closing. Make sure they get the paperwork so you get paid on time.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.