Need some info

Hello everyone! I just finished looking over some of the properties that i had my agent send me. I narrowed it down to 3 out of about 10. Im doing the 25:1 strategy just like matt says to so it. Now here are my questions: After i submit my offer what do i do if i plan on assigning these properties. I know what i would do if they where FSBO, but since i am working with an agent does the system change? Where would i go from here. Now my next question is, is there a way that i can have my agent put in the offer that i will pay earnest money after closing? How does earnest money work. I heard Matt say that he only puts a dollar as earnest money and usually doesn't even give it. Should i only have my agent submit offers to FSBO or what? Please help lol

Is there a way that i can have my agent just pull FSBO listings

When buying off the MLS you can not assign the deal but you can do a double closing. BUT, there might be deed restrictions preventing you from doing that also, so you need to know that before putting an offer in on a house you want to wholesale. Use the search feature on this site to learn about double closings. As far as the earnest money, deals on the MLS will need to have more then a dollar for earnest money but you can write the check and scan it in so your realtor has a copy of it.

You won't use a realtor for FSBO, no need to, you can do it yourself and save that commission money. So if your not going to use the realtor for the deal, I don't think he/she is going to be out searching through those for you.

Thanks for the info!!! much appreciated

Actually, if the MLS listing is a "Standard Sale" meaning not through the bank (like an REO) it CAN be assigned. As long as you have your handy "and/or assigns" clause on the contract. If my profit will be less than $20K, I assign. If greater than $20K, I double close.

Karen

Any contract is assignable unless the contract states specifically that it is NOT assignable. I never put and/or assigns on a contract. It really is not necessary. Gives away my exit strategy. However, to each their own.

Like Karen said, lots of properties listed by individual sellers on the MLS have contracts that are assignable. Read that contract!! REOs, Short Sales and HUDS - Almost NEVER assignable.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Qhwn you said you don't put and or assigns. I will give this more thought, but I like it!

I agree with Michael. [I am not a lawyer, not giving legal advice, and I do not play a Lawyer on tv...].

Any contract (not just RE related) IS ASSIGNABLE unless the contract contains language that specifically prohibits the assignment (sale) of the contract to a 3rd party. [Contract Law 101 folks].
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Tim, back to one of your original questions....
Now my next question is, is there a way that i can have my agent put in the offer that i will pay earnest money after closing?

Earnest Money will be due shortly after you are "in contract" [i.e. an agreement on the price and terms of the purchase or sale of a property] and certainly NOT after closing. This Earnest Money deposit will go hard [i.e. become non-refundable] as your time limit expires to back out of the contract without further consideration; so make sure to be keenly aware of your Inspection dates.
--Walter

If it is to be, it is up to me. -unk

I think i am just goin to stick with lease options and FSBO for now. I guess i didn't really understand what matt did with the 25:1 strategy in the book and stuff