I have offer # 2 accepted but am a little worried.

I don't know for sure, but I would take the contract to your attorney. I would not settle for anyone elses opinion other than that of a RE attorney. They are the expert. If you can't assign it with the way it is written then ask him if you can back out of the deal and just draw up a whole new offer with the "and/or assigns" next to you name. The last thing you want is to get stuck with a property because of a technicality. I again don't know they answer, but that is a great question. Let me know what the attorney tells you. Good luck and nice job on another accepted offer.

Richard
Bothell, WA

Is there any way you can go back to the Listing Agent and ask him to re do the contract? Blessings to all. LA

Hey guys thanks for the advise. I'm going to contact my laawyer first thing monday. I just hope I don't loose this deal over a stupid mistake like this.

Don't worry about losing a deal. It is all business. Better to "let go" of a deal than getting stuck with a property that could potentially do your business damage. I don't think you will have a problem. Everything happens for a reason. It's always a good one. Hang in there and remember to smile.

Richard
Bothell, WA

You need to sign your offers "Edward and/or assigns"
Was this a traditional sale or an REO?

This is a traditional sale thru a broker. The owner is an investor that lives in Cali.

I don't know if this could work Edward but you probably could print off another contract and re-sign it with "and/or assign" beside your name and fax it off back to the investor. You could let the investor know of the error that you made and you'll like to correct it. Hope I could be of some help. Good Luck and I hope the deal works out for you.

D'Angelo

Edward, regarding the comment I just posted above...I actually meant - "fax it back off to the attorney" and let the "attorney" know of the error you made. Good Luck.

There goes the answer. Don is right. Try to re do the contract. One good news is that, you are dealing with a fellow investor and of course you and him somewhat speak the same language. He will understand what you do and won't give you a hard time. Just be honest with him, everybody makes a mistake including him when he was just starting. Blessings to all. LA

Walk away from the deal entirely

The writing is on the wall. There will be others

Look into getting another RE agent that can follow instructions and can work with you instead of against you.

can i make an offer of a foreclosed home for 20% off fmv on a sold-as-is?

where in NC are u? Im in the southeastern corner/wilmington area and Im just amazed that you got a broker to do something for you.Even if it was an error.The word to turn off a realtor or broker here is definitely investor. Good luck and I hope it works out for you...

doesn't mean its going to get accepted but its always worth a try

Cash deals makes your offer more enticing to accept if possible

I live in Asheboro which is 20 min from Greensboro. Over here I have not had a problem with any realtor or broker that doesn't like working with investors. Elixbrown I do have an all cash offer for this house since I have partners that do have the cash to pay for properties that they accuire. Thanks guys. If possible keep the tips coming. God knows we all need them if we wnat to succed in this buisness.

Have your agent send an addendum to the seller changing the name of the buyer to Edward _____ and/or Assigns. If the seller accepts and signes the addendum, your problem is solved. If the seller refuses, you probably would not have gotten approval on the original contract.

Al

Hi there everybody, I have so much to learn from you all, but to tell you the
truth I am scared because I am kind of lost in reference to all of this info., that sometimes I don't know where to go to. Hopefully I will be able to do something soon. I can't find investors I have been trying, but it seems
that I am going to the wrong websites. If anybody can help me I will appreciate it. Have a nice one you all........ your friend

Hey
I grew up in Asheboro. Did you grow up there? I am in Charlotte now trying to understand this business and how it works??? Hope your laywer set things straight for you!! Good luck to you!!!

Well Gary. You can kind of say that. I've been here since 95 and graduated Eastern Randolph in 98. Let me know if you've done anything yet in this great business.

Is your property in Asheboro? We have had great luck with realtors who like to work with investors and are investors themselves. However, they have steered us away from assignments because everything is so low now so that is great that you are doing one--did you have an end buyer already lined up? How long is your contract for?

No I don't have an investor lined up yet but I know several that are looking for this type of property. The contract is for 30 days. Something that did bite my nerves is that after the contracts were signed and everything was approved I asked the agent if I could get the key code to open the door to show my "partners" and he told me that he couldn't do that. What type of crap I thought was this. So now I'm also thinking how can I show my prospect investors the property. Ahh I do feel like pulling the plug on this one. I know that there are still properties out there. And julie proctor the property is in Greensboro like 5 min from the mall in a nice neighborhood. What type of investing are you trying to do than if they told you to steer away?

Found it interesting that other "Deanstodians" were from or grew up in such a small town.
TicoEddie...it's been over 30 days. Curious...what became of this potential deal? Furthermore, what specific lesson (other thatn the obvious...read before you sign) would you say you learned from this experience?

Thanks for sharing,
Phoenx

Well this deal is not over yet. My lawyer read the contract and said that the contract is ambigous. It says that the contract can't be assigned unless both parties agree and also on the part where it talks about who the title is made out to it says my name and or assigned. He said to contact the agent and tell him all what my lawyer told me and see if the seller would agree to change the contract to state Edward and or assinged on the offer to purchase. The lesson I have learned from this is when you meet with an agent and you want to do an assignement is that they understand your intentions of what you're doing. Make sure you read the contract carefully before you sign no matter what people. This can cost you precious time that you need or your deposit that you put down. Right now I can't call my investor who I wanted to assigne this property too due to this problem. 5 days has already passed by that I could have spent calling my buyers list or posting ads on craigslist. Now I have 4 days left to either fix this problem and if I fix it I will have maybe 3 days left to find a buyer so that I don't loose my deposit. Talk about feeling pressure right now I feel like I have alot of it on top of me.

Ticoeddie, ask the seller if he/she could give you an extension on the contract...say another 15 days or more. If they agree, then that should buy you some time. Good Luck

here are a few suggestions that have worked for me. first take this as a learning experiance the mistakes we make in RE tranactions can be be our biggest asset down the road. I mainly do wholesale and assignments. I always sign and or assigns. I have learned only to work with realtors who work with investors or who are open minded. You just ask a few questions and you will find out where they stand. Tell your RE you need 2 0r 3 exit strategies, educate yourself on them, examples inspections, financing, closing date, access to property, addendums,counter offers ect. Remember you have control over who you hire. Fake it till you make it. If the RE agent is not putting your needs first, it could be they just don't know, thier lazy or are stuck in thier ways. If you interview them well and listen and watch how they work you will find out if they are investor friendly. Keep in mind the contract is a starting point. and negotiate,negotiate,negotiate. GOOD Luck D.

Thanks for that tip disanch. I will look into that. Well guys the deal is not over yet. I sent an email to the listing agent and told him what my lawyer said. He said that we can change the name on the contract to who ever its going to be. We only need a to come up with a name to put on the deed. This deal is possible since on the title part of the contract it has my name and or assign. Trust me guys this is not the route to go. Make sure you put your name and or assign on the offer. Well after I learned that from the realtor I called one of my investors who can make stuff work fast. I told her that if she helps me sell this house I will give her half of the profits. This was around 12pm that I talked to her since I'm really worried about loseing my deposit. Not even 2 minutes later she called me saying that one of her investors well go by today to look at the property and see if he wants it. I should know something by today or tomorrow she said. If this deal does happen even after splitting half with her I will net $3000 from this deal. Not bad considering I only have $500 invested in this house.

If you have a buyer interested and the seller is refusing to change the contract to and/or assigns, you could keep the contract as is and do a double closing with the end buyer. Its a thought...

Rae

Well guys. I pulled out of the contract. I told my agent that the repairs to the room that I was worried about cause of mold issue could be alot higher since I believed that the walls and ceilings had to be gutted out. I told him that my partner would actually pay 13K for the house if the owner accepts. He told me that the owner wouldn't take it. Well today I got an email from my agent saying that the owner wants a copy of the repair estimates to see why we offered the 13K and that he would actually think about it. I told my investor and we actually went inside the house with my agent to view it and my investor actually offered 14K for the house. I actually couldn't believe that the owner would actually consider that low of offer. Guys if this deal goes thru we would be buying a house for 14K and the house after repairs is 75K-80K. Dean was right on what he teaches. It is possible to get houses really cheap in this market. I will keep ya'll posted on this deal.

keep us informed as we all want to know how this comes out. It just might go through, I think the seller has become some what interested if he ask for a statement as proof of what it would cost to do some repairs on the place and this is why the offer is low but then he knows also what kind of work has to be done and what this would cost to get done and not have to look for the contractor himself in getting an estimate as he will have one to go by. You have gotten his attention now though and this is what you need to make this deal happen and it could happen too so keep us informed on this one.

shawn

Hi Eddie and good luck on your deal....i'm so glad you posted assignment deals are legal in our state (i'm in Julian, 15 min. from Greensboro). I talked to 8 Realtors and they told me they were not legal, so i started looking for other sources of funding, hard money, transactional funding and private money.
Thanks to you, i can do a 360 and go back to getting that 1st one. I think they are much easier to do and less complicated....again thanks for the post and if you ever want to partner on a deal, let me know.