OfflineIm getting closer to my first deal, have my sellers list up to 60. Im having problems seeing in my head that a potential buyer would pay $ 15,000.00 or more to assume my position in a contract. I was thinking what if I lock the property up least as possible, tell the seller that my commission will be the difference between that and what a buyer offers....Bring my buyers by and have them make offers to me. Now I can see making a nice profit here !
Advice Please ???
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You can try that, anything is negotiable, and if they desperate enough to sell quickly, theyll do it...
RJB
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the only problem you might run into with that is having your buyers have contact with the seller. If you have a contract with a seller for 30 day, thats great, then you really might not have anything to worry about. Then that is just the local buyers that can only come buy and look at the property. Your contracted price with the seller should be far enough below market value, for you to be able to negotiate with your end buyer for a reasonable fee. and if not move on. at the end of it, if you don't have a buyer, and your asking $15k, you can try asking for $10k. Thats just my opinion. Don't be greedy ( i'm not saying that you are), and miss your chance to build a solid fondation with one of your buyers. If the deal makes sense, that end buyer will see that it makes money.
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Get the property under contract with the contingency that the contract is void if you do not have financing in 30 days or something along those lines. Now you have control of the property. You got it at a very good price right. All your research has shown this to be a great deal right?
Assign this contract to your buyer for whatever you can get. It does not have to be $15,000!!! You could take as little as $1000! Just depends on the deal. Don't get some number like $15,000 stuck in your head. If you can get $15,000 that's great! But wouldn't you take $1,000 to get the deal done and move on to the next? If that is how the numbers worked on that deal?
If you provide a GREAT deal your buyer should not care what you make! The trick is providing what is ACTUALLY a GREAT deal.
Michael Mangham
MD Home Acquisitions LLC
http://www.mdhomeacquisitions.com Seller site
http://mdhomea.com Seller site
http://www.mdhacq.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquiswitionshousehunter.com Bird dog, Door knocker site
http://www.mdtfcam.com Transactional funds site
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http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Darren,
Don't think of it as a commission because it's NOT. Agents get commissions for selling a person's house for them. Selling someone's house for them and getting compensated for it without a real estate license is illegal.
What YOU are doing is getting the house under contract yourself and assigning your equitable title (i.e. your rights) in the contract, to an end buyer for an ASSIGNMENT FEE.
The misuse of terms has caused a lot of confusion, that's the only reason I point it out to you.
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
Thanks for all your advice..... I guess I will wiggle my way through and learn as I go. Good Luck to All