Flipping Confusion??

1. if i sign a purchase contract with a seller/real estate agent combo with the intent to flip to an investor or a wannabe homeowner do i have to pay a commission to the agent or i pay a commision only if i sell to a wannabe homeowner???

2. do i have to qualify for the home or just put up earnest money and a contingency for the right to assign to an investor or a new homeowner??? confused confused

thanks in advance

amy
(have read flipping properties by bronchick but still kind of confused help)

Comments(4)

  • jo2022nd August, 2003

    Hi, from what I understand YOU as a buyer would not pay a commission either way, the commission is paid by the seller. As for your second ? just the earnest $, But remember be prepared for any contigency. What if it takes longer to find buyer? If it is not making you $ it is costing you $. Have a plan.
    Best Advice: Read the Articles and new and old posts they are INVALUABLE!!

  • amynewbie22nd August, 2003

    but once i sign the purchase contract with the itent to flip dont i become the seller to the investor or the homeowner?? there for must pay the commision to an agent if there is one.

  • jo2023rd August, 2003

    [quote]
    On 2003-08-22 19:37, amynewbie wrote:
    but once i sign the purchase contract with the itent to flip dont i become the seller to the investor or the homeowner?? there for must pay the commision to an agent if there is one.
    [/quote] No because the contract is with original owner and the agent. once it is yours you can sell to who you want and unless YOU have a contract with an agent to sell for you there is no commission.

  • amynewbie23rd August, 2003

    got it

    thanks

    amy

Add Comment

Login To Comment