How Often To Submit Offer
Hello all,
Just wondering how long you wait before submitting a follow up offer on the same bank owned properties listed on the MLS. My realtor is comfortable submitting offers weekly on the same property. I was thinking more like every month. Thanks.
Marty
Frank
Could you not have the fees in the assignment contract for the 100k. Or is it possible for you to do the 300k deal yourself. Maybe with hard money lender if nesseccary?
Karon
The realtor does not know what he is talking about. The way to clarify is to do an assignment agreement with your buyer. Your agrrement will clarify that you are assigning the right to buy the property and the difference is your profit.
Find a title company that understands the closing of an assignment and open escrow with both the original purchase and sale agreement and your assignment agreement.
Good Luck.
Once again the agent is correct. You need to remember that you are assigning the contract. All that is happening is the new buyer is stepping into your shoes. Try and not make it complicated. everything stays the same. If the new buyer is not accepting the terms of the original contract then you can not assign that particular contract. It is very simple!
Anything in excess of the sales price in the original contract is your fee and has nothing to do with the sale price that seller ageed to. With that much profit built in you would have been better doing a simultaneous close.
If the home is indeed worth $410k then this is all the lender needs to lend your buyer the funds, granted that the buyer qualifies in all other aspects of the lending process. Your buyer can get a loan based on the value of the home, not the sales price of the home.[ Edited by Khouri on Date 02/15/2005 ]
The lender will have an appraisal done. If the house is worth more than the selling price, the lender should not have a problem making the loan even if it is above the selling price. It might be 80, 90, 100% LTV depending on the loan program.
Rob
CONTRACT that is.