Just Want To Be Clear About Flips
These are a few questions I have about flipping. Anyone who can clear these up for me would be greatly appreciated.
I am starting out assigning contracts to other buyers.
1. When assigning the contract, what do I do if or when the potential buyer wants to come and look at the property? How do I explain that to the homeowner?
2. Do I let the owner know up front that I plan to "flip" the property?
3. At settlement, how do I get paid after I assign the contract?
4. When flipping the contract, who picks the settlement company to deal with? Do I or does the buyer?
5. When negotiating the fee to charge the buyer, do I let him/her know what I've agreed to pay for the property first, or do I just give a fee and we negotiate from there?
6. Who contacts the foreclosing attorney to let him know the fees will be paid? Is he present at the settlement?
7. When dealing with a homeowner who is about to lose their home to foreclosure, I plan to offer them a certain amount of money for incentive, this will be in the contract. My question is, who pays that fee? Myself or the person I assign the contract to?
Thanks guys, I know it's a lot, I'm just trying to make sure I understand everything.
Dee
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