Wholesaling
Im finding many deals out there, more than I WANT to handle. Ive been considering wholesaling but Im working with a Realtor and mostly REO bank owned properties.
The contract used by the Realtor wont allow assignment of the contract but from my research I understnd that I can actually ,legally, morally SELL my CONTRACT to another Investor.
Can anyone tell me the specifics of this process and what to watch out for etc, etc.
Thanks LOADS for your time...
Ray..
Hey thanks panic for the great info. I beleive I can make it work. Sorry Im late in responding ...been busy. thanks again.
Ray...
Purchaser: "(insert your name here), heirs and assigns"
I use this language on all agreements because I never know which company I will use to ultimately take title. From date of acceptance I always have 30 days or so to consult partners, lawyers and accountants to decide how to take title. That or similar language should allow you guys/gals the do assignments to sell the deal relatively easily. I am a builder/developer and would find a new agent if they had a problem with that. Maybe things are different in you part of the world....
good luck
elove782000,
Glad to meet you.
Actually an Auctioneer charges a Buyers Premium which is paid by the buyer above the final bid price. This premium is added to the final bid price in other words.
This percentile figure can range from 5% to %10 percent depending on what the Auctioneers fee is for doing the auction and they will take into consideration what your needs are in the final outcome of the auction.
So in the example you gave if the final bid was the reserve price then you make money and the auctioneer makes money. You would pay for the marketing however you would pay that no matter how you sold the property.
A good auctioneer will not waste their time if they do not feel the property will sell at the right price, they will walk away. Another plus is that within a very short period of time you will have your money versus waiting in the long line of time it takes to normally sell a property the conventional way.
It is a judgement call on your part and yes I use the auction method with a professional auctioneer doing the auction.
John $Cash$ Locke
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