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The named buyer on the contract will generally be the only one allowed to close, as the approval letter from the shorted lender is almost always buyer specific(Ocwen is sometimes an exception). "Changing buyer" is the same thing as assigning.
First question is, should I have the investor sign somthing stopping him from submitting an offer himself on the property as I will be providing him with pictures and details (and perhaps even a tour) of the property to make sure he is def interested prior to submitting an offer myself?
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Second question is, is there some kind of contract that should be used that would declare my wholesale fee, Nike Sweatpants Blue
Anyone ever do anything like this??
Edited Jul 8 2014, 02:38 by Joseph Zanazan
So I recently came across a great property but its a short sale and in speaking with the bank, they dont allow assignments. I know that I can do a double close or purchase in a trust or somthing of that sort, but I was trying to avoid all that. So I went to an investor that Ive worked with before and explained the situation and asked if I put in the deposit for the property and submitted an offer that was accepted, would he be willing to just pay the wholesale fee and just close on the property without me actually ever being involved and he was okay with this.
Short Sale Finders Fee Contract
Getting a fee for this is the same as working as an agent, and you'd be violating state licensing laws, and it would therefore be an unenforceable agreement. Many banks no longer allow land trusts to be the buyer, to prevent exactly what you're trying to do, but generally allow LLC's which you could do the same thing with, if the buyer agrees. I know that I can do a double close or purchase in a trust or somthing of that sort, but I was trying to avoid all that. So I went to an investor that Ive worked with before and explained the situation and asked if I put in the deposit for the property and submitted an offer that was accepted, would he be willing to just pay the wholesale fee and just close on the property without me actually ever being involved and he was okay with this. You found a deal, and now you need to find the appropriate buyer that is willing to pay you more than what you paid or have it locked in for. Remember the name of the game is to always try andget the property under contract. On the sales where there is equity involved, you're going to have to interact with the seller yourself. Once you have the basic formula down, its easy to rely on your instincts and sniff out the type transaction that is probably going to take place. Banks create guidelines and overlays that helpinterpret thesetypes of transactions that come through their pipeline in hundreds ofthousands. Not allowing an assignment is their method of informing you that they're not investor friendly. Just like everything else when it comes to Real Estate and Financing, the rewarded are usuallythe creative ones. These overlaysprobablywon't stop you from getting the deal done anyway. Just keep in mind that the short sale negotiator that works for the bank, has a pay structure that is completely detachedfrom theprofit metrics. The negotiator doesnt get paid more or less if they save or squander an extra dollar. Their objection like yours is to get the deal closed because that unit he or she is receiving credit for is getting them one step closer to their coveted bonus. Understanding that mentality from the get go, will give you a great prospective on how to approach these short sale deals. As a shortsale negotiator I've probably interacted with well over 300 different listing/negotiating agents and attorneys and their offers'. Ive seen some pretty creative stuff that wasn't illegal and ended up closing legitimately anyway because of the creativity.
So the objective isto protect yourself because obviously your earnings are on the line. Ifyou're just a buyer at this point your options and role in this transaction would be completely different than if you were the licensed agent. You can't earn anything for a service you provided because that service hasn't been sponsored or insured. Unfortunately a regulatory body doesn't exist that has licensed you and iswilling enforce any regulations for or against thoseunaccountable earnings.
The dynamic to be aware of would be if you've never dealt with this investor or buyer before, maybe this type of a transaction wouldn't exactly be the best test drive you need to really establish a business relationship. Again, only you know how much credibility this investor has established in your eyes and ultimately it is your decision. You would ultimately be paid to assign the investor as the primary agent forthe LLC. How you get paid will rely on your creativity. Know your risks Nike Socks Red so you can make the best decision.
approval nor will theylet you switch buyers last minute. You should always be proactive and attach the Articles of Incorporation with any LLC offers. The proactive attitude will please your negotiator because now they don't have to ask you for it. The AOI is reviewed and theapproval is granted based on all the documentation provided to the negotiator. At that point all you gotta do isadd the investor onto the LLC as a partner. This procedure shouldn't raise any red flags Nike Down Jacket Grey
Lets look at what you can andcan't do at this point because it seems like you aren't licensed and its important to understand how you fit into all this. It does really at the end of the day boil down to how close you and this investorreally are, and how great of a relationship you have with the listing agent. So suppose you're the buyer, which is what it sound like, andthe negotiator won't let you assign this Nike Sweater Dress
even with the most acute of negotiators because technically there isn't anything illegal about it.
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ensure he pays the fee, and allow him to take over my offer to the bank? (I dont know if the take over my bid part is necesary as I believe anyone can close regardless of who actually submitted the offer to the bank)
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