How do i go about a contract assignment if the home seller has a realtor?

[PradaP]

How do i go about a contract assignment if the home seller has a realtor what are the steps because im kind of confused?

Thanks

[tampasteph]

If it's not a bank owned property then you can just put and/or assigns after your name on the contract and then assign it to your buyer.

Also, I think that if the contract doesn't specifically state that it is NOT assignable, then you can assign it, so you wouldn't even have to add the and/or assigns.  Someone correct me if I'm wrong about that, but that's what I've been lead to believe. 

Steph

[PradaP]

tx for the timely response, 

[slewi]

Doesn't the realtor already have the property under contract?

[PradaP]

im pretty sure they have a contract to help sell not buy, so i was wondering if I get the contract on the property do i go therw the owner of the property or the realtor? i have my own real estate conract will the realtor use  mines or his but i have a clause in mine saying what would be his percentage at closing? and last but not least what if the bank owns the property how would that assignment deal go?

[TVREA]

Assignment clauses are not that typical when a seller is using a realtor, however it is possible.  You would just need to make an addendum to the contrat and add it there.  Its better to do it then not to becauce once a buyer finds out you are selling it for more than they are selling to you for they might try to get out of the contract.

[PradaP]

tx for the advice but what happends when the property is owned by the bank and there is not realtor so how would that assignment go?

[tampasteph]

Most bank owned properties are listed w realtors, and they will not let you assign them.

You have to do a double close instead. 

This topic has been discussed on this forum many times at length- do a search and you will find plenty of info..

Steph

[PradaP]

Oh ok, thank you very much for you response it was very helpfull for me thank you. I have a another question how much equity does a property need to have enogh so it could be a good wholesale or assignment deal?

[Lamar]

Anlong with what Steph said,

You also want to make sure you protect yourself. If you're not licensed, then they may accuse you of acting as an agent. Not to worry, just get some type of disclosure that states you are not representing the seller or the buyer, and your intent in the transaction. I've seen various names for this type of form. The ones I have used are Sales Checklist, Sales Disclosure and/or Affidavit. Some key lines you'll see in this form, that the seller and buyer need to intial off on are:


We understand that_______________ is not a licensed real estate agent.
W eunderstand that_______________is not representing either Buyer or Seller in thistransaction.
We understand that_______________has assigned his/her right to purchase the property to Buyer.
We understand that_______________ intends to makea financial gain in this transaction.

and more...

I get this type of form initialed and signed by both the seller and buyer on all my deals. It won't hurt you, by having this form, but it may hurt you if you don't.

Disclaimer: I am in no way shape a form an attorney, nor am I offering any type of legal advice. The information I gave you is from my own experience. I am in no way shape or form guaranteeing you that all will be perfect with the information I gave you. Please speak to your attorney for further scrutiny...

Ok, I think that covers my butt. lol

Good luck on your deal.

-Lamar

[PradaP]

Lamar i just want to say thank you for you most respected and informative reply. i have one lil question in the fill in lines you gave me does my name go in their or the buyer and seller?

Thanks a lot

[Lamar]

Your name goes there. The buyer and seller need to initial next to each line, acknowleding each line.

[PradaP]

Well i want to say thank you because you gave me another safety blanket to get under when things get crazy i will re-type mines and put that in there. i thought by just saying and or assigns by my name and having a clause saying I pradap may not be end buyer of this property. The right wording on a contract will save your butt    , i wonder sometimes what will be a good min and max to make on each assignment deal?

[PradaP]

i have drove around town for dollars and found 70 homes vacant or FSBO.
 i want to know what is the cheapest way to get comps on the homes i found? and find out how to get the info of the owners of the vacant homes, i try to search the tax records but it said what is the owners name and idk that is what im trying to find out.
I need some people.

Thanks

[herbster]

I don't know how things are where you live but where I'm at I can search tax records by name, address or parcel no.
I dive into township records and look for bs&asoftware in Mi.
Some townships call parcel and land search, others call it equalizer data base etc.
Hope that helps. herbster
PS visit your county clerks office.