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Contract Assignment 101: The Beginner’s Guide to Wholesaling Real Estate

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❶Working to find your end buyer can be daunting, but once you have a solid buyer, you can begin the process of closing the transaction.

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Also, its assignment summary page shows Complete next to the due date. For other kinds of assignments: See alternate instructions for completing Dynamic Study Module assignments or Learning Catalytics sessions. Are they upfront costs or a percentage of my commission after closing? Any seller will allow an inspection period you just have to inform them that you want know exactly what you are buying and to present them an offer.

Also getting a license is a good idea but focus on your marketing first, this will bring you closer to a deal. Ive been having trouble understanding the escrow part of this transaction.

I have little money to put down myself and thats why I want to in the first place do the assignment to make some cash to do more deals. In my understanding when you sign the initial contract with the motivated seller, you also have to put down a deposit of some sort for escrow to them to show you are serious and then you find the buyer. Are there ways around this like in your contract putting escrow to be paid by end buyer or would that not get you a contract at all.

This is my only dilemma in moving forward right now I have all other components in place. Ok ways around earnest money…. You can have the EM as low as you can possibly can. Remember everything is negotiable and use that as a tool to negotiate with.

Let me know if you need clarity, I can help you out. Then if they do bring up the EM I can negotiate what I can afford and if they want more either just stop the negotiations or could i put in the addendum of the contract that the buyer I assign the contract to will put a EM deposit in my place?

Ive talked to buyers learned the numbers game and all else just this part is baffling me. Thank you for your patience and advice Marcus! Thank you for all your insights. What have you found to be the most effective way to market the said property once you have it under contract? Adam, the best way is to have buyers list of creditable buyers you can market the property to. So many gurus try and tell you its good to have thousands of buyers but you will find that you only need a handful that close deals consistently with you.

If you do not have a buyers list, post the property on Craigslist…. Also you can get a free account with postlets. Finally you can contact a wholesaler in your area and joint venture on the deal and get it sold. By doing the latter it will give you a resource and can possibly start out to become a mentor for you. I am a witness to that. Hi Marcus, this is great information. We are very interested in starting to wholesale properties but wondered if there were any online courses you would recommend to further our education.

I hate to recommend courses because each one offers something a little different. Again, I am not affiliated with any guru and you purchase at your own risk but I believe if you start looking for a local mentor and educating yourself as you already are you will be able to enter your market.

Just starting to market more with an aim of adding wholesaling to my current buy and hold and rehab business. This article is great. Very good general outline of wholesaling. Thanks so much for writing this article! Thanks for reading, you are exactly right the principles are simple but you have to be able to hold yourself accountable and push through adversity.

Again thanks for reading. Also how do I go about finding a buyer once If I get it under contract and what is the best contract to use?

Marcus enjoyed your article. Your responses to questions were with patience and pure honesty. Looked forward to reading more of your postings. I believe a lot there is a ton of good content in the comments as well. How to you start finding Motivated sellers and investors. Who make the contract? Can someone please tell me how to get start with ths wholesaling and what I need to do before starting wholesaling.

Great question Shak; the best way to find motivated sellers is through direct mail, if you read the article below it will explain the best way to get started. You mentioned a double close…. We have the seller and a buyer. Is this where a double close comes in? How does that work? Appreciate the article — you are the first one i read that mentions a double close!

You are exactly right when doing a double closing everything will be confidential, however you have to pay 2 sets of closing cost. We normally only double close transactions that are over 10k unless we have done numerous deals with the buyer. Even then we may still double close so the seller does not know the fee we are making on the transaction.

The double close is where the buyer wire in the funds for the B to C you and the buyer transaction and then the title company or attorney depending on your state will then use those funds to close the A to B transaction you and the seller , and you keep the spread. In some states and some title companies will not do double closings.

If that is the case then you can seek transitional funding. Transitional funding is where you will get a lender hard money or transnational to fund the deal between the A to B transaction you and the seller, for a fee of course and then you immediately close the B-C transaction with your buyer, and the lender is paid out of those proceeds.

The transnational funding is just what it means; funding only for the transaction, so its temporary funds. So in essence you will have 2 closings on the same day in both cases. Hope this helps and let me know if you have any other questions. Hello Marcus, Thanks for all the information and answering all the people who have posted. My question is concerning the contract. First, the assignment contract between me and the person that I found that is wanting to sell or assign their house to me for a particular price.

Do you have an example of how that looks. Second, the contract that would be between me and the buyer. Do you have an example of that contract that you can lead me to. I found something on BP but am not sure if that is what I will need. Of course, I will screen it through an attorney but I just wanted to see how this looks so that I can get a better understanding.

So, if you can refer me to or post an example of both, it would probably benefit everyone. First off thanks for reading and getting started. Inbox me and I will be able to provide you with both. I still highly suggest they are review by an attorney in TX but laws are different from state to state. So sorry for the delay if you go to equityrealestateblog. The home is in very good condition however ever it is very outdated. We entertained the idea of immediately listing it on the market without doing updates which lead me to wholesaling…Could you offer any advice or recommendations as to what steps I should take from this point?

I would not advise you to do the flip especially if its not within your area. Before jving I would put it on craigslist or zillow to see if you can sell it outright first.

This will be challenging if you do not have anyone in that area to show the property. Again this is where joint venturing comes in handy. I hope this helps, get it under contract and worry about find the buyer after step one is complete. I am a newbie with no real estate experience but i would like to start wholesaling houses and apartments. Were should I start? I was thinking about bird dogging starting out. Is that a good Idea? Last question, how can i find a good real estate mentor?

Here is an article I wrote some time ago but the content is still relevant….. It speaks on bird-dogging. Read it and it should answer some of your questions. If you still need help let me know. Who pays for the inspection normally?

Great questions Paul, this inspection period is not a formal inspection where you have an inspector to come out. There is a great book on estimating repair cost here on BP. During this time you market the property to your buyers list to see if there is any interest.

You do not have to pay for a formal inspection. Hello Marcus, I read some of your articles including the one about newbies. However, I am still stuck. Do I just get the all the papers and begin looking for a property? You are talking a lot about taking actions and getting necessary experience, but how to feel this edge where I can say I am ready to start?

It is still unclear to me. Maybe you could refer me to some more material such as articles. Sorry for the slow response, here are a few things you can do: Learn how to comp properties 2. Learn the basic wholesale mathematics: Call craigslist listings or For-Sale-Buy-Owner listings and call those sellers and work on your approach 4.

Call those listings back and make an offer. Try that, I will also send you a link to a great book about getting started later on this week.

Please make sure you remind me. Great article Marcus, just a quick question. Its always good to have an attorney review your contract. Each state has different laws and for your protection it is good to have the backing of an attorney.

You find one on the web and use it as a rubric to start from and then your attorney can modify it to your needs. Thank you so much for all the great advice!! Just reading this article along with the questions everyone has been asking and the excellent responds you have provided I truly believe I am able to give this a trying without the use of the training videos.

To piggy back off a question Bohdan Shumenko had asked, you mentioned you were send a link to a great book about getting started. Any chance you are able to provide that information? Thanks the article was helpful and the comments. I will send the link within the week. So sorry for the delay. Sorry for the delay in my response but if you go to equityrealestateblog. There is no selling everything is free. Let me know if you have any questions. Thank you for the awesome article Mr. I see a listing for a nice house under market value on an mls its a REO.

Who should I get in contact with about getting the house under contract for to resale? I know I have a lot of questions but can you help me please, thank you sir! It can be challenging to wholesale an REO property when your just getting started, also its hard to wholesale a listed property. I could answer these questions here but to get the in-depth information to answer these questions you can go to equityrealestateblog.

I have a free book there where it answers many questions regarding this topic and many others. I am interested in starting my own wholesaling adventure soon but i wanted to get some advice first ….. I am always an advocate for learning from someone who is experienced. I do believe having someone teach you can open many doors but I think since you are just getting started you should do all your research first so you will have some foundation.

In my blog equityrealestateblog. There is plenty of information to learn and you are doing the right thing by starting here with BP. Can someone explain more thoroughly the part after you get the house under contract. Does the contract assignment take place at the title company?

Also, What verbiage would one use on the sale agreement in order to assign the contract legally? Some detail in the response would be greatly appreciated. The videos go over the assignment contract, the process, the assignment agreement and other parts of the process.

I am interested in wholesaling assignments to build cash for more deals. I am doing my own yellow letters and I have enough to send out about a hundred every two weeks. I met a local wholesaler who does wholesaling in my town and the town next to mine and she was nice enough to send me the contract she uses.

She also is willing to do a joint venture if I find a deal. I feel fairly confident that with Craigslist Zillow other web sites and people that I have met that I could find a buyer. Can you give me some clarity on this or some peace of mind to help me move forward with this?

I do not want to let this minor speed bump stop me from everything that I have worked up to. Any feedback is greatly appreciated thank you so much. I know for some people this can be a question of ethics when wholesaling, but remember your objective is to help the seller out with a problem. What we do is inform the seller that we are willing to purchase the house with the approval of a partner this partner is your cash buyer.

If your partner the cash buyer disapprove of the terms of the contract you may cancel the contract as long as you are within your inspection period. I go more in-depth at equityrealestateblog. There are many media outlets to market a property such as zillow, postlets. If you have the property under contract you have equitable interest in that asset and because you have interest legally you can market the contract you have with the seller. So you are marketing the house but more importantly you are marketing the contract.

I hope I provided some clarity if not feel free to continue asking. Tonight I just happened to knock on the door of a couple who are going through a divorce and are in pre-foreclosure on their home. They are behind about 25k. I didnt even notice they had a sign in their yard from the listing agent. The couple was super nice and told me all about the house and was eager to see what I could offer.

I actually have only dealt with off-market sellers who do not have a listing agreement with an agent. Can they still do a contract with me even though they have a listing agreement? Does it depend on what type of listing agreement? I have heard of a NEO non-exclusive option but not fully sure the details of it. The sellers can still sign a contract with you but you are correct it depends on the type of listing agreement the sellers have with the Agent.

Exclusive right to sell listing: Agents get paid in this type of agreement only if they sell the property. No fee is earned if the owner alone sells the property. In this type of agreement, sellers have the right to use as many brokers as they want. This type of agreement may be illegal in your state. So I have question that seems off topic, but will help me out.

So two brokers who are partners decided to split. One of the broker goes and opens his own office and is assigned 50 percent of the listings. To answer your question in short: The listings are owned by the Brokerage and not the individual broker. Remember the listings are owned by the brokerage the business entity. Where do you go to get a contract assignment and how do you know it is legit? Any assignment of contract should disclose you can back out for any reason up to the contract date.

Contract assignmnet writing is a little bit hard and tough as it contains some legal writings and legal laws. Before signing a contract, we should read it thoroughly in order to get aware of the terms and conditions mentioned in it. After signing it, it cannot be changed. I purchased a property from a wholesaler I am guessing. It was part of an estate sale. We agreed on a price of , cash.

I gave him a 5, EMD check. Is his a normal practice to slip in a charge like this? The price you agreed upon was k, as the purchase price from the wholesaler. This is how the wholesaler get paid. This is normal and a traditional wholesale transaction.

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