All Forum Posts by: Hunter Horan

I am very excited to say I have a great lead on my first wholesale deal! I have met with a seller who is willing to sell me a vacant property that he owns at a great price. I am very confident I have a buyers list strong enough to get the house assigned very quickly. However, I am not sure what to do when it comes to the purchase agreement! I need to move fast to ensure he doesn't let the property go to someone else. Should my purchase agreement be short and to the point, or longer to make sure it covers everything?

@Account Closed ,

Im still very new to this, so thanks for being patient with my beginner questions.

What I am hoping to do with this property is to assign it. So the offer I would be submitting wouldn't technically be considered a "fair cash offer with no contingency of financing". It would be a fair cash offer based on the amount of work the property needs, but I would want an option to back out of the contract in the case that my buyers don't like the price agreed upon that way I don't get burned with a contract I can't purchase myself.

Thanks to all!

@Joe Gore and @Scott Costello : When I look at it from that perspective I can understand why it becomes an issue of ethics. However, I wasn't suggesting that I cut out the listing agents, I was just thinking if I could go directly to the owner I would stand a better chance of having my offer accepted. If I completed the deal, the listing agents would still get their cuts of course.

@Wayne Brooks: A lot of the buyers I work with are located out of area, so they aren't very likely to keep up with my areas MLS listings. They also wouldn't be able to work on a personal level to negotiate a deal on the property. So I guess that is why they would pay that extra few thousand $ to me.

To understand this question, you have to know a little background information.

I have been watching a property with two houses on it that has been for sale for quite some time, it is located just down the road from my house so I have been able to keep a pretty close eye on it. I went to look at this property a month or two ago. I found out it needs A LOT of work on the inside. Im talking sagging floors, possible water damage, and many other minor things that would probably add up to tens of thousands of dollars (thats being generous, because I don't have tons of experience so I couldn't guess very accurately). And that is just for the main house, the other "house" is a converted garage 2bd/1bath that would also need a lot of work.

I believe the house went under contract and that fell through because the for sale sign went down for a few weeks and then came back up.

The owner appears to be fairly motivated, although I haven't talked to her directly. Which brings me to my question! Can I submit a contract with a letter attached to the owner through the listing agent or will this get shot down? I have a strong buyers list that is interested in properties exactly like this one, so I am confident I could sell the house with an assignment.

Am I just dreaming big here? Or is there a possibility I could reach the owner through the agent explaining that I could sell their home quickly if they were willing to accept a lower price and an assignment contract?

To understand this question, you have to know a little background information.

I have been watching a property with two houses on it that has been for sale for quite some time, it is located just down the road from my house so I have been able to keep a pretty close eye on it. I went to look at this property a month or two ago. I found out it needs A LOT of work on the inside. Im talking sagging floors, possible water damage, and many other minor things that would probably add up to tens of thousands of dollars (thats being generous, because I don't have tons of experience so I couldn't guess very accurately). And that is just for the main house, the other "house" is a converted garage 2bd/1bath that would also need a lot of work.

I believe the house went under contract and that fell through because the for sale sign went down for a few weeks and then came back up.

The owner appears to be fairly motivated, although I haven't talked to her directly. Which brings me to my question! Can I submit a contract with a letter attached to the owner through the listing agent or will this get shot down? I have a strong buyers list that is interested in properties exactly like this one, so I am confident I could sell the house with an assignment.

Am I just dreaming big here? Or is there a possibility I could reach the owner through the agent explaining that I could sell their home quickly if they were willing to accept a lower price and an assignment contract?

Great tip! I haven't thought of that. Is there an expiration date on all listings? If so is it the same for all or is it a case to case type deal?

Is that mandatory for all deals, or is that something that can be worked around with a little persuasion?

Thank you all so much, you'r all incredibly helpful. One more question, is it possible to do assignments this way? I know it is more common to use FSBOs for assignments because it allows more negotiation. But if I can submit low offers through a real estate agent on a house that has been on the market a while, it seems like it may be possible to score a whole sale deal this way... correct me if Im wrong, Im still new to this!

Thanks again

My question is, is it legal for real estate agents to not turn your offer in to their client? If I want to put in a low offer on a house that needs a lot of work and has been on the market for a very long time, could the real estate agent not show the offer to the owner because it means they would be accepting a lower commision?