All Forum Posts by: Michael Juve

Can you wholesale with a property that is listed with a realtor? I was looking on realtor.com and found some on the surface looked decent by the numbers ,arounnd 50% of the estimated property value. Now I am sure there is a reason why they are so cheap but if the numbers look good enough for an investor looking to rehab or whatever the case may be I might try and jump on them.

So I was wondering if I would be able to wholesale those properties?

I can't carry a gun with me. But if I piss someone off and they know where to find me there are things around here that go bang in the night.

But I'm nto getting into rentals so I won't worry about that. :wink:

I have most of the details worked out as to what I'm going to do. But there is one thing that keeps getting me. How do most of you guys approach home owners that are in foreclosure? I tried letters but I stopped when I realized I couldn't do anything to begin with ,I was only 17 at the time.

Assuming it ever gets that far I am just confused at wha to say to the owner. Any help is appreciated.

Oh and one more question. It is all right to just assign a contract if the owner is in pre foreclosure isn't it?

Well that is one contract down.

Any suggestions for writing up a standard buying contract?

I had forgotten that I had an assignment contract saved onto my computer. I will copy and paste it in this message. What I am struggling with is to write up the contract to initiate with the original owner of the property. Are double closings a specefic type of contract or are they just two seperate contracts and two seperate transactions?

ASSIGNMENT OF REAL ESTATE PURCHASE AND SALE AGREEMENT

THIS ASSIGNMENT is made this _____ day of __________, 20___ by __________
("Assignor") to __________ ("Assignee").

W I T N E S S E T H :

WHEREAS, Assignor has entered into a certain Real Estate Purchase and
Sale Agreement with __________ as "Seller" and Assignor as "Buyer" which
Agreement was executed on __________, by said Assignor and on __________,
by said Seller for the purchase and sale of certain real property being,
lying and situate in _____County, __________, and more particularly
described in said Agreement, copy of said Agreement being attached hereto as Exhibit "A"; and,

WHEREAS, Assignor desires to assign, transfer, sell and convey to
Assignee all of Assignor's right, title and interest in, to and under
said Real Estate Purchase and Sale Agreement; and,

WHEREAS, Assignee is desirous of receiving all of Assignor's right, title
andinterest in, to and under said Real Estate Purchase and Sale
Agreement;

NOW, THEREFORE, for and in consideration of the sum of _________ Dollars
($___.00) and other good and valuable considerations, the receipt and
sufficiency ofwhich are hereby acknowledged, Assignor has assigned,
transferred, sold and conveyed and by these presents does hereby assign,
transfer, sell and convey unto Assignee all of Assignor's right, title
and interest in, to and under said Real Estate Purchase and Sale
Agreement. Assignee hereby assumes all of Assignor's duties and
obligations under said Real Estate Purchase and Sale Agreement. This
Assignment shall be binding upon Assignor and shall inure to the benefit
of Assignee and its successors, heirs and assigns.

IN WITNESS WHEREOF this Assignment has been signed, sealed and delivered
by Assignor and Assignee as of the day and year first above written.

Witnesses:

"Assignor" __________

"Assignee" __________

This seems like a solid contract for assigning. But I figured I would bring it to the people that have done this sort of thing.

I was wondering if any of you guys could help me out. I'm looking for some tips on how to type up a contract for a double closing, and possibly assigning a contract.

Do you guys know any good websites that have these contracts, or if you guys have any. Then of course I would modify it to fit whatever the sitatuion was.

Any help is appreciated. :D

Thanks for the info.

I am serious about this stuff but I just don't have the cash behind me to be able to buy something outright and then try to sell it right now.

When dealing with a bank owned property can you exercise an option to purchase type contract and simply assign it to someone else for a specefied fee?

Or is there a different set of rules when it comes to a bank owned property? Are they willing to negotiate like the average person might be willing too? Or are they stuck at a price and that is that?

I'll just use the example of something I found in my area. The approximate market value is $318,000 and it is listed for $198,000. The comparable sales I also found are in that general area too. Just for conversation sake would I be able to get that under contract for say $180,000 or so and then assign it to someone for a fee of $5-10k, or do an outright double closing for $190,000 or so?

I am inching torwards that first real call on a deal. It seems I was getting myself so worked up over it but now that I am actually seriously getting close to that point instead of just toying with the notion I am starting to mellow out.

Once again I am new at this and any help is appreciated. :wink:

Do any of you guys with experience in options have any suggestions about how to approach home owners, and how to explain the situation to a potential buyer?

Well I have no intention of stopping unless it's been proven that I can make $0. :D

I hope it works out that way will I not only have some money in my pocket, I can also give a big middle finger to all the people that said I wouldn't make it.