All Forum Posts by: Mike Cumbie

Congratulations on your license!

Really depends on your clientele. Most of mine are from networking so they know me as I am. If I was fishing for the high end houses and people not in my "Social circles" I may be more concerned. Not to mention that tattoos aren't as taboo anymore. It use to only be bikers, artists and military. Now even very conservative people have their kids names on them somewhere. 

Should I buy chocolates is like asking:

Should I watch a sunset?

Should I enjoy the laughter of children?

Should I watch puppies wrestle?

Should I gaze upon the Grand Canyon?

The answers are always YES!

@Corey Kenney

If you are new I am guessing there is some miscommunication on terminology. REALTOR is a term that means you have membership in the National Association of REALTORS. In order to be a member you have to have passed your state licensing requirements and hung your license under a broker who oversees your transactions. You also must agree to abide by a set of articles and pay membership dues. 

If you have passed your state licensing requirements one of the most important things they teach is your states Disclosure laws pertaining to the property as well as the responsibilities of the agent. Some comments are based on the fact you are a licensed member of NAR (and they have certain expectations of your abilities) If you are not and just kind of saying "I'm acting as my own agent" that will be a completely different ball of wax. Like a ASE certified and licensed Brake mechanic saying "What's a caliper" is way different than an average person at home saying "What's a caliper".

This is why a seller should almost never allow "Prepossession". There is always a leak because something sat too long. There is always a new squirrels nest or someone hates a color of carpet now that they see it without the pictures on the wall. 

The buyer now lives in this house and can choose not to close. Guessing they can't be evicted either now due to Covid. So @Leslie Crosten you really kind of have the power here. Now if you signed off on final walkthrough it may be a whole lot tougher. 

@Jonathan Hasan

"If you could, would you be willing to tell me why they would say that? Maybe its obvious to you but I am a beginner in this field.

Thanks in advance"

Of course! Sorry it took so long, busy as can be around here. 

An assignable contract that can be sold, leaves the seller in a position where they may have a buyer that can't perform. Imagine you are selling a car. Say a running 1998 Pontiac Grand Am. It runs, newer tires, lights all work, worth $1000. I show up, give you proof of funds with $80K in a bank account. Get you to agree to a sales price of $800 assignable. But I need to pick it up in 8 days, because I am traveling or my dad's sick or my partner isn't in town. I give you a $50 "deposit" on it. 

You think I am a bona fide buyer. It's a done deal. I then head to the local high school and sell my contract for $100 to a senior without a job or drivers license. I made $50 and they can't afford to pick it up from you. Would you have sold it for $800 and waited 8 days if the second buyer knocked on your door first, or kept marketing it and sold it to the next person? Sadly even if you hear I sold the contract, you have to wait 8 days for him to fail now. You can't accept another $800 deal or $1,000 or $650 because you just want it gone. This second buyer you never met has your car locked up and you have to wait until they fail.

That's why most agents won't accept an assignable contract. 

Wholesaling is a viable technique, contract assigning is a viable technique. However trying to do either with MLS properties, is kind of a waste. When a property hits the MLS, it usually goes to all agents (and the clients with a feed), Zillow, Trulia, every agency website and even Google picks it up as for sale. Thinking you will get it under contract and then offer it to a small list of people secretly and they won't take the time to look it up, IMO isn't a viable strategy. My recommendation is find the off market stuff and work with that. All MLS properties are "On market" which means everyone knows they are for sale.

Hope it helps and good luck in your business!

Depends on the agreement between brokerage and agent.

If its on the MLS its not worth trying to wholesale. No agent will recommend that their seller accepts an "assignable contract"

Assuming this has closed, stop responding to anything. You don't have to defend yourself in text messages.... and most likely shouldn't. The only person you should talk to is your attorney. The buyer has to bring suit to you. The place to defend yourself is court. Dont proactively defend yourself, there is no reason. The buyer can lie all they want, let them, just looks better for you if it goes to court.

Now if you still hold title and they haven't paid for it, thats a completely different animal. 

good luck!

@Rojo Lewis

Your contracts will dictate (and local law/regulations). But If you offer the payoff to her or them, it doesn't mean you have the house. It means "She no longer owes them for their interest in the property". If you pay them off (and contracts are all tight) you can take over their position and now have a person who hasn't paid in 3 years now owing you instead of the bank. You may end up starting where they left off.

Sometimes cut and run is cheaper.

DISCLAIMER: Not legal or legal advice, just the mindless ramblings of some dolt on the internet. 

@Rojo Lewis

You said "I had her sign some contracts"... What is in those matters a lot.

Also for what it's worth. She didn't pay a mortgage in 3 years. Banks with floors of lawyers haven't taken it from her. I suppose they tried, but you stopped it. They aren't pointing at her anymore. You can fight for your "Interest and work performed" but you are not fighting her, you are fighting the people that you jumped in front of to save her. They have a first position lien on that property that includes whatever you did. You can either fight for your standing or pay them off. Possibly try and get it cheap at auction, but you have to have the cash to outbid them.

Just my ramblings and hope you find a better solution.