All Forum Posts by: Regina L.

Hi,
I have a friend/real estate agent with clients looking for a property in a part of the state that I'm familiar with (and the agent is not).

I'm not sure how to structure the arrangement with the buyers so that I legally get my fee-for-services. I've done contract assignments before, but that was with investors who purchased all-cash/hard money. These new buyers will get a mortgage for the purchases (2 2-family properties and they will live in one unit and rent the other). Likely they need most of their cash funds for the down payment on the loan, so to have them write a check for my $10k fee could be a stretch. I also thought about structuring the purchase offer as a joint purchase and they the buyers buy me out of my interest in the property (but that seems more complicated than it needs to be).

They are pre-approved for up to $250,000 per property. Can I structure the deal this way:
* Property market value: $300k;
* I negotiate and sign contract with seller for $240k;
* I have signed contract with buyer for $250k, with addendum that explains $240k for property and $10k for contract assignment;
* Buyer completes mortgage process using contract with addendum;
* At closing seller gets $240k minus Realtor commissions etc, I get $10k, and buyer gets property.

Would that scenario work?

THANKS!

Hi,

How is the wholesaling market in Detroit? An associate (out of state) is looking to sell his newly-acquired HUD repo.

Is there much of a market for resell to invsetors/rehabbers? Or should we focus on 203k-loan residential buyers?

Looking for ways to move this house.

Thanks.

Hello,
We are wholesalers trying our hand at flipping notes. We have identified potential properties. Now working on the numbers: how much to offer the bank. Then we will likely assign the contract for a flat fee for a quick turnaround. We are not sure as to what form or contract to use when making the offer to the bank. Any suggestions would be appreciated.