I am a newbie in Dallas, TX. I am in a situation where I am currently the renter in a house and the owner has said they want to sell it. They have said they would like to sell the house to me and have not actively marketed it yet. The property manager is the listing agent.
I have written an assignable sales contract with a right of first refusal, such that if my offer is not accepted, I would have the opportunity to match any other offer that the seller is considering accepting. I would like to assign the contract for a fee, but I have little experience.
(I have not presented the contract to the listing agent.)
I believe I have identified someone else who wants to purchase the property. My question is: Do you think it would be a reasonable arrangement for me to partner with a broker I know and agree with him that if my buyer can execute the contract on my current rental, (with said broker handling the sales process.) Then he would take a 1 1/2 % sales commission and I would receive a 1 1/2 % assignment fee? In other words, we would split the sales commission.
Also, there is the possibility that I could instead assign the contract to one of the broker’s buyers, since he knows investors that I don’t know. How should I arrange this to make it work?
No need to get the broker involved if they didn’t bring you the deal. You will be taking money out of your pocket and putting money in theirs for no reason.
There is a lot involved in that post, Ross. But, my thinking is along the same lines as what mrflippa said… don’t make it more complicated than it needs to be.
If you have a buyer, and your contract with the seller is assignable, assign it. I’d assign it for $0. Then, attach an invoice to the assignment contract for an acquisition fee for your profit. At closing, the seller will only see the $0 assignment, not the invoice. And, once closed, the title company will cut you a check for the invoice.
Present the buyer as your friend, partner, whatever.