Eric Medemar Help Me With This

Bird Dogs, Wholesaling
1

When you add a buyer to your contract as far as I understand this will only require one closing.

Since the buyer has been added to the contract, the buyer will be closing with the bank for the price that I had with the bank.

My question is what documents do you use to state that the buyer owes you the difference of the agreed upon sale price with him to be paid at closing.

Example:

My price with Bank $26k

My price with the Buyer 33k

I add buyer to my contract with bank for $26k

Buyer owes me $7k

How is the $7k addressed? Do you tell the buyer to bring a check to closing for the difference? What documents will you use to state that legally?

I don’t see how you could do an assignment so what should be done.

2

OH man, come on. click his name and send a PM or his sites and email him.

3

We can even help you with that…

http://www.reiclub.com/forums/index.php?action=profile;u=17740

Keith

4

you do a a quit claim in exchange for the 7k fee…it should say like this…This quit claim is made by YOUR NAME in exchange for a 7k fee, whom PARTNER will pay.

Disclaimer: MY GRAMMARS ARE WRONG…hahaha…GO TO A ATTORNEY…

5

sign quit claim b4 closing with the seller…and get your fee after you sign it…you don’t want your buyer-partner to screw you…

6

Generally your going to be doing this with cash buyers so the day that you add them to the contract is the day you collect your fee…

If the buyer does not have money then you will have to do an IOU outside of closing just as you would for anything else.

On a couple of these deals that I have done and the buyer did not have the money, I set up a seperate llc and added that llc on after closing and deeded my own name off.

I have the buyer make payments to me for the amount owed, with an agreement to pull myself off the deed after the full amount of the payments have been made.

If the original contract is in your name and not the name of an llc and you plan to do this then I would recommend deeding yourself off and adding an llc onto the agreement until the full debt is paid off…this will aide with liability issues because any litigation would be tied up within the llc rather than you personal name.

Sorry for the slow response, I’ve been a bit tied up chasing down deals.

Eric