So I have been trying to contact a realtor to go check out this house. Seems pretty decent, but obviously need to see it before I can excited. I don’t have a certain realtor that I work with right now, still in the process of building relationships and have just found my title company. So since the house I’m looking at is listed, how wise of a decision would it be to contact the realty company that listed it to get the information I need and possibly show it to me? Do i need to use a different realtor? All I want to is some information: motivation of sellers, why they are selling, comps and what not.
I say just go for it. When you check out the house, you can tell them you’re a new investor, and talk with them about it. Or, you can tell them before. But, don’t wait until you close to tell them or the whole thing can blow up in your face.
its going to be a challenge unless you already have a qualifiied buyer setup to purchase it prior to contacting the realtor
i agree with hassansr 100% and also do you know how to close a listed property because more than likely they will not be letting you assign the contract…
you’ll either have to ad a buyer than deed yourself off or set up a llc and contract in the llc and sell the llc to your buyer or double close
There are conflicting arguments over trying to find buyers 1st, vS. putting the deal out there and seeing who will take a bite.
Just about any real estate contract is assignable, unless it states on there that it’s not. If it doesn’t have it on there, you can put “and/or assigns” after your name and you’re fine (unless the house is bank owned and they don’t allow assignments). This is why you need a good realtor who knows what your doing, and is happy to work with you. Keep in mind the seller will be paying 3% commission unless its a bank. Then, you will need to either offer more comission to get the deal done, esp. on a $10k deal.
You just need to learn all you can about the houses, before you make an offer. :cool
yes, almost any contract is assignable, however assignments will only work if the buyer is purchasing with cash. if the buyer is planning on getting a mortgage from a bank, it wont work as you dont have title and dont control the deal.
It actually might work to your advantage to work with the seller’s realtor: he/she will get double commission if the deal works out, so he/she will go the extra mile in working for the parties involved, and ask for a double fiduciary duty, so that you are protected in fair representation.
I agree that you have to make sure you have a cash buyer lined up first - only cash buyers can purchase flip properties with no title seasoning. You don’t want to make a real estate agent mad if you back out at the end because you cannot resell it - they usually don’t let it slide. :biggrin
Somebody said if you use Transaction Funding, you can double close to a buyer who has financing. Is that true?
You can use Transaction funding and flip to a buyer with financing, ONLY if a buyer has a lender which will do loans for non-seasoned properties: most of these lenders are portfolio lenders (credit unions, small local banks) or private lenders (hard money lenders or local partnership lenders.)