Would that make me the private seller?

Bird Dogs, Wholesaling
1

I contacted one of those WE BUY HOUSES companies one day. I asked if they buy properties from investors who have properties under contract. They said no. They only buy directly from the private sellers. I was thinking. If I buy a home using cash from transactional funding, that would make me the private seller if I wanted to sell the house. Right? After all I did close on the first half of the buyer and seller transaction. Then I turn around and close on the second half of the transaction when I sell the property, not assign the property for a fee, but flat out sell the property to the end buyer being the We Buy Houses people. Would I then be able to use them as buyers since they say they only buy homes directly from the private sellers?

2

Hi,

You know I am entertained now, I started laughing so hard I almost lost it! This is better than Saturday Night Live!  :biglaugh

Now that I stopped laughing!

Those guys who advertise “WE BUY HOUSE’S” are us!!! You know the guys you post to on this forum!!!

So let me see if I understand you, I am trying! I am Trying! Ok, I understand now!

So we (Me and my fellow “We Buy House’s” guys) tell you in person or by phone that we don’t buy properties from investors who have properties under contract!
So you stay up nights lying in bed thinking and can’t fall asleep? You think day and night trying to find the answer? And suddenly Wala!!!

So you use transactional funding to close A-B and then sell to “We Buy House’s” guys as the B-C!

So let me see “Mr. Transactional Funding Guy” I am buying a home and I might be over paying for it, and I am going to call the “We Buy House’s” guys just as soon as I close A-B! Do you think those “We Buy House’s” guys can close escrow overnight???

Now to get transactional funding you have to have an end buyer!!! :banghead

To get end buyer you have to tell them about the property weeks prior to closing??? :bash

So were going to call and tell “We buy House’s” guys - WHAT??? :eyecrazy

Well I know you won’t buy the house unless I own it, but I don’t own it yet but I have a contract on it, and your idea’s of price are not there idea of price, but will you buy it and pretend I own it already for kicks and giggles! :lol

You have made 417 postings on this site, maybe I should advice you to read, not post as you need more education and we are obviously not getting anywhere answering your questions on this forum! :banghead2

I can walk into your neighborhood with 7 days advanced notice to run buyer ads and buy a home in 24 hours with an end buyer already lined up! I get the feeling you have absolutely no desire to do the leg work, or actually work at this! Now for you maybe this takes 3 or 6 months because you lack experience! :biggrin

I think your lazy and looking for the easy deal! Get off your tail and work at this, don’t sit there trying to figure out how to make money without working for it! :flush

You can do it, but you have to center on one method and the easiest method is WHOLESALING!!! :confused

Wake up Tbodley!!! :sleep

                    GR
3

Laugh if you want to. I tried to go about doing this the right way when I contacted the title company to see if they will let me to get paid using an assignment like everyone else been talking about when they close on deals. This particular title company said no they don’t allow assigments at closings. They prefer cash to be brought to the closing. I am just looking for someway to go about doing this because I have seen deals I want to work on, but now I don’t have a title company I can work with. I am not lazy as you say I am. I am trying to do the right thing, but it is going to be tought finding a title company I can work with.

4

Hi,

If assignments were not legal:
  1. Your credit card company could not sell and assign your collection account!
  2. If assignments were not legal your lender could not sell and assign your mortgage note!
  3. If assignments were not legal your car dealer could not sell and assign your car loan!
  4. If assignments were not legal your creditors could not sell and assign your contract!

You see your pretty private and I don’t know what state your in but I never ask “Can I do an assignment” I bring my end buyer into escrow, introduce him or her to the title / escrow agent (Officer) and ask my end buyer to sign my assignment form at the title / escrow company! The end buyer pays some part of the assignment fee at time of assignment, whether that is your earnest money and $1 dollar or your earnest money and all your assignment fee depends on your market and what is reasonable at the time!

If you have Fidelity, Lawyers, Land America, First American and Ticor to name a few all do and except / understand assignments!

You can not go into Mom and Pop local smurfs closing title / escrow super center real estate fantasia company as they have no idea as a one owner / one location company of the laws or experience to do this! Even though for example your living in town / city A, you may need to close in town / city B because they have a major National Title / Escrow company in that town / city!!! It could be hundreds of miles between towns and once you get a relationship going the only time you have to go in is to introduce your end buyer and sign the assignment agreement! Everything else is done by phone, Fax and email with a traveling closing agent at the end!

A closing agent in San Diego California can legally do a closing in Redding California some 1000 miles North in Northern California!!! These companies are licensed for the state and although they prefer to stay local they can close any property in the state!

But where are your end buyers, you said “We Buy House’s” but if your placing dozens of little ads looking for buyers you really should have told us I also have “Jane Smith” she’s looking for a 3 bedroom / 2 bath for her and her kids in Westhaven! Or Jim Brown and his family are looking for a 5 bedroom / 3 bath in Little Creek! Or Investor Bob is looking for any 3 bedroom / 1 to 3 bath properties to add to his portfolio! Or Investor John wants fixer uppers he can fix and sell to his end buyers!

Instead all we got was “WE BUY HOUSE’S” Guys!!! Where’s your buyers list???

Where is your buyers list???

                          GR
5

GR I disagree many mom and pop escrow/title are very good at what they do and are investor friendly. Ticor in los Angeles, California are not a good one to used if you are a investor that is my experience.

6

I am from Alabama. The title company I asked around and was referred to was a local title company in another city miles away from where I live. I learned about this title company from another investor who also learned about this title company over at the local REIA. That is the only reason why I chose to contact them about all this. I do have end buyers other along with an account I signed up with a while back with Zbuyer.com Zbuyer are the We Buy Houses people I am talking about. They are the ones that said they do not buy properties from investors. I only tried to use Zbuyer because I felt since I already have an account with them it would be convenient for me to use them as buyers for properties I want to flip. But they only do business with the private sellers. As for the the title company, they told me straight up they require people to bring cash to closings upfront, not some assignment agreement. This particular title company didn’t have a clue how the wholesaling process work or how assignment agreements work at closings. If you were to explain to this local title company in question how getting paid assignment fees work, they would not understand what you are saying. Wholesaling is like a foreign language to these people. I never heard of those title companies you mentioned like Fidelity, Ticor, Land America, First American. Will they allow assignments if I am from Alabama? If so, I may contact them instead.

7

Hi,

Tbodley when you talk to a title / escrow company make sure you tell them "I have a signed contract on a home that I would like to assign to a buyer" "Can you prepare and close this transaction?" as I have given this thought and if you say "I would like to do an assignment" as an assignment alone may be mis-understood as it's not a viable sale / purchase transaction!

Now a small single office escrow / title company as a private business may deny servicing a contract assignment as there liability insurance company may make an assignment an exclusion to there policy because of risk management guidelines.

          GR
8

Gold River,

I would like to thank you for making the clarification. It is important to know what you are needing. No one will figure it out for you. This is something I learned the hard way.

@Tbodely, learn from your mistakes and make mistakes to learn from.

9

I have never talked to a title company before until the other day I told you about, which was my first time. I would not have known what to say to these people until now. Before now, I had already made the assumption that I could ask them if they do assignments as if they would already know what I mean. It wouldn’t matter anyway because they said they require people to bring money to the closings, not some piece of paper. I contacted a title company weeks prior to now. I never heard back from them until like yesterday. They told me they do assignments with wholesaler investors nationwide. I thought I would never hear back from them after all this time has passed with no response from them.