New to Real Estate 路 TX 路 Member since 2019 路 10 posts 路 3 votes
I have a property that was brought to me by a realtor, but it's already assigned to the "sellers", that's asking 130k... With an ARV of 260k on the high end 240k on a more conservative end, needs about 40k of rehab, around 10k on electricity because it's an older home. I had a realtor that wants to work with run the comps. 240k @ 70% ARV and 50k in repairs put you at respectful 118k. That's without my wholesale fee associated. That's roughly 70k in profit.
If I align a buyer with the realtor that brought me the deal, should I get paid on the back in for doing so? I think it's a great deal, I'm just not sure how I can get the property assigned when it's already assigned. But if I connect them directly with a buyer, the deal could close. Is this something your willing to entertain? Why or why not?
I'd just like my name somewhere in the contract that protect my interest but is that enough...馃
Does the agent think you are a buyer? If so they will stop anything that doesn't have proof of funds. The words "Assignable" on your contract will throw up flags (also to the original contract owner) who will most likely not accept your offer. Now if you have the money to close it and those numbers are right (and I wouldn't trust any of their numbers unless I was inside and ran them myself), buy the place and fix it. If not I'd swim past.
I an confused about all of the players here. From what I am reading there is a property that someone has under contract "Not the actual owner". They have reached out to an agent to find a buyer (to assign their contract to). Who in turn has reached out to you. You are looking at getting the assignment and finding a new buyer to take the assignment from you of the assignment from the first person and there is also an agent in the middle?
If that is right, move on and find something else. You are looking to be the first person in a chain.
New to Real Estate 路 TX 路 Member since 2019 路 10 posts 路 3 votes
6y
An agent that wants to work with me found a deal thats already assigned. I was wondering if I could just connect the wholesaler to a buyer and make a commission or percentage there.
Does the agent think you are a buyer? If so they will stop anything that doesn't have proof of funds. The words "Assignable" on your contract will throw up flags (also to the original contract owner) who will most likely not accept your offer. Now if you have the money to close it and those numbers are right (and I wouldn't trust any of their numbers unless I was inside and ran them myself), buy the place and fix it. If not I'd swim past.