Please explain how a real estate assignment deal works? How do you get the property on contract in order to assign it? Who do you assign it to? Best explanation with a reference gets 10 points.
2007-01-12 15:34:47 · 2 answers · asked by Christopher B 6 in Business & Finance ➔ Renting & Real Estate
I'm a Realtor - I know the market, so if I see a good deal, I know it's a good deal. I can do a contract with the seller, where the buyer is
"Richard Teran and/or assigns". Then I contact you and all the other investors I know and tell them about this great deal they can get.
Let's say the house is worth $80,000. I put it under contract for $50,000. Then you want it. I sell (assign) the contract to you and you pay me $6,000. You buy the house from the seller for the $50,000 on the contract, but your total expense is $56,000. You paint, clean and pretty up the place and sell for $80,000.
I "assigned" the contract to you.
2007-01-12 15:43:00 · answer #1 · answered by teran_realtor 7 · 2⤊ 0⤋
Richard is correct. E-mail me if you're still confused.
Regards
2007-01-12 18:49:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋