Anyway To Search MLS
I have a realtor working with me who sends me comps from the MLS but I was wondering if there is anyway to get on the MLS myself through a paid service of some sort.
I have a realtor working with me who sends me comps from the MLS but I was wondering if there is anyway to get on the MLS myself through a paid service of some sort.
When I sign a contract I automatically count on NOT getting the earnest money deposit back. I factor this into my assignment fee or work it out with the buyer if I put a big chunk of money down for earnest money.
You can get paid at closing or by the purchaser. At Closing: sign an assignment agreement with the assignee with a dollar amount that you will be receiving for the transaction, $100k. The assignee will know how much you are making, as well as the seller. It will be on the hud1 or closing statement. sometimes the seller will have to sign your assignment agreement also for the title co., sometimes not, depending on the title co. The end buyer can finance your 100k as a second or if the appraisal came in high enough, the first will cover all of it. I can tell you that probably no mortgage co. will pay you a 100k assignment fee on a 700k home.
To get paid OFF the hud1 requires a bunch more trust. Sometimes i sign an assignment with the assignee with no dollar amount. This lets the NEW seller purchase the property (no dollar amount for you). After closing, the purchaser of the property hands you over a check for the assignment fee. If after the transaction, he believes the fee was too much, he may want to discount you without your permission. You can, and I would suggest, write up a seperate agreement for the amount of the assignment fee.
In the end, everyone should know that you are assigning the property and that you are going to make money on the deal. I let everyone know what is going on. If the end buyer is happy with the property at his price, he should not care how much you are making on the deal. The seller might care or have a problem with you making a bunch of money, especially if he is making very little or losing money. You must feel out the situation and use your own judgement on the deal.
Pretty interesting.