Posted by tjohnston on February 25, 2002 at 15:08:10:
it depends on the state your in. acting as an agent could be against the law in your state. you couldn’t get paid a commision like an agent. but you could work out a cash back from the seller at closing and split it with your friend. most people who want to sell thier home are wanted to do just that. they won’t care how much you make over the price they want. your friend gets a loan for the whole amount and the title company will cut two checks to the seller. one for the amount they wanted and one for the amount you get. good luck
Posted by Trisha(NC) on February 25, 2002 at 12:59:53:
Hi guys, I have 2 questions: One, I have a property under contract and I wanted to know that when you buy properties for flipping purposes only, is it necessary to have the property appraised before you sell it to an investor? Two, I have a friend of mine who is interested in buying her first home. She has already been pre-qualified for 65k. She has asked for my assistance in helping her get a home. How can I help her and make some money for myself. Can I get a property under contract and then flip it to her or is that legal because I am not a realtor. Or is there a course I can buy that can help me and her as well. I think that there is some profit to be made I just need to figure out how. All advice is welcome…Thanks
Posted by GregNY on February 25, 2002 at 15:50:52:
If selling to an investor, I wouldn’t get it appraised. A seasoned vet should be able to inspect it well enough to make a sound decision.
Find out what she’s looking for (style, size, bed/bath, location). Then find something similar, get it under contract no more than $45K set a double close and then go to the bank. If she doesn’t like it, sell it to somebody else. Try setting up you first closing on a thursday morning, that way you can plan for the weekend ;-).