Flipping - Posted by Dave T

Posted by James (FL) on July 24, 2003 at 08:08:40:

LOL… That’s funny. I hope it isn’t your agent. If so, find another one.

Flipping - Posted by Dave T

Posted by Dave T on July 24, 2003 at 07:13:54:

Can Contracts be assign and or flipped in NJ? Realtors says you can’t. Please help.


Dave T.

Re: Flipping - Posted by Tom-FL

Posted by Tom-FL on July 24, 2003 at 20:11:26:

LOL, that’s a riot!!

OK, I’m only guessing here, but could it be that the agent has a listing agreement on the house, and if you contract the house at, say 80 and flip for 100, then he’d only be making commission on the 80? See, his commission is on what the SELLER sells it for, the lower number. The agent is cut out of the flip amount.

Another thing might be that there has been a whole lot of publicity around “flipping” lately, but it’s an entirely different activity, involving loan fraud, setting up fake buyers, fraudulent appraisals and so forth. That’s NOT what you are doing, so don’t worry about it.

It’s just like how the term “hacker” strikes fear in the hearts of computer owners. Well hacker’s are those who write programs, that’s all. Now because a zillionth of a percent of them write malicious code, they all are condemned. The media decided to associate the word with wrongdoing, and now we’re stuck with it.

I’m sorry to say the same thing will happen to the word “flip” in RE terminology.

Re: Flipping - Posted by IB (NJ)

Posted by IB (NJ) on July 24, 2003 at 08:28:33:

I’m in NJ and flipping a property right now (double close). My attorney and title company, who NEVER do anything illegal, are working together to get the deal done. Rule #1 in RE investing, don’t seek advice from anyone (especially a realtor), who isn’t an active investor in REI.