Posted by Ed Copp (OH) on June 21, 2000 at 21:07:15:
Lesley,
The first sentance of your post describes the function of a REAL ESTATE BROKER in most states. this would require a license…ED
How easy or hard is this? - Posted by Lesley
Posted by Lesley on June 21, 2000 at 10:53:57:
It seems so simple to me to be able to locate a seller and a buyer, bring them together simultaneously to fascilitate a paper deal and walk away with a profit from it.But when it comes to closing a deal involving a title company and all of the legal paperwork, it starts to scare me-do I have to have certain qualifications for this transaction? Also, say for instance, I locate an independent seller and they send me the relevant information for the property. How will I know what I am looking at? Is it all in black in white? Am I making this out to be harder than it is? I don’t know what all of the legal forms look like or anything!What books in this course do I need? I do no have money to waste in case a book that I purchase does not provide me with the knowledge that I need. Some of these books are non-refundable and I CANNOT afford that!
It takes some education - Posted by Monique
Posted by Monique on June 22, 2000 at 20:01:46:
Lesley,
If you get the house under contract with a Seller, you can do an Assignment to a buyer that you later find. This requires having a Purchase and Sale Agreement (with language that does not prohibit you from assigning the contract) that you use with your Seller, and an Assignment Agreement that you use with your Buyer.
Alternatively, you can use an Option Agreement with your Seller. This would give you the option to buy (the right to buy, but not the obligation to buy) the Seller’s house. You would generally exercise your option with the Seller once you found a buyer to buy the house from you (with a Purchase and Sale Agreement).
Neither the Assignment nor the Option require any special license. You don’t need to be a real estate agent or broker.
A good $14 book that would give you an overview of how this works is “Fast Cash with Quick Turn Real Estate” by Ron LeGrand. If you really want to learn how to do this business and have the necessary contracts/paperwork, I’d recommend investing in a course – several of which are on this site.
Good luck!
Monique