Problems flipping with Real Estate Agents - Posted by Erich

Posted by Redline on March 24, 1999 at 14:56:20:

I agree. You make your offer on your own terms. If they don’t accept it eventually then they’re simply not motivated enough.


Problems flipping with Real Estate Agents - Posted by Erich

Posted by Erich on March 24, 1999 at 08:57:31:

Help… I wanted to make an offer on a house (a good candidate for a flip) and called a this buyer’s agent I have worked with once before. The agent insisted on not writing my offer with the clause “or assign” in the offer in the spot where I place my name under buyer. He said the seller’s agent would consider this insincere…that he would think I was just trying to tie up the property. He insisted I requested the “or assign” clause in an addendum.

Was he right?

Re: Problems flipping with Real Estate Agents - Posted by Denise

Posted by Denise on March 24, 1999 at 20:51:37:

I’m a RE agent. Your agent should do whatever you ask (as long as it’s legal), including negotiating WHATEVER OFFER you wish to make & with a smile on their face!! Contrary to many beliefs ANY CONTRACT IS ASSIGNABLE. Let me say this again…ANY CONTRACT IS ASSIGNABLE; unless it is expressly written in that it is not. I looked it up in my RE law book prior to working with a client who wants to assign. So legally, it doesn’t even have to have the clause written in. Of course, we all do it to avoid any confusion later. As far as your agent is concerned, he/she is merely “advising” you as to what they believe is in your best interest & to have everything clearly out in the open. I personally prefer to write the “right to assign” in where you suggested. It is still clearly visible at the beginning of a contract & you aren’t making that big of deal out of it or drawing to much attention to it as a rider or addendum would. In the end, follow your gut. Your agent either will do what you ask or you should find some

Re: Problems flipping with Real Estate Agents - Posted by Joe(IN)

Posted by Joe(IN) on March 24, 1999 at 14:52:25:

I like my agent’s answers when I tell him to put some of my crazy ideas into the contract. . . he always says “Whatever you want, Joe its your offer.” I’m not impressed by an agent pretending to know what all the other agents and sellers will think about an offer. The important thing is to get the offers out there, and if “my” agent won’t cooperate then he’s not “my” agent any more.

If the sellers, or thier agents have problems with your offer they will let you know in a counter offer.


Re: Problems flipping with Real Estate Agents - Posted by Reif

Posted by Reif on March 24, 1999 at 13:19:10:

I’m still new, so I’m just talking theory . . .

Did you ask the seller what the objection was to an assignment?

The only thing I could see would be the earnest money; i.e. if you assign, and then the assignee doesn’t perform, they lose the time the house was off the market without recourse.

If you can get more money earnest money from your assignee, then you should be able to assign with limited downside even if your assignee doesn’t perform (you can still pay your earnest money to the seller).


Re: Problems flipping with Real Estate Agents - Posted by SCook85

Posted by SCook85 on March 24, 1999 at 09:09:00:

It doesn’t really matter where it is, as long as it is in there. Even if it isn’t in there it can always be added later. I have made offers on homes where the contract was non-assignable and got the seller to allow me to assign it. I at that point needed another written addendum. They were upset that I was doing it but also wanted there property sold. It’s best to address it up front and do it right then to wait to later.
I have been told on 3 occasions so far that I could not assign my contracts and the seller refused to allow me to do it, in the end every one of them was assigned. They really don’t care as long as they get there money.


Re: Problems flipping with Real Estate Agents - Posted by JPiper

Posted by JPiper on March 25, 1999 at 11:39:11:

Some contracts are not assignable. As an example, in some states contracts that contain owner financing are not assignable unless the contract specifically permits assignment.

I would definitely recommend that the law in your specific state be checked with a qualified attorney regarding this issue.

Either way, including the right to assign in the contract gets past this particular problem, regardless of the law in your state.