Posted by matt on March 01, 2002 at 09:46:46:
Joe,
The only problem with that is, according to Steve Cook’s course, he states that he gets his asignment fee at closing and not before.
Thanks for your reply.
Regards,
Matt
Steve Cook-Question About Your Course. - Posted by matt
Posted by matt on February 28, 2002 at 12:06:05:
I purchased Wholesaling for Quick Cash and I have a question.
I am looking to assign my deals, but the course skips over one point. After I find a seller and tie up the property under contract, what prevents my potential buyer from going around me and buying right from the seller? Shouldn’t I have a contract signed with my potential buyer that states that they will not go behind my back and cut me out of the deal?
By the way, I am enjoying your course. It is a great help to someone like me who is new to real estate investing.
Regards,
Matt
Re: Steve Cook-Question About Your Course. - Posted by SCook85
Posted by SCook85 on March 01, 2002 at 11:12:21:
Matt,
Legally your sellers can not deal with anyone else once you have a contract signed with them. Your buyers for the most part are not going to try to go around you. I have only on one occasion had someone try to go around me and the seller couldn’t deal with them because they were uncer contract with me.
Your contract is a legally binding agreement. If the seller does not honor the contract that they have with you, you could sue them for damages. My experience with buyers is that they don’t care who I’m buying my homes from, as long as they are getting a good deal.
I usually just get my buyers to cover my earnest money up front and the rest of my profit I collect at settlement. I coordinate everything from beginning to end to make sure the deal goes smooth.
Happy Investing,
Steve
Re: Steve Cook-Question About Your Course. - Posted by JoeS
Posted by JoeS on February 28, 2002 at 13:54:53:
I am not Steve, but here is my humble opinion. The property cannot be sold to anyone other than you while your contract is valid. You have to get ALL of your assignment fee from your buyer as an earnest money deposit. They will not bail on you. If they wait until your contract with the seller runs out, not only are they missing out on a good deal, but they run the risk of you NEVER doing business with them again, AND making sure every investor in town will know they skated you!! That is not what they want! Hope this helped. I’m sure Steve has some good advise as well.