Posted by Deborah DeVeny on July 25, 2003 at 20:50:00:
Could you tell me if this can work for selling a small business. If so where do I get the contract/aggreement?
CONFUSED about how flipping actually works? - Posted by ShELToN_n_VA
Posted by ShELToN_n_VA on March 01, 2003 at 13:11:13:
I have read a lot about it, But I was wondering how when you sign a contract to purchase, do you then own the house or does the seller still own the house? And when you turn around and sell to a rehabber, are you selling the house or are you selling your contract to purchase the house? If you are just selling the contract to purchase the house, then why would you get the difference? wouldn’t the seller get the difference? AS you can see I am very confused. Can anyone help make it a little clearer or refer me to some literature that maybe would make the whole concept of flipping a little clearer.
THANX!!! any advice will help!
Re: CONFUSED about how flipping actually works? - Posted by Rich V (FL)
Posted by Rich V (FL) on March 01, 2003 at 20:04:29:
Shelton,
I agree with what Ron said …“Flipping Properties”- Bronchick/Dahlstrom.
Good reading. Alot of bread and butter stuff. Also sample ads and forms.
Its a small book…only 214 pages but loaded with info.
Good luck and Good Investing,
RichV(FL)
Book “Flipping” Author Bronchick. $19 nt - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on March 01, 2003 at 15:30:15:
no text
Re: CONFUSED about how flipping actually works? - Posted by rocky
Posted by rocky on March 01, 2003 at 15:29:46:
Shelton, when both the buyer and seller sign an aggreement to purchase property, then the signed aggreement becomes a legally binding contract dictating the terms of the transaction, however the buyer DOES NOT YET own the house until the terms of the transaction have been met, the seller still owns the house. At this point what you have is mutual controllership over any possible transaction involving the described property.
When selling to a rehabber you can choose one of several options including but not limited to assigning the contract to purchase that you have mutual control over to the rehabber and collecting a fee, or executing a simultaneous (or dual) closing where you would sell the property to the rehabber at the same time that you purchase the property from it’s current owner. If you choose this option, then you do receive the net of the amount that you sell the property to the rehabber for less your expenses including the amount that you agreed to pay to purchase the property from the current owner.
Hope this helps.
Good luck and good investing.
Rocky