I'm Geri from New Jersey. New to this business, however, I can't wait to complete my first deal.
I have been on the site several times...reading, learning, while at the same time reading the book. This is one of the best sites I have ever been on or a part of. I love it!!
There is so much to take in and learn....your head is spinning when you finally take a break. Also, I would like to thank Sully, Elena, Anita, and Shiela for answering my PM questions. You guys are great, in fact everyone is.
Here is my question:
When doing an assignment, and trying to collect a fee...is it suppose to be on the HUD or are you paid outside of the HUD? I have been told it's done different ways. If you are paid and everything is listed on the HUD, what it the line item titled? .e. "assignment fee" or "finder's fee".... is your name attached to it?
Will the check be made out to you personally?? or will you need to create an LLC?
I understand the "and/or assigns" which is now my new name (smile)...the "assignment form"....
What I don't understand is how the payment is made.
Does the closing agent make a check payable to you, or to a company you created?....or does the buyer come with funding (to be deposited in escrow) and or separate check for you...? depending on bank funding or all cash deal. Or after all is said and done, does your check come from the closing agent.
I was told that a HUD is not necessary...if that is true, how is the transaction put together and executed so that all parties get what they agreed to?
What am I missing? Please help.....
I hope that this is posted in the correct place and under the correct topic...I don't want a time-out on my first post....
By the way...along with everything else, I listened to Anita's live call last night from May 28th, around 2:30am....where she went in for one deal and got all three with all closing costs paid for here....it was awesome. He really paid if forward.
Yes...I'm doing my homework assignment!
After that, I found Darlene's blog....it too was a head turner....loved it.
Thanks for your help everyone. Can 't wait to hear from you!!!