What Is a Novation Agreement?
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- Опубліковано 29 вер 2024
- What is a novation agreement and why would I do one? How do I do a novation agreement?
In today’s video, Pace Morby walks through what a novation agreement is in real estate transactions and the various types of ways to do them. He explains concrete examples of real estate deals in which novation agreements are structured, emphasizing that novations only apply to fix and flip scenarios. To help us better understand, Pace also talks about non-real estate examples in terms of when novation agreements make sense.
Pace then dives into the three different ways to do a novation agreement. He describes each way and how it works in certain types of creative finance deals. There are several benefits to doing novation agreements, but there can also be times when it doesn’t make sense to do them. Problems can arise and Pace mentions he dives further into novation agreements with the SubTo community.
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❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a UA-cam video for entertainment purposes ONLY ❎
With Novations, you can offer on average 10% more than cash! Good tip for all you wholesalers.
net listings are legal in 3 states right?
Anyone want to buy in coffeyville Kansas , Jackson Michigan, irontown Ohio ? Let me know
Where is the best place to contact you?
Love this. My 2nd deal I ever structured was dual novation's. On 2 side by side fixer upper homes that were owned by the same seller. Was thinking how I can get the Realtor, Seller, anyone in the deal to bring them more money without buying both $800K properties using any of my own money and my motivation was to pay off daughters art school. Didnt even realize it was called novation's... Thx Pace for this.
Net listings are illegal in NY.
They aren’t allowed in a bunch of different markets. Florida is one that most areas the MLS won’t allow for it. Not that it’s illegal but they have a provision that doesn’t allow them on the MLS.
There's always someone 🤦 Bro, he gave you two other ways to make it happen.
Very Simple but teach in the best way.
Thank you Pace, this is 🔥 I love how you always break things down Barney style.
It's what I'm here for
lots of investors i know dislike pace precisely because of these kinds of secrets being revealed.
only because they're not smart/savvy enough to pull of these deals that Pace does...
But think about how many people that goes to him needing help and will pay him half of the deal just for the info. Sounds like an equal value exchange to me lol.
Subto student here let’s squad up
RE Aents in AL can't do net listings. Its illegal here.
Thank you for that great explanation. I have heard a couple other explanations so it is confusing.
I need an novation agreement contract
Thank you for this information!
Thanks Pace
Appreciate you as always. MY question is, how much repair do you have to do? Can a simple clean out, maybe landscaping work. Which would be like a wholetail deal, but without the HML.
Probably not a straight answer to this. Depends on what you negotiate with the seller, and then how much repairs are needed to bring it up to other comparables in the area.
@@chrissymm89 that what I Was thinking. ALL in what you negotiate with the seller. Because from my experience, sometimes just a little curb appeal can make a HUGE difference.
GOLD!
Boom 2024 attack🎉