Can I Assign an Assign?

I would ask the title company that will be doing the closing whether a re-assignment is acceptable. It is legal to do so but the title company may have policies against it.

In one of the pevious post there was a example of a 60 thousand dollar sale resold for 80 thousand to a new buyer. The closing both took place the same day with the same title company. The 60 thousand had 10% down, so the difference was 54 thousand owed. With me being tha assignee, how is the seller paid by me the assignee prior to re-selling it to the 80 thousand dollar buyer I found for the property? How does the transaction take place if I phsically have no funds?

Hey there all.
I have 2 questions, first off, does the sample real estate purchase contract that dean offers on his site include what you would call an Assignment clause? Secondly what % off of the FMV would be considered a wholesale property price to offer to another inverter?

You are looking at a double or simultaneous closing, not an assignment. There would be two separate contracts. Seller-Investor and Investor-Buyer. The title company who hanldes all the funds would likely require Buyer to have their funds in the hands of the title company before closing the first deal between Seller-Investor. The title company knows they have the money and are "loaning" the money to the Investor for the few minutes it takes to complete the second closing between Investor-Buyer.

Question on assignment. There isn't anything special required in the contract. In the section of the contract the buyer section would be completed to read: John Buyer and/or his assigns" for example. That gives John Buyer the right to buy the property himself or assign it to someone else.
The price to offer the investor will depend on the investor and the condition of the property. Most investors will be able to tell you what they would consider a workable deal.

Thanks so much for your response! Continued success.....Lubertha

Thanks official coach for the verbage on assigns, and 2nd assigns. Chuck

To anyone that can answer this question for me

Do I have to have a deposit down in order to LOCK UP the property. Because, there are 15 sellers that might be a good potential and I dont have any money to put up right now. What do I do if that happens

Thanks--Jason

Hi Jason, as long as it is not an REO Property,you can use an Option Contract with the seller and put $10.00 down to lock up the property.Hope this helps !

Good Luck & Good Investing

whurndon

Thanks whurndon for your help

Hi,

I have two prospective deals that are already under contract with an investor. he is looking to assign his deal to another investor. I have an end buyer ready to buy. Do I need to have a title company or attorney draw up another contract between me and the end buyer and how will this work as a win-win for the investor the seller, me and the BUYER?

Steven

Ready for action!

I too would like to know more about the option contract. If I am dealing with a FSBO for example, I would guess I would use an option contract if I am assigning the property instead of using an offer to purchase contract.

Help??

I have two guys who are wholesalers themselves looking to get me to help them sell the homes they have. They don't own the homes, but they have them under contract already. They would like my help and we would split the assignment fees for the properties. Does anyone know how to this works like what kind of contracts i would need to protect myself and get paid? I dont know what to do in this situation.

or use an attorney to draft the agreement between you and the other parties. Or you and all whose involved can draft the agreement between yourselves and have someone sign as a witness to the agreement, then go get an attorney to review it for you.

Hey everyone, I am new to this and I found a Marketing Consultant Agreement to do an auction for a owner. I filled it out and I also have my realtor look it over. She is telling me that I can not do it because I made up the form. Have you guys had this issue before?

She doesn't know what she's talking about go for it

I suggest getting a lawyer to look over the contract for you.