All About dkrenter

Rosemary Decker

Basic Info

No info provided.

Sites I Visit

Mainly Just This One


new and not understanding everything

My friend wants me to sell his house. The house is in California. I'm new and read Dean's book on assignments and am having a hard time understanding all of what I need to do. Is a realtor and an agent the same. Do I need a lawyer. Do I pay for their services and how much. Can I sell the house by myself. Please can someone help me I am lost and overwhelmed with all the info. Thanks

Welcome Rosemary

sistreat's picture

I wanted to stop by and welcome you to Dean's board. Assignments are very easy to do.
You don't need a realtor involved. You can handle this yourself as a wholesaler/investor.

All you need is a basic Purchase and Sale need the Investor Disclosure and Seller Acknowledgement form...and you need the Discharge of Agreement form.

The Investor Disclosure/Seller Acknowledgement form basically discloses to the seller (your uncle) what you will and won't do.

The Discharge of Agreement is the form the title company will require for you to be paid through the title/closing company. It is basically a invoice.

Then you find a buyer and get the buyer to sign the assignment contract. This is the half page form that basically says the investor is buying your place on the contract for $$$..(however much you want to make on the deal)

Then you tear up the original purchase and sale contract between you and your uncle and create a new one between the new buyer and your uncle as the seller.

Then the buyer and seller will go to closing at the title company.

Now on the assignment agreement you can either be paid up front by the person buying your uncles home (this is the preferable way) OR you may have to wait and be paid on closing day (this is why you have the Discharge of Agreement signed) which is also fine it just takes longer to get your money.

When you get the Purchase and Sale contract signed and all the forms I mentioned (3 altogether) hand them into yout title comapny and they will close the house with the new buyer and send you your fee.

Don't let any realtor try to tell you assignment of contract is illegal. that is the first thing they want to say and it is NOT illegal. It is done everyday by real estate attorneys and wholesaler all across the USA.
They are just very misinformed as to the way things are in real estate.
Any contract is assignable unless there is specific language in the contract preventing it.

All of the forms I mentioned are on this site. Read over them and learn by heart what they mean. That way you will sound like you are very prepared.

All the forms

sistreat's picture

All the forms I mentioned are right here.........