Newbie..First Possible Assignment Deal in 24 hrs. Steps with Contract?
Hi guys,
I just recently joined the bigger pockets community about 2 weeks ago because I had been researching wholesaling and assignment contracts. On my way home from work I started writing down addresses of "for sale" properties and I sent letters out offereing to find a buyer for their homes using an assignment contract.
Turns out that one of the owners I sent a letter out to was a business ( LLC) and they had quite a few properties. They gave me a call and he agreed to allow me to find a buyer however he did not want to do the assignment contract deal because he didn't want to " have said acquisition tied up as they have a cash buyer lined up at 55k." Which i can understand if he can But still offered me the opportunity to go and find a buyer. (at this point there is no contract so im worried about circumventing). I advertised the home as Ive done for other items like cars, televisions, etc.not knowing I could take this assignment contract route in real estate. I posted it for 61k. and I have 2 buyers wanting to schedule a viewing of the home. The guy who has the home, myself and the 2 potential buyers will be there. I dont personally think I should be there but because I dont have the home under any legal documents saying I will be paid, I think I should either meet with him before to have something signed.
Problem is: I dont have a contract at this point but I have 2 possible cash buyers ready to see the home. The viewing should happen in the next few days. What contracts do I need to have filled out to guarantee I will not lose out on my portion of the deal. Should i be at the viewing of the home? Which contracts do I need to have filled out? Would you make any changes in the way I have set up the deal so far? How should this negotiation take place up until the closing and a check arrives? Any advice would be greatly appreciated?
Thanks
Any suggestions?