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Forums » Wholesaling » Assignment ?

Assignment ? Subscribe to Assignment ?

5 posts by 5 users

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Michael Maloney

Property Manager · wichita, Kansas


Forum_avatar_avatar-maloney

Icon_minipost Feb 24 '08, 11:38 PM

If I were to use one contract and assigned it to my buyer. Would i have the seller put the total amount i want to sell to my buyer and then collect my assignment fee at closing from the seller ? :badwords:

Edited: 06/26/2010 at 04:45AM


Jonathan (JB) Borchers

Real Estate Investor · charlotte, NC


Forum_avatar_avatar-jborchers2

Icon_minipost Feb 25 '08, 12:26 AM

your initial contract w/the seller will only be for the purchase price with him/her, i.e. $35k - for your assignment of contract that you will have executed with YOUR buyer, you will reference the initial contract and purchase price of $35k, and list the assignment fee (i.e. $5k) you've figured out for the property. your buyer is agreeing to take over the initial contract, then agreeing to pay you the $5k wholesale fee in the other document on top of the initial sales price.

Edited: 06/26/2010 at 04:45AM


Account Closed


Forum_avatar_avatar-rei

Icon_minipost Feb 25 '08, 12:34 AM

Technically you are selling the contract. You do not want it to appear that you are getting a fee for brokering a deal.

Hence you should have an agreement (contract) with your buyer that they will pay X for your contract. Best is when they pay for the contact independent of if they ever close. If you want to sell them the contract but make the payment due when the transaction closes you can do that.

Like an option. You are selling your rights. You are not selling the property.

Splitting hairs matters if you want to keep things legal.

Note that when you sell on a contract the buyer's lender might have an issue. Your name will not show up on the chain of title for the property. Some lenders care about this.

Edited: 06/26/2010 at 04:45AM


Gabriel H.

Real Estate Investor · Duarte, California


Forum_avatar_avatar-socalgabe

Icon_minipost Feb 25 '08, 07:01 AM

I have been searching for a purchase agreement that is easy to use and can be assigned in California. Can someone lead me to one please? I am looking for an easy to use fillable form if possible. I know they are 2 separate forms but I want to use them for properties I decided not to pursue.

Edited: 06/26/2010 at 04:46AM


Steven Brown

Real Estate Investor · Mobile, AL


Forum_avatar_avatar-stevebuyshouses

Icon_minipost Mar 01 '08, 10:34 AM

First I hate canned contracts, but especially if you are trying to wholesale. You have very little room for error, and the best way is to handle the contract side with a contract that is proven and will work for your area.

I suggest getting a mentor in the area that does wholesaling. It is very easy to make money in the real estate business and specifically wholesaling, but it is very easy to screw it up as well.

Edited: 06/26/2010 at 04:47AM


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