Hi All, doing my first wholesale deal and I've been reading old discussions and I'm confused. Does the SELLER get to see how much my fee is on my assignment contract before closing? They know I have the right to assign and I have been very forthcoming with my buyer - he knows how much I'm getting the property for and is cool with how much I am making but the sellers might not be too happy if they see I'm making money assigning the contract. How does this work? -k-
On an assignment contract, the seller will see how much you're making.
If you think the seller may get upset you can look into doing a double closing, it will cost you a bit more because you are paying twice the closing costs, but the seller will not know how much you are making.
Hope that clears things up a bit. Good luck!
That is how it works. You are assigning your rights to another entity for a fee. Just make sure to CYA. Once you put it under contract with the seller. File an Memorandum of Sale in the Land Records. This prevents other parties from going behind your back to make an offer on the property. Then do your assisgnment contract..
@Kim Handelman If you have any interested in speaking with local attorneys who are experienced with this, I could recommend a couple good people. They can walk you through it and set you up with any contracts you need.
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