"Assignable Contract" Definition

[Corey Depuy]

I've come across a property that is dubbed with the term "assignable contract". After some light internet research, it appears that this is a fancy way of saying "wholesale". Am I correct with that....or does this mean something completely different?

Appreciate any help with the terminology and uses!

[Jonathan Greene]

Yes, you are buying the wholesaler's contract with the seller, terms and all. If you are not experienced at estimating rehab, you need to get someone in who is. Often times, wholesalers' ARV is way too high and their expected reno budget is too low. When you sign a deal, you will get to see how much they paid on their original contract with the seller.