Updated over 8 years ago on . Most recent reply
Contract Assignment vs. Transcriptional Funding
Good afternoon, BP.
I have a question regarding a wholesale flip that i'm hoping someone could help me clear up.
I am a real estate agent in MI and have a lease on a property with the option to purchase for $190k. The home is now worth $215k. I have quite of few clients who are interested at $215k but these are not investors but homeowners who plan on living there. I was initially planing on getting the property under contract at $190 k and assigning to the end buyer at $215k but then realized they would have to bring the difference to closing which i'm not sure is possible as they would be getting a mortgage for the home and may not have the excess funds. (please correct me if i'm wrong).
I am now thinking transnational funding may be a better rout but am confused on how this will be set up. If I get the home under contract for 190k how do I go about getting the C buyer under contract too? Is it legal to have another offer signed by the C buyer when i havnt even closed with the A seller yet? The C buyer will be getting a mortgage and am not sure how to set that up to close on the same day. Hope this makes sense.
Any help is greatly appreciated.
~Ryan