"Able to execute assignment contract"

6 Replies

Hello BP Forum , 

I'm looking to purchase a wholesale duplex in NY.  One of the terms states "Quick Closing * – Buyer must be willing and able to execute assignment contract by set date" 

Not sure what this term is stating with "execute assigned contract" . Is it stating that home has specific repairs or stipulations that need to be performed in order to obtain home? Or is it just stating contract will be assigned to buyer? 

Thank you for you help! 

Ivan 

Must wholesalers promise a quick closing, so it sounds like their contract is just calling for a buyer who is willing and able to close on the property by a specific date once the contract is assigned to them by the wholesaler. 

Probably the wholesaler has promised to put cash in the seller's hand quickly, maybe 7-10 business days. Either he doesn't have the cash himself, or he would prefer to put your cash in the seller's hand rather than his own. 

It means, "You must have the cash NOW". 

@Pete Barrow @Kyle J.  

Thank you for you reply.  Both your responses make sense.  Seems to me the house was under contract for a limited time and need to be sold during that time and did not mean certain repairs needed to be performed.  Unfortunately the date on the contract was Oct 31 and wholesaler hasn't returned my call to provide more info about property. 
 

Originally posted by @Ivan Mendoza :

@Pete Barrow @Kyle J.  

 Unfortunately the date on the contract was Oct 31 and wholesaler hasn't returned my call to provide more info about property. 
 

Is there any way of finding out if your wholesaler is legitimate or just some guy who found this one house and didn't know how to deal with it? Either way, if he's out of the picture, have you tried contacting the owner directly? The house may have been sold to another, or it may not. 

 

That verbiage means you (the person taking over the buyers role in the original purchase agreement) must be able to honor all of the stipulations of the buyer on that contract. This means whatever the wholesaler agreed to with the buyer, you will be responsible for. I assume you have it and have read the entire contract front to back multiple times? If so, you need to meet all the requirements of the buyer on that contract.

What does October 31 mean? He has until 10/31/2020 to close? That seems odd.