I'm getting working on getting my first house under contract. I know the process of wholesaling a home ( getting it under contract & finding an end buyer). But I'm having trouble understanding, Do I need a "Sale contract" & an "Assignment Agreement" ?
If you want to assign the contract, the purchase and sale contract with the seller needs to have an assignment clause in there allowing you the ability to assign it.
Then when you find the end buyer you need to explain that you are assigning the contract and have them sign an agreement to assign.
Then you will get paid your assignment fee at closing.
If you have enough room in the deal, you can also do a double close instead of an assignment. You would then have the end buyer sign a purchase and sale contract as you being the seller.
@Ryan Billingsley Thanks for that, I really appreciate it!!
& if you don't mind me asking, what does it mean to double close a deal?
Double close is where the title company does a back to back closing. You would have 2 purchase and sale contracts, one between you and the seller and one between you and the end buyer. Our title company has the end buyer come in first and will use their funds to fund both closings. So instead of 1 closing between a seller and buyer, there are two closings between the buyer and wholesaler, and then between the seller and wholesaler.
What does it mean if a whole-seller (who happened to be an end buyer) double close on my deal? does this affect my profit?
I am not sure I understand your question. If you sell your property to a wholesaler that double closes with another end buyer. It will not affect your agreed upon deal.
We have done deals that have double closed 4 times! The only part that matters for you is the agreed upon price between the seller and you, and the buyer and you. What the buyer you sell it to does with the property is his business.
is okay to msg you for some advice on this deal I have going?
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