Just read this article on msn:
That's not what I call flipping. Flipping is, in my mind, when someone assigns a contract to someone else without doing any repair work whatsoever. All the same, it is interesting to see how little activity there is in properties that are bought and sold in less than a year.
How do you actually "assign the contract"? I've heard a lot about this form of flipping, but I can't figure it all out. What if I found a property that I could get a good price on: How do I first get control, where I can "assign" it? I get the part where I find someone to take it over for a higher price, but I also don't understand how the actual deal is "brokered". What contracts are used?
How does closing happen? Why would a property owner allow such a transaction to occur with their property? Why would they not just sell it for the higher price themselves?
Sorry about the bombardment, but there seem to be quite a few unanswered questions here for me. Any help at all here? Thank you for helping out, though!