Wholesale deal with Broker who is not investor friendly

[Natalie C.]

A Realtor family member in Sacramento, CA brought me a property as a private deal to flip. I live out of state and want to wholesale the home. Unfortunately, the Broker will not allow "and/or assigns" on the purchase agreement. My family member wants to keep in compliance with his Broker's request. Is it possible/legal to have a completely separate contract from the purchase agreement stating (in fancier language than this) "Investor is to sign the purchase agreement with Realtor present and pay the wholesale fee within 48 hours"? 

[Joel Owens]

Well because your " and/ or assigns" could mean anyone.

How much earnest money non-refundable are you putting down?? My guess is it is not hardly any.

That's the rub in that you probably want to lock the property to an unknown buyer for nothing.

If I was the broker I wouldn't look favorably on that either.

The wholesalers want no risk in the deal yet lock up a property from other purchasers the seller might find that are better.

There are usually 3 options:

Unlimited Assignment Permitted - assigns can be done to anyone without seller consent. 

Limited Assignment Permitted - Usually when transferring to an LLC, trust etc. the direct buyer controls.

Assignment Prohibited - Unless permitted in writing by the seller.

No legal advice.