I assigned my PSA to another wholesaler, can he speak with the seller directly, without ripping me off of my fee? or do I still need to be involved
Hey Emily. Yeah, you're JV partner can speak to the seller directly. Are they going back to talk to re negotiate a lower offer on the property? Do you have a marketing agreement or non circumvention agreement in place with the other wholesaler? That's how you protect yourself with another wholesaler so he/she won't steal your seller.
Hopefully the other wholesaler has signed a marketing agreement before hand or maybe you know this other wholesaler well enough to trust them with a verbal agreement. I don't know but either way, business is business. If you're worried a wholesaler is gonna go around your back...get them to sign that marketing agreement first.
Did you get part/all of your assignment fee with the assignment? You no longer have a contract with the seller, who ever you assigned it to does. So of course he can talk to the seller, as he will need to arrange closing, etc.
Once you assign the contract, the new buyer steps into your shoes. They have to do everything you said you would do in the contract. They will arrange for additional inspections if necessary, contact the seller if necessary, and close with the seller.
Did you take an assignment fee upfront or are you hoping to get paid at closing?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing