Can you assign a contract to a buyer using bank financing?
Hey Guys,
I have a 1,145 sqft 2bedroom, 1bath property that I put under contract to wholesale in Sandston,VA. I have been marketing this property and recently found a buyer who is very interested. He is a contractor and wants to design and do all of the work to the property himself. The only thing that concerns me is that he is not a cash buyer. He states that he has excellent credit and can put down a down payment on the property. Should I make his down payment be my assignment fee? Can you assign a contract to someone who is using bank financing? Does the seller still walk away with a check after closing? How does the title company write in my assignment fee? How does all of this work? Any insight on this issue would be greatly appreciated!
Thanks,
Nikki