Do you have a back out or timeframe disclosure in your Assignment Contract?

Question

Hi - I have a sample assignment contract but I dont have anything that covers me in the event I cant find a buyer or the expected timeframe in which I have to find that buyer?

Any insight helps.

Thanks!

Curt Davis · Answer

My suggestion which may differ from others is you should let the seller know up front what your intentions are so that in the event you dont sell it then no harm no foul. Dont let the seller think you are actually going to buy the home when in reality you dont bring a buyer ad then your weaseling out.

I usually say something like the following.

" Mr/Mrs seller, I work with a network of cash buyers from all around the country. I would like the opportunity to present your home to them and see if any of them would consider this as one of their next investment homes. Normally I need anywhere from 30-60 days, this gives my clients enough time to do their due diligence and determine if it will work for them. If at the end of the agreed contract time I do not have a buyer, we can either discuss a lower price or we can part ways as friends. "

Try something like that. Hope that helps.

Phil Z. · Answer

You should have the buyers 1st .. then FIND the property. Put down $1000. I would even bring a VIP cash buyer the initial appointment to look at it (if you can trust them not to go around you).

Karl Smith · Answer

I agree, That is a good approach.

Cass R. Smith · Answer

@Curt Davis Great Advice! I like your approach.

Do you have a back out or timeframe disclosure in your Assignment Contract?

Do you have a back out or timeframe disclosure in your Assignment Contract?

Most Popular Reply

4 Replies