and or assigns where does it come from

[Account Closed]

So I see a lot of people say that you have to put and/or assigns in you wholesale contracts. Which from my experience is just not completely true. All contracts are assignable unless other wise stated in the contract. I know banks are not fans of assignment contracts so REOs are best done with transactional funding. Where does and/or assigns come from?

[Chris Piper]

You should always put "your name" and/or assigns on a purchase agreement. If nothing else, it will insure that the seller is aware upfront that you may assign the contract. That way they don't find out later and decide they don't want to do the deal anymore because they know you are marking it up and wholesaling it to a cash buyer. 

As far as REO's, you can't assign them, so you have to do a double close on them using transactional funding or hard money.