How to assign a contract

3 Replies

When wholesaling what is the order of actions after you get a purchase agreement signed with a seller? Assuming I will be assigning a contract.

Do you submit the PA to the title company first and then try to get a buyer to assign it to or should you assign the contract before submitting any paperwork to the title company?

First I like to mention I have training in wholesaling but not alot of experience in wholesaling. Although I've done fix n' flip, buy & hold. So you may want to verify anything I say.

If your really want to Keep It Simple you can have your realtor do all the work for a flat fee. Then you don't have to worry about anything. Just let him know all what you want him to do & for how much. I like him to take pics, etc.

Do you have assignment contract? If so then I believe you would line up a buyer, have them sign the assignment of contract & then take both contracts to the title company. Also if you're not using a realtor I believe you can have a r.e attorney handle a lot of the 'heavy lifting' instead of realtor. 

If you get in the habit of leveraging (assuming you have a little $ to spare) you will save a boat load of time freeing yourself up to do the higher end tasks.

Kinda like driving a car... do you need to be a mechanic to build it and or maintain it. You can if you want. But you don't have to.

Best,

Kel

Since you are new I would make sure that you can get a buyer first if you do not plan on keeping it. Once you give it to title company someone will have to pay them for a title search even if it is a soft search. Make sure it is a deal first.

@Kelly Arneson  

I would not get a realtor involved especially if you are not familiar with the process. Learn the process most realtors are not investor savvy so they could be more harmful then good. Plus why pay someone when you can do it and learn, (I am also a RE Broker) If you are nervous find your local REIA and ask the person who runs about the deal. (get it under contract before talking to anyone)

Thanks for the input. I actually do have the contract signed. For some reason now the owner has become extremely difficult to work with now that we have the purch agreement filled out. He technically has already voided it by not fulfilling his side of the terms but I will continue to be patient in hoping that it can still work out.