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Updated about 5 years ago on . Most recent reply

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213
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Jack Smith
  • Rental Property Investor
  • Massillon, OH
168
Votes |
213
Posts

Do any of your buyers insist on reviewing the purchase agreement?

Jack Smith
  • Rental Property Investor
  • Massillon, OH
Posted

To date I've bought a number of houses from wholesalers and, knock on wood, each time things have gone well.  However, I have a nagging concern over buying an assignment to a contract which I've not personally reviewed.  Feels like Let's Make a Deal and I'm buying Door #2 without knowing what's behind it?  

Do any of your buyers insist on reviewing the purchase agreement before signing the assignment?  

  • Jack Smith
  • Most Popular Reply

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    428
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    Mike B.
    • Developer
    • Chicago, IL
    349
    Votes |
    428
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    Mike B.
    • Developer
    • Chicago, IL
    Replied

    I wholesale properties and have purchased from wholesalers as well. Not being able to review the contract you're being assigned is a definite deal breaker. God knows what's in that contract and as soon as you sign that assignment you're legally responsible for everything in it. The wholesaler can black out the purchase price if that's why he/she is being uncooperative. That part isn't or shouldn't be your concern, it's all of the other terms that you need to see for yourself.

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