Real Estate Investor · Columbus, OH · Member since 2013 · 152 posts · 13 votes
Here's the scenario. I want to know if this is permissible/allowable, and people's feelings on this.
A house for sale at $20k, owner will finance with a $5k down payment. If I sign an assignable contract for this deal, the $5k down payment being due 30 days from the contract date, would I be able to assign this contract to another interested buyer? Or would this not work because the buyer would be making payments to the owner in which he has never personally met and arranged this with?
If this sounds confusing, let me know I can try to clarify, but basically what I'm asking is finding a buyer for an owner finance deal, whereas I keep part of the downpayment in place of assigning the contract to another buyer.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
A financing contract can not be assigned without the consent of the seller providing financing as it is a different type of contract. You can assign a sales contract where a buyer is obtaining financing from another source or paying cash. :)
Real Estate Investor · Columbus, OH · Member since 2013 · 152 posts · 13 votes
13y
so if I were to put an addendum in the contract with the seller that notifies him of that would that work? Because then I would have the sellers consent. Or, would it not work unless the original seller was able to screen the possible buyers so that way he knows who he's selling too. Does that make sense?