Assigning Contracts

Assigning Contracts-44
Wholesaling is (in theory) a pretty simple concept.When an investor (“Buyer A”) finds a great real estate deal and signs a Purchase Agreement with the Seller, they have the option () to “assign” (aka – sell) this piece of paper to another investor (“Buyer B”).I’ve already explained these techniques pretty thoroughly in a number of articles throughout this blog.

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If/when we are able to find a buyer, we will coordinate with you and the buyer to schedule a closing and ensure that you are paid the full amount listed in this purchase agreement.

In order to start the process, we will need a signed copy of the attached purchase agreement.

Wholesaling is a very different type of transaction than buying a property outright.

The Seller needs to know what you’re planning to do (because by itself, your Purchase Agreement doesn’t imply what is ).

Over the years, I have heard numerous explanations (all of which were very different) as to how the wholesaling process is supposed to flow, from start-to-finish. The process outlined below seems to check all of these boxes and get the job done.

There are a few specific techniques I use to find motivated sellers and get deals under contract at ridiculously low prices.

It also releases Buyer A (“Assignor”) from any liability or obligation and substitutes Buyer B (“Assignee”) in their place.

Essentially, Buyer B jumps into the shoes of Buyer A and can purchase the property directly from the Seller, at the same price, at the same terms, with the same deadlines, everything that was stated in the original Purchase Agreement now applies to Buyer B instead of Buyer A. – You/Buyer A/Assignor) is acting as the “middle man”, getting paid in the form of an “Assignment Fee” from the Outside Investor (i.e. In the process I follow (which I’m about to explain further), a portion of this payment is made when the Assignment Agreement is signed by both parties (Stage 3 – above) and the remainder is paid when the deal is closed and the property officially changes hands (Stage 4 – above).

Of course, there are a few indications that can give off some warning signs, but when you’re working in an unfamiliar territory (like I was most of the time), this can be a tough nut to crack.

Once I started pushing up against the limitations of my finite supply of cash AND my inability to predict the future, I started thinking to myself,.


Comments Assigning Contracts

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