Confussed when Assigning Purchase Contract?
I guess I just don't get it. . .I want to buy foreclosures, assign them , and make a small profit. . .how do I write this up? Grandpa doesn't understand! 
I guess I just don't get it. . .I want to buy foreclosures, assign them , and make a small profit. . .how do I write this up? Grandpa doesn't understand!
to my understanding once you've found the property then when you write up a contract with the seller where it indicates "you name" put your name follow by "and/or assigns to". And who ever you decided to assign the property to, thats where their name goes. Make sure you have found some-one to assign the property to before you write up a contract with the seller.
Exp.
sell price $60k, and you want to get $5k out of the deal by flipping it. You write up a contract with the seller and put "uncledon and/or assign to" and put earnest money on the property (depend on the property) to hold the house. Then you would go to the investor you have in mind and assign him the contract for $65k, that way you'll walk away with $5k that you wanted and let the investor deal with the seller.
THANK YOU!
I should be noted, however, that the investor is basically receiving your contract... so in essence, he is purchasing the house for the $60k you originally negotiated to, and paying you a $5k assignment fee. Also, be sure that you include in the assignment addendum sheet something about being paid "regardless of closing," or something to that effect. If the buyer is really interested in the property, they will have no problem with this, and you might even be able to get them to pay you on the spot versus settlement.
~Ryan