Help Structuring An Assignment Contract
I am 99% sure I have my first deal under contract. I am meeting with the seller tomorrow to sign the contract. I also have several buyers I am going to present the property to for assignment. I have a few questions.
1. How do some of you overcome the objections the seller might have over the and/or assign clause in the contract?
2. Most of the buyers I have agrees to pay the half the assignment fee upfront and the rest at closing. How do I ensure that they dont wait me out and try to purchase the contract directly from the seller after my contract period is up if I dont get a buyer?
3. I have an assignment contract for the buyer to sign basically stating that he will purchase the property for all cash on or before the closing date on the purchase contract and that he can not assign the property to another person. Is there any other information the contract should contain or any other forms that the buyer should sign?
I realize I asked a lot of questions, but I just want to make sure I do this deal right. Thanks in advance
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experienced investors help please
My sellers never really care, they just want their money. I usually tell them that I work with a network of investors who fund my deals, which is true. I also tell them I may either keep the house myself or resell it ( not flip) to one of my investors. I never get a problem as long as I can deliver. Also, writing and or assigns is not necessary. As long as nothing in the contract states that its not assignable. But if you are comfortable with it, by all means it should'nt hurt.
Give your buyer a 10 to 15 day time frame to www.close.If he is a cash buyer and can't or doesn't want to close on a property with clear title, then he probably is a shark that is waiting for your contract to expire.Always try to get multiple offers , even if you already have a buyer, that way if someone is jerking your chain after the 10 to 15 days, you can move on to your next buyer. I usually get a $500.00 deposit since it is customary and since I usually deal in cheap houses, but it can be whatever you and the buyer can agree upon. Or you can ask how much he has for a binder deposit and let him name the number. (you may get more) But giving your buyer a specific time frame and having a back up buyer should cast any shark out the waters. I think you can get assignment papers from www.legalwiz.com
They have alot of free forms. You are welcome to pm me if you have anymore questions. I hope I helped.
thank you yipes for your help