How To Do A Assignment As A Flip.
I'm a newbie, so I have a question that the answer seems obvious enough, but I would like to make sure before I attempt this.
When doing a flip that you have an assignable sale agreement for, and an agreement with your buyer for, how do you go about connecting the dots without your buyer bypassing you?
I.e, You have a property under an assignable contract for $150K. You have a buyer under contract for $160K. What protection do you have that the new buyer won't just take your assignable contract and buy directly from the seller? Is this handled by the order documents are signed at closing?
Also, I've only sold a house once (my personal residence) and I don't recall having to do anything for closing. I do however remember signing a ream of documents for purchasing. Am I correct in assuming that the seller has little to do at closing?
Okay,
What's wrong with this question? Is this just too far out there
Somebody out there has to have done this before.
Thanks,
Robert
[addsig]
Outside of Escrow, I have a Assignment Contract, signed with monies given to me or my Agent.
Upon completion of the Assignment Contract, then I will assign my position to the Buyer.
No one except the Buyer and me know the details of the Contract.
Taiyo
Taiyo,
I'm not sure I completely understand. You get the contract signed by the seller. Next you collect the money from the new buyer and assign the new buyer the contract? Is that correct?
Thanks,
Robert
[addsig]
I have a normal Purchase Contract with the Seller.
I have a Assignment Contract with the new Buyer outside of Escrow.
The monies I collect is my Assignment Fee.
Upon completion of the Assignment Contract, then I will assign my position to the Buyer.
Taiyo
Okay,
I get it now. Thanks for the clarification.
Robert
[addsig]