I’ve heard investors tell me that they do not tell the buyer that the agreement they are signing is assignable. Then I hear others tell me that they always tell them. What do you do?
Nate-WI
We explain our contracts and clauses to prospective sellers - so if it says “and assigns” they will know that we might offer the property to other buyers. We’ll also make sure they know that we have “outs” in our contract as well and how the contract benefits them - the seller. If you keep it on the up and up - you’ll be better off in the long run.
Others may have other opinions. Good luck …
Care to explain your outs and benefits to the seller?
Nate-WI
Hi - I have an assignment clause in my contract. One ‘out’ would be my inspection period where if I find anything I don’t like, the deal is off and we both go on our way. And my benefits to the seller would be that I won’t hold the house off the market for a long time period, will close fast and will make sure they get any proceeds upon their vacating the property. Also, if I default on the contract, I let the Seller keep the earnest deposit.