I have a contract with a seller. The property is 50K below market. I advertised the property for sale, a flip. I have a buyer at 20k below market. The spread would be my profit. A double close or a single close (reassignment at a higher price).
The buyer’s attorney told me that I am acting like a realtor. What I am doing is reassigning the contract to the buyer. The contract is at a higher price.
So can’t this be done?
explain to the buyer that you are not acting as a realtor - you’ve simply contracted to purchase real estate “as assignor”…and are looking to assign the contract to a buyer (assignee)…
i’ve never been involved in a double closing so i only know the very basics.
it sounds like you’ve got a buyer with an attorney who doesn’t know real estate transactions very well…
This is what I have learned from this experience.
A seperate contract should be drawn and have something like this.
I have the seller sign a separate contract that he understands that I am an investor and I can show the property and possibly sell the property at a higher price to our agreed price. The seller agrees to the selling price of $ XXX.XX .
My attorney suggested doing the same with the new buyer. I have the new buyer sign a separate contract that he understands that I am an investor and he is buyer buying the property at fair value and as is condition. The buyer agrees to the purchase price of $XXX.XX