can help one help me on step by step contracts assignment, what all do i do 1st
First you find active investors who want to buy.
Next you find them what they are looking for.
Third you ethically put the property under contract.
Then you assign the contract to the investors.
Hey REI, I can’t imagine not “ethically” putting the property under contract. Can you explain what you’re referring to, or some of the inappropriate things that happen?
Briefly…what I mean by ethically putting it under contract is about the intent to purchase.
Many times we are able to buy substantially below market value because a seller NEEDS to sell because they are in some type of bind. We are a true blessing to many sellers because they need help and we are able to provide that solution for them.
When I say ethically put it under contract I mean do not use needless weasel clauses to “get out” if you can not assign the contract. If I have a good deal that for some reason I can not wholesale I will buy it myself as opposed to walk on a seller who was counting on me to help them.
It’s about intent…if they “know” that you are going to try to assign the contract but if you can’t you will be backing out then that’s one thing…but if they think their house problems are solved because you are going to help them and then you don’t come through…well that’s not a nice way to treat people IMHO.
Again, people do business differently. And, I’m not talking about a 7 day or less inspection or financing contingency or a legitimate financing contingency at all. I am referring to some investors who will claim to want to help sellers and put a 60 day or longer “assignment contingency” in their contracts where the sellers do not understand what this means.
Now, before I get blasted from others because I personally will close a deal rather than walk out on a seller…I am not saying that everyone needs to operate this way. This is how “I” do it & how I recommend it…yes “things happen” this is why I said “intent”.
Just treat people “right” that’s all.