Thinking about wholesaling concepts:
If I put a property under contract from SELLER and assign the contract to BUYER, I will have to show the BUYER my original contract with SELLER, correct?
In turn, my BUYER will know how much I make off the deal AND find out who my SELLER is, correct? What if I do not want my BUYER to know who is my SELLER? (I want to deal with SELLER exclusively)
Is there a way around this WITHOUT doing simultaneous closings?
Is there a way around this WITHOUT doing simultaneous closings?
Nope. An assignment of contract is just that. You assign the contract, purchase price and all, to your assignee, the new buyer.
Why would you not want the end buyer to know how much you paid or to know the seller? If you get an assignment, you get paid.
Raj
I was thinking the buyer may just deal with my seller in the future. Such as when my seller has a lot of properties every now and then.
But if there’s no way around it that’s that.
Thanks for the response!
I was thinking the buyer may just deal with my seller in the future. Such as when my seller has a lot of properties every now and then.
Now that sounds interesting. What are you doing? Are you contracting from another wholesaler and then assigning them to a rehabber/retailer or something?
If that is the case, then you may have a problem in the future. If you haven’t done any of these deals yet, your future may be fast approaching.
Besides at some point trying to deal with each other, which is entirely possible, unless I’m missing something, the person that you are contracting with to buy will more than likely not allow you to assign. A wholesaler has to ensure that the deal closes, and like a bank, they usually want to know exactly who it is that is closing.
Raj
Why don’t you ask for a referral fee?
If you find a wholesale buyer, will the wholesaler pay you say 1K for a referral fee?
I have found most will.
Would you put the referral fee in the addendum?