Hey guys, heres the deal. Came across a great deal, but may be a little out of our league…can’t come up with financing ourselves. How do you go about structuring the right to buy with the realtor. Do you tell her up front you cant get financing, but will find somebody that will? Do we actual go under contract…except put an assignment clause in there. We have our 1st meeting with the agent on monday…and want to know how to play this. A little work needs to be done to the house…but could make at least 100k from this deal. Our first option is we want to obtain financing ourselves…but if that doesn’t happen we want to have a plan B…and assigning the contract sounds perfect. Any help or ideas regarding assignments would be great!! thanks
An assingment clause with a realtor will kill your deal very fast if not on the spot it will put up a red flag to that realtor that you are not serious about your offer you have no idea how your going to get the funds to close this deal and your just some new seminar grad. and your wasting his/her time. If you can not get financing yourself I would think about doing a double closing. Pull out your buyers list see whom this deal will flip to as your plan-B and get on the phone at the same time work on your own finance and if you do not have a buyers list you should start making one as of like yesterday. Its your payday !! Also you should read the RE article on this site by Steve Cook The only contingency you will ever need