Another Newbie. Have read Lance Young’s e-courses about prefore’s. Looking at some properties but am hesitant because of contracts. I have never filled one out and do not want to mess it up. Because of my lack of money, I am interested in “flipping” or “assigning” the contract to another investor interested in doing the rehab and making most of the profit. I do have some investors ready to take the property off my hands, but what if none of them decide to buy? Does the weasel clause actually work? And legal? Where/what contracts to use in Maryland? I am ready to take control of my future, I guess I’m just looking before some support before I pull the trigger. Thanks!
Answers to some of your questions:
i believe assigning a contract requires “and or assigns” after your signaure. i believe you have to make sure there’s nothing in the contract that says it’s nonassignable, but i think that’s pretty much it. someone here can confirm.
what if your investors decide not to buy? i’m told that if it’s a true deal, then you shouldn’t have too much trouble funding or off loading it. hell, if it’s a true deal…i’m sure members on this forum would be able to partner with you.
check online for some contracts for maryland. you can also obtain standard contacts at staples i believe. you’d want to have this reviewed by your attorney obviously.
you need to learn the laws pretaining to purchasing from an owner in foreclosure. some states (like Maryland) have quite stiff rules (this was discussed at length awhile back).
Also, you need to know how to handle the deal correctly so when the former home owner sends a letter from his atty tell you that you cheated him, you don’t panic. Yes, this does happen occasionally.
a good resource is www.foreclosureforum.com (not my website; just a frequent poster over there). you should spend some time reading…