Hi, I was wondering if when you find sellers, do you act like your going to purchase the property and then wholesale it or do you let them no upfront that your trying to wholesale the deal? Also how much do you leave for a deposite?
thanks
THere are 3 little words that can tell you if you can assign or not.
…and or assigns…
steve
No,
you do not have to tell them that you are going to assign the contract.
you simply have a “team” of people with whom you work. (it’s the truth)
use “$10 and other good and valuable consideration” in the contract and you will be fine.
if its listed with a realtor try and give the least amount of earnest money (deposit) possible.
Every newbie in the world needlessly uses “and or assigns”. ALL contracts are assignable unless specifically prohibited by verbiage in the contract. No prohibition against assignments? The contract’s assignable. Take a look at Black’s Legal Dictionary, costs about 70 bucks but well worth it if REI is your business.
Regards,
Dave
I know all contracts are assignable but the main thing is that I dont want to contact these sellers, act as if im going to buy, and then call with a sob story. Then they will think im a waiste of time.
Don’t you always have to check with your 'Partner"? Whether that partner’s feline, canine, bovine, feminine or asinine, you DO have to run it by your partner, right? For all intents and purposes, you are the buyer; subject to partner’s approval. Does the seller need to know that you haven’t identified a partner yet? NO.
I do agree that if you’re looking to work with an REI pro, don’t waste his time. We’re in a small world and believe me, you don’t want to get that reputation. Outline the deal, get an NDA from him and take your profit. Treat him right and you’ll have a go-to guy/gal.
With FSBO’s (who might sell 2-3 homes in their lives and will never have anymore dealings with you personally), who cares? So you’ve wasted their time, aren’t they trying to sell a house? What’s important is you’ve wasted YOUR time. Be stingy with it.