when you are assigning a contract that was signed by the buyer and seller on different days, what date do you put on the assignment contract where it says "… the contract dated //_____? Im thinking the LAST date that either one signs?
Thanks!
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7G- I would put in the original date it was drawn up…
I don’t like to ‘assign’ contracts because what happens when the seller finds out you are assigning the contract for more money, sometimes they back out.
I prefer to simply open escrow as an ‘assignment’, collect my fee from my wholesale buyer and then ‘assign’. I then tell the seller I am going to be closing in my partners name.This way you dont risk the seller wanting to back out because they think you are pulling a fast one. In states where they don’t use escrow companies, then I would put “vesting to be determined at closing” and tell the seller that you might close in your partners name or land trust.
Best Regards,
Jeff Adam
Jeff,
how are they gonna back out if we have a contract?
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You would be surprised. Some states have a 3-day right of recission. I have seen sellers back out in the past when they find out you are selling their house for more money. Sure you can fight it with an attorney but it is going to cost you big $$ to fight it. Also, it is not guaranteed that you will win! Judges tend to side with the homeowners.
So from my experience, I try not to let sellers know I am selling their house for more money I simply ‘assign’ my escrow and tell them I am closing in my Land Trust, Corporation or partners name. If ‘assigning’ contracts works for you, then go for it!
Best Regards,
Jeff Adam