Ok I am hoping this is an easy question to answer. I have a house under contract for 90k. WHen i signed the purchase agreement i signed my name with ISAOA (it successors and or assigns) the home just appraised at 160k. I have a buyer ready to buy it from me for 120K. sweet im going to make 30k. Heres the question. what do I do from here? This is my first deal and im stuck. do i just sign a new purchase agreement with the buyer and do a double closing? what do i do? thanks guys :help
dznate-
I’m not a seasoned as some on this forum,but if you have the buyer lined up then just assign the contract to him and collect your check. Or your buyer can give you 1/2 down when you assign and the other 1/2 at closing. I would make it clear that the down is non refundable to encourage him to follow thru with the closing. If for some reason the seller defaults becuase something shows up on title, I would assume your buyer has the right to ask for his deposit back. Just my 2cents.
Yes I would also like to hear the answer to this question…
Ok, there are a lot of ways to do this! Got a few questions though! Was/is the house bank owned? Does the house need repairs? Is your buyer using bank funds to purchase, money from private lender, or borrower’s own money?
if it’s an actual reo - no way the bank is going to allow you to make 30k - curious to know if you have a short sale on this or not
as for your question, you need to prepare an assignment agreement with your buyer and get it into escrow - the contract you have with the seller is the purchase agreement - that agreement is also your buyers - you are assigning it to him
you should have already put your contract from the seller into escrow and title opened - have you done this? you’ll probably need hard money so you can close fast and avoid a double closing - what source of funds is your buyer using? you may have wasted a lot of time already by not being better prepared. you don’t want your deal to go down the drain and have an angry seller. :flush keep up up to date - i wish you luck