what do you allow your buyers to use for financing?

Time is of the essence when assigning a contract what do you allow your buyers to do for financing or do you specifiy a deadline for them to close.

Depends on your end buyer, if it is an investor they need to be able to close with cash. Most investors can close fairly quickly, I just bird dogged a deal where my investor flipped the deal to a buddy who closed in 3 days.

A retail buyer is not in my area of expertise. However, your original contract should allow you to close in at least 60 days, do to the fact most retail buyers need around 45 days. Also I don’t know if conventional lenders will pay your assignment fee. Mostly I hear no, but a few have said it is possible with a double close.

My recommendation is for your end buyer to stay away from conventional financing. This is b/c most of the homes we deal with need a lot of work, which conventional lenders don’t like. I learned that the hard way!

Agreed, buyer should have cash or hard-money lender they work with. If going hard-money, make sure they get it approved by the lender asap.