When to use assignment contract

Bird Dogs, Wholesaling
1

So I had my first deal, but it didn’t go through. I am still confused as to when to actually use or get signed my assignment contract when I’m wholesaling a property.

If I get a property under contract and find a buyer. The buyer would send me their contract/earnest money, correct?? Is this when I get them to sign my assignment contract or is this done at closing?

Thanks.

2

what we do is get them to sign the form when they agree to purchase it before closing

3

Thanks for the reply! Ok, so when the buyer sends you their contract to sign, you would get your assignment agreement filled out at the same time? Does it matter at what point you get the assignment signed? CAN I do it at closing? When do you typically get your earnest money from the buyer - is it the same as when I get it from my sellers?

Thanks.

4

we put it under contract with the seller, then when we get the buyer he then signs it when the buyer says yes they are going to buy it. we go to settlement and collect the check.
i think i have read on the boards here that some people collect their assignment fee when they assign the contract.
we have never done that.

5

When do you collect the buyers earnest money? Do you just meet up with them to have them sign the assignment and you sign their sales contract or do you just have them mail it?