I have just one question about assigning a contract. After you get the seller to sign the contract when do you get the buyer to sign it? I have everything in place to continue. I have the seller ready to sign and I have a buyer. I just don’t understand when you put your name as the buyer and “assign” it to your investor and the seller signs it first, when do you get the investor to sign the contract? If you are supposed to give a copy of the contract to the seller at the time of his signing, then how are you supposed to get the investors’ name and signature on the contract with an unsigned copy given to the seller? I’m good on everything else, just need some clarification on the contract signing.
Thank you in advance for any advice.
Good Evening Ohiodownhome,
If I understand your question…you are assigning a contract to purchase to an investor.
If that’s the case, then here is how I do it, but talk with others as well in case I didn’t understand the question.
Once you complete the paperwork with the buyer, having them sign everything, give them a copy and make a copy for yourself.
Then attach the original to the paperwork you are useing to assign the contract to the investor. Have the investor sign all the proper paperwork regarding the “assign” aspect of the deal. The investor you are assigning too doesn’t need to sign the paperwork between you and the seller. He / She is just going to need to original paperwork between you and the seller to verify what is being assigned to he / she, noting in detail what they are paying for and what their return is.
I would suggest treating this as two seperate transactions. I hope this helps.
Go Get’em!
Ray Rochefort, mgr. mem.
Purpose Investments LLC
Ray,
Thank you, that clears up my question. I stand to make $3,200 from this first deal I’m doing! Your advice is much appreciated.
HEY THIS IS TRISH, I FOLLOW YOU HERE CONCERNING YOU THE SELLER AND INVESTOR, MY QUESTION IS WHO SETS UP THE MONEY TRANSFERRING, THE BANK STUFF /ESCROW STUFF OR DO YOU HAVE TO HAVE ALL THIS STUFF, WHAT’S UP WITH THIS, THIS IS WHERE I GET LOST, DO YOU DO IT, DOES THE INVESTOR SET IT UP OR THE BUYER, AND IS IT EASY FOR YOU TO GET PAID WITH NO PROBLEMS, HOPE ALL GOES WELL WITH YOUR MONIES, YOU KNOW WITH NO RED TAPE AND STUFF LIKE THAT. WISH YOU WELL 8), TRISH
Trish,
A real estate attourney or title company will handle all the details, escrow, closing ect.
If you read my other thread about dumping my previous RE attourney, I found a new one by the way, my advice to you is make sure you ask questions to make sure he knows what he’s doing and that he is going to help you in the long run.
thank you, appreciate it ohiodownhome
You’re welcome. Happy wholesaleing!
what differences are there when you wholesale a property that is in preforeclosure versus wholesaling NON-preforeclosure properties?